SINGAPORE/MANILA - Philippines’ Converge ICT Solutions Inc plans to raise as much as $680 million in an initial public offering that would be the country’s largest ever, sources said on Monday, encouraged by a coronavirus-spurred boom in demand for fibre broadband.
Converge joins a host of Southeast Asian companies planning listings, including Thailand Siam Cement Group Packaging’s $1.5 billion IPO, signalling a revival in investor interest in region’s underperforming markets. At the upper end, the IPO of up to 1.73 billion shares could raise as much as 32.87 billion pesos , including the over-subscription option. That would surpass the $627 million raised by Robinsons Retail Holdings Inc“There’s quite a lot of excitement as this is one of the highest growth stories coming out of the Philippines,” said one source.
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