Warburg-backed Converge ICT prices PH IPO, trims target to $600m

Warburg-backed Converge ICT prices PH IPO, trims target to $600m

FILE PHOTO: A trader walks past the electronic board of the Philippine Stock Exchange in Makati city, Metro Manila, Philippines June 27, 2016. REUTERS/Romeo Ranoco

Converge ICT Solutions, a Warburg Pincus-backed fibre-optic broadband services in the Philippines, has trimmed its initial public offering (IPO) target to about $600 million after pricing its shares at 16.80 pesos ($0.35) each, according to its filing Friday.

The price is near the bottom of the indicative price range of 16.50 pesos to 19 pesos that the company set on Monday. It looks to sell 1.73 billion shares, including an overallotment option. The offer period will run from October 13 to 19. Converge initially set an $857-million target for the listing.

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