The stock market debut of Converge Information and Communications Technology Solutions raised P29.1 billion to bankroll its network expansion over 18 months although its stocks closed at P15.22 per share, which is P1.98 short of its IPO price of P16.8 per share.
Despite the price plunge, Converge ICT Solutions Inc. founder and CEO Dennis Uy the internet provider raised P29.1 billion including shares for over-allotment option. “The listing is a testament to the company’s strong operational and technological capabilities,” according to Uy.
Uy said Converge “is fully committed to building the largest fiber broadband network in the Philippines and to providing affordable and reliable high-speed internet connectivity to millions of Filipinos nationwide.”
“Our extensive proprietary end-to-end fiber broadband network will enable us to support the digitalization of the Philippine economy,” said Uy.
Among the high quality international investors include: OMERS, Genesis, Thornburg and Macquarie, Cornerstone and Warburg Pincus.
