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Converge ICT files for P35.9-B IPO

Fiber internet and broadband services provider Converge ICT Solutions Inc. has formally sought regulatory approval to be publicly listed, aiming to raise as much as P35.9 billion from offering its shares to the investing public.

Converge ICT filed its application for an initial public offering (IPO) with the Securities and Exchange Commission (SEC).

The SEC announced Friday it received the registration statement of the company’s IPO of up to 1,496,489,767 shares at a maximum offer price of P24 per share for a total of P35,915,754,408.

“The planned IPO would facilitate the listing of the fiber internet and other consumer-centric digital services provider on the main Board of the Philippine Stock Exchange,” the SEC said.

Converge ICT could be the second company to go public this year after MerryMart Consumer Corp., despite volatile market situations brought by uncertainties due to the COVID-19 pandemic. —LDF, GMA News