Converge ICT makes lacklustre debut after IPO drew global investor interest

Shares of Converge ICT Solutions Inc closed 9.4 per cent lower in their market debut Monday, marking a disappointing opening for the Philippine fibre broadband provider that recently completed the country’s second-largest IPO at $600 million.

Shares in the Warburg Pincus-backed company tumbled as much as 10.6 per cent in the first hour of trade Monday before closing at 15.22 pesos a piece, or 9.4 per cent lower than the 16.80 pesos IPO price.

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