The Philippine Stock Exchange (PSE) announced that Converge ICT Solutions Inc. will soon debut as the third-largest Internet service provider by market value.
The company is set to launch its trading debut this October 27, becoming the second initial public offering (IPO) this year after grocery store chain MerryMart Consumer Corporation.
Converge ICT’s final IPO price is set on October 9 this year, which could be worth P41.5 billion at the maximum offer price, making it the largest ever in the Philippines.
The offer period will run from October 13 to October 19. IPO proceeds will be used to “accelerate our nationwide fiber network rollout,” said Converge ICT Founder and Pampanga-based businessman Dennis Anthony H. Uy.
The company is centered on fiber Internet services with over 730,000 subscribers, which nearly doubled compared to its figure last year due to the high demand caused by the pandemic.