July 3, 2020 / 8:02 AM / a month ago

Philippines' broadband firm Converge ICT files for up to $725 mln IPO

MANILA, July 3 (Reuters) - Philippines’ Converge ICT Solutions Inc, a fiber broadband services provider, on Friday filed for an initial public offering (IPO) of up to 35.92 billion pesos ($725 million) on the local bourse, the corporate regulator said.

Converge ICT is seeking regulator approval to sell as many as 1.496 billion shares at a maximum price of 24 pesos ($0.48) each, filing documents showed. Regulatory filing prices are often set far above expected ranges in the Philippines.

The company, which lists U.S. private equity firm Warburg Pincus as a minority shareholder, is building a $1.8 billion internet backbone to support a nationwide rollout of what it says is fast and affordable fiber internet.

$1 = 49.49 Philippine pesos Reporting by Neil Jerome Morales; Editing by Martin Petty

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