Nearly a week since hurdling the scrutiny of the Securities and Exchange Commission (SEC) for its planned P41.55-billion initial public offer (IPO), internet provider Converge Information and Communications Technology Solutions Inc. (Converge ICT) has passed the scrutiny of the Philippine Stock Exchange (PSE).
Following the PSE approval, Converge ICT expects to have its IPO done between October 13 and 19 with listing with the PSE by October 27.
Converge ICT is looking 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.
Converge ICT expects to finalize its offer price by October 9.
From the primary offer, Converge expects to raise about P11.07 billion, which will be used to fund capital expenditures for the purpose of accelerating its nationwide fiber network rollout.
Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners for the offer, together with Credit Suisse (Singapore) Limited and Merrill Lynch (Singapore) Pte. Ltd. As international joint bookrunners.
BPI Capital Corp. will serve as sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital & Investment Corp. Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners Inc., PNB Capital and Investment Corp. and RCBC Capital Corp. will also act as local participating underwriters.