Converge ICT files for largest Philippine IPO at $725m, targets Oct listing

A trader takes orders on a telephone at the Philippine Stock Exchange. Source: Reuters

Converge ICT, a Warburg Pincus-backed fiber-optic broadband services provider in the Philippines, on Friday filed for an initial public offering (IPO) of up to $725 million in what could be the largest listing in the country ever.

The company plans to sell 1.3 billion common shares with an overallotment option of 195 million common shares at a maximum price of 24 pesos ($0.48) per share, its filing with the Securities and Exchange Commission showed.

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