Converge Information and Communications Technology Solutions Inc. (Converge ICT) said it has signed eight entities as institutional investors in its P41.55-billion initial public offering (IPO).
For ming part of the cornerstone investors are Genesis Investment Management LLP, Ghisallo Master Fund LP, Macquarie Funds Management Hong Kong Ltd., Magna New Frontiers Fund, Oaks Emerging and Frontier Opportunities Fund, OMERS Administration Corp., Segantii Asia-Pacific Equity Multi-Strateg y Fund, and Thornburg Investment Management Inc.
“Assuming an offer price of P19, the corner stone shares represent no less
than approximately 33.6 percent of the offer shares (assuming full exercise of the overallotment option) and approximately 38.6 percent (excluding any Option Shares),” Converge ICT said in its prospectus.
Earlier, Converge ICT had said it is looking at an offer price of up to P24 apiece.
Cornerstone investors however will not be subject to a lock-up requirement, the company said.
Converge ICT cornerstone investors may also acquire shares through the book building process for the offer shares apart from their holdings from the cornerstone investment agreement.
Converge ICT expects to have its IPO down between October 13 to 19, with listing at the Philippine Stock Exchange done by October 27,.
It plans to offer to the public 1.5 billion primary and secondary shares covering the initial offer and another 225.79 million shares for the greenshoe option at an offer price of up to P24 apiece.
It intends to finalize its offer price by October 9.
From the primary offer, Converge ICT expects to raise about P11.07 billion, which will be used to fund capital expenditure s to accelerate its nationwide fiber network rollout.
