Converge ICT makes lacklustre debut after IPO drew global investor interest

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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