Warburg-backed Converge ICT gets regulator nod for PH's biggest IPO at $857m

Warburg-backed Converge ICT gets regulator nod for PH's biggest IPO at $857m

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

The Philippine Stock Exchange (PSE) has given its approval for the initial public offering (IPO) of Converge ICT Solutions, a Warburg Pincus-backed fiber-optic broadband services provider in the country.

The approval paves the way for what can be the Philippines’ biggest IPO, with Converge offering 1.73 billion shares, including the overallotment option of as much as 225.79 million shares, at 24 pesos each for a total of 41.52 billion pesos ($856.97 million).

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