BPI Capital Corp. would serve as sole local coordinator, and joint local underwriter and joint bookrunner with BDO Capital & Investment Corp. Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners Inc., PNB Capital and Investment Corp. and RCBC Capital Corp. would act as local participating underwriters. Of these, 480.84 million are for primary offering and 1.02 billion for secondary offering. Positive sentiment from Wall Streets latest rally and renewed bargain hunting pushed the stock market past the 6,800 level on Wednesday. Converge said the transaction was very well-received by both international and domestic institutional investors, with over 80 percent of the IPO allocated to fundamental investors, consisting global emerging market long-only funds and sovereign wealth funds.. Will it be you? After CNVRGs stock-split and preceding IPO, its earnings per share (EPS) will range from PHP 0.45 to PHP 0.70. The final IPO price of Converge (CNVRG), announced on October 9, is P16.80 per share, at the lower end of its previously announced indicative price of P16.50 to 24.00. The fiber internet provider, which was initially poised to offer its shares at a maximum price of P24 each, has reduced its indicative offer to a maximum of P19 per share, after signing agreements with eight foreign investors. The bellwether Philippine Stock Investors are expected to remain cautious this week as they wait to see if the government would relax quarantine rules or not next month. Copyright 2021. There is no final price as of yet, but if we use this price for our quick valuation, with 7.5 billion shares outstanding will result in 180 billion market cap. The company aims to debut on the Philippine Stock Exchange (PSE) board on October 26. Philstar.com hosts its content but has no editorial control over it.) MANILA (UPDATE) - Converge ICT Solutions Inc on Friday priced its initial public offering (IPO) at P16.80 per share, near the bottom of an indicated range, in the country's second largest ever listing. Converge, which lists U.S. private equity firm Warburg Pincus WP.UL as a minority shareholder, had set the sale price guidance at 16.50 to 19 CNVRG earlier planned to sell its shares at P19 per share, but after book-building activities last week, the company lowered its IPO price by 11.6 percent to P16.8 per share. Cornerstone investors include Genesis Investment Management LLP, Ghisallo Master Fund LP, Macquarie Funds Management Hong Kong Limited (acting on behalf of certain investment funds), Magna New Frontiers Fund, Oaks Emerging and Frontier Opportunities Fund, OMERS Administration Corp., Segantii Asia-Pacific Equity Multi-Strategy Fund and Thornburg Investment Management Inc. Morgan Stanley Asia (Singapore) Pte. Converge is well-positioned to capture the tremendous market opportunities, he said. Converge ICT would offer 1.7 billion shares. By continuing to browse the site, you are agreeing to our use of cookies. This website uses cookies to ensure you get the best experience on our website. This site uses cookies. In a disclosure to the Philippine Stock Exchange, the firm said The maximum offer price for the IPO has now been tightened to up to P19.00 per common share (from maximum of P24), taking into consideration the results of market sounding and preliminary book building of the Joint Global Coordinators and Joint Bookrunners as well as the adjustment in the offer size in light of the minimum Converge ICT reduces IPO price 21% to P19 per share posted October 05, 2020 at 08:25 pm by Jenniffer B. Austria Converge ICT Solutions Inc. said Monday it reduced the maximum offer price for its initial public offering to P19 per share, down 21 percent from the previously indicated price of P24. The SEC announced on Friday that it had received the registration statement of Converge ICTs IPO of up to 1.496 billion common shares at a maximum offer price of P24 per share. The IPO was at least two times oversubscribed, according to people familiar with the market. The final price comes a week after the PSE approved Converge ICTs IPO. D.M. CNVRG shares is currently being offered to the public starting yesterday, October 12, to October 16, with a target listing on October 26 in the main board of the Philippine Stock Exchange. Ltd. as international joint bookrunners. Share prices will be finalized on October 9, according to the proposed IPO schedule, and will be offered to investors between October 13 and 19. Converge Information and Communications Technology Solutions Inc., a company led by Pampanga businessman Dennis Anthony H. Uy, has reduced the price of its initial public offering (IPO Assuming a market price of PHP 16.80 per share, CNVRGs Price-Earnings (P/E) ratio in 2020E is estimated to be around 37x. Instead, the company might have to settle for second-biggest IPO after it adjusted the price to P16.80 per share on Friday. Wenceslao and Associates Inc. reported a net income of P2.13 billion last year, down 10 percent from P2.37 billion a year ago. Index ends higher on lighter selling pressure. Yet I will rejoice in the LORD, I will be joyful in God my Savior. That was down from the previously announced P24. Converge pegs IPO price at P16.80 posted October 09, 2020 at 08:28 pm by Jenniffer B. Austria Fiber internet provider Converge ICT Solutions Inc. said Friday it priced its initial public offering at P16.80 per share, or at the lower end of the indicative price range of P16.50 to P19 apiece. Dennis Uy, the companys founder and CEO, is optimistic about the prospects for its business, saying the fixed broadband market in the Philippines is currently at an inflection point with the demand for broadband subscriptions expected to increase. 6 Filipina executives who keep the Araneta legacy alive. At that price, Converge is poised to raise as much as P29 billion, including shares set aside for overallotments. Ayala Land Inc. will infuse more commercial properties to AREIT Inc. in exchange for more shares, in a multi-billion peso Philippines limits passenger arrivals from abroad to NAIA. The Southeast Asian nation hosted only one IPO so far this year, grocer MerryMart Consumer Corp., which raised about $31.5 million in May. Converge ICT is headed by Pampanga-based businessman Dennis Anthony Uy and currently operates in parts of Luzon. I heard from General Carlito Galvez, chief implementor of COVID plans and vaccine czar, that the bulk of COVID-19 vaccines will arrive in the second quarter this year. Philstar Global Corp. All Rights Reserved. The top loser was Keppel Philippines Properties Inc., whose share price went down by 11.01 percent to close at P3.07 from the Oct. 22 closing price of P3.45. Judge who freed journalist, trade unionist red-tagged, Govt eyes inoculation of 1M individuals per week this April, PTV probes #DutertePalpak social media post, Budget deficit eases to P14.1B in January, Tiger Woods returns to Florida to recover from car crash, Ayala, partner secure funding for India project. Originally, it was set at P24 per share. Converges IPO price is at maximum of 24 / share. In terms of market capitalization, at P16.80 price, Converges market cap will reach P126.4 billion, trailing the market cap of telco giants PLDT (TEL) with P289.5 billion and Globe Telecom (GLO) with P280.2 billion (valued on October 9, 2020) CONVERGE ICT IPO STOCK MARKET UPSIDE Hi everyone! Ninety percent of the funds raised from the IPO would be used to finance its nationwide fiber network rollout. and UBS AG Singapore Branch as joint global coordinators and joint bookrunners for the offer. This was the first meeting of the top leaders of the four countries, known as "Quad," initially formed as a counterweight to China's influence in the Indo-Pacific. This will be our second video on our ongoing coverage of Converge ICT! Converge ICT Solutions Inc. on Friday set its final initial public offering (IPO) price at P16.80 a share, lower than the initially indicated P24 and the revised P19. The stock closed at 15.22 pesos in Manila, 9.4% lower than its IPO price of 16.80 pesos, after dropping to as low as 14.92 pesos earlier in Mondays session. Just to keep into perspective TEL and Globe has around 250 to 300 billion market cap with operating income of around 44 billion for both. The shares will be listed on the main board of the Philippine Stock Exchange by October 26 under the symbol CICT. The cap set at 1,500 passengers a day will be in effect from March 18 to April 18. Converge will use part of the proceeds to fund its nationwide expansion program, especially its plan to connect Luzon, Visayas and Mindanao under the Converge network. The offer period will run from October 12 to 16. The offer period will run from October 12 to 16. - October 10, 2020 - 12:00am MANILA, Philippines Converge ICT has set the The company aims to debut on the Philippine Stock Exchange (PSE) board on October 26. We are looking forward to the companys market debut especially as demand for internet connection is expected to remain robust, he added. Converge is backed by New York-based private equity firm Warburg Pincus. MANILA, Philippines Converge ICT has set the price for its initial public offering at P16.80 per share, the largest IPO in the country and the largest telecom IPO in SoutheastAsia at P29.1 billion. The Department of Transportation expects the long-delayed groundbreaking of the massive international airport project in Bulacan to push through in the next two months. At $523 million, Converges IPO is the biggest in the Philippines since CEMEX Holdings Philippines Inc. s $539 million share sale in 2016. Converge sets IPO price at P16.80 each October 9, 2020 | 5:19 pm Converge ICT Solutions, Inc. on Friday priced near the bottom of an indicated range its initial public offering (IPO), which is expected to raise up to P29 billion ($600 million). Converge ICT Solutions Inc. has narrowed its initial public offering guidance to a price range that will allow it to raise as much as P32.95 billion. Reuters reported that Converge was looking at selling its shares at P16.50 to P19 each share instead of the P24 a share originally planned. By continuing to use this website without disabling cookies in your web browser, you are agreeing to our use of cookies. The P16.80 per share is lower than the maximum IPO price of P24 per share. The IPO price was near the low end of the indicative price range of P16.50 to P19. Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. You have successfully joined our subscriber list. Morgan Stanley and UBS are global coordinators for the Converge IPO, with BPI Capital and BDO Capital joint local underwriters. The SEC confirmed reports of the IPO, noting that Converge ICT may offer almost 1.5 million shares at a maximum offer price of P24 per share for a total of P35.9 billion. Converge ICT sets final IPO price at P16.80 Converge ICT Solutions Inc. on Friday set its final initial public offering (IPO) price at P16.80 a share, lower than the initially indicated P24 and the revised P19. The bellwether Philippine Aboitiz Power Corp. (AboitizPower) has listed its fixed-rate bonds worth P8 billion on the Philippine Dealing & Exchange Corp. (PDEx). Revived 'Quad' alliance affirms commitment to 'meet challenges' in South China Sea. CONVERGE ICT Solutions, Inc. has trimmed the maximum share price for its planned initial public offering (IPO) this month to generate a maximum of P32.89 billion. Credit Suisse (Singapore) Limited and Merrill Lynch (Singapore) Pte. Investors that werent interested in holding it for the longer term cashed out, Chistopher Mangun, research head at AAA Securities Inc., said. Share prices finished marginally higher yesterday as investors stay mostly on the sidelines amid worries over the pace of DM Wenceslao earnings down 10% to P2.13 billion. Converge ICT Solutions, Inc. on Friday priced near the bottom of an indicated range its initial public offering (IPO), which is expected to raise up to P29 billion ($600 million). Bulacan airport to break ground in two months. The offer has an overallotment option of up to 225.79 common shares. The offer period has been set on Oct. 12 to 16 with the listing of the shares scheduled on Oct. 26. Converge ICT tapped Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore branch will serve as joint global coordinators and joint bookrunners for the offer, together with Credit Suisse (Singapore) Ltd. and Merrill Lynch (Singapore) Pte. The Coalition of People's Right to Health said thecovidization of healthcare amid the pandemic has sidelined Ayala Land boosts AREIT's property holdings. Habakkuk 3:18. Last A day after returning to the 7,000 threshold, a fresh exodus of foreign funds dragged local shares below that level on Wednesday. With your meaningful insights, help shape the stories that can shape the country. Amidst Liza Soberano Controversy, SEC Clears Converge ICT P41.55 Billion IPO That was if it settled on the maximum offer price of P19 per share that it announced last Monday. PSE PSE President and Chief Executive Officer Ramon Monzon said the exchange was glad that Converge chose to tap the equities market to raise funds for its capital expenditures.. The target listing is on October 26. At the IPO price of P16.80, Converge is set to receive proceeds of more than P29.064 billion. Copyright The Manila Times All Rights Reserved. Converge tapped BPI Capital Corp. as sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital & Investment Corp. Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners, PNB Capital and Investment Corp. and RCBC Capital Corp. will also act as local participating underwriters. Ltd. are the international joint bookrunners. Internet connectivity is a prime service at this time, with online classes and work from home arrangements due to the [coronavirus] pandemic. Get the latest news from your inbox for free. Here are things that would make you say yes, Be the next internet rising star with Mi 11s exciting camera modes, filters, Awaken the gamer in you with these new Vertux gaming accessories, Six other diseases killed more Filipinos than COVID-19. Converge, a fiber broadband services provider, is looking to sell 1.73 billion shares including an overallotment option. Converge ICT held the second initial public offering (IPO) in the country amid the coronavirus disease 2019 (Covid-19) pandemic. LIST: 5 women who inspire and empower other women online and in the real world, Is it time for a family TV upgrade? At its IPO price of P16.80, Converge is set to receive proceeds of more than P29.064 billion. Philippines' Converge ICT Solutions Inc is targeting the country's biggest initial public offering (IPO) after setting price terms to raise as much as $680 million, sources said, amid a boom in demand for fibre broadband during the pandemic. Converge Information and Communications Technology Solutions, Inc. (Converge) disclosed to the Philippine Stock Exchange that it has set its final initial public offering price at P16.80 per share to raise up to P29 billion. At $700 million, Converge ICTs IPO could be the biggest ever in the Philippines, according to data compiled by Bloomberg. Powerballs $184 million jackpot could be won from the Philippines this Wednesday! Shares of Converge, the most traded stock, fell 9.4 percent during its first day of trade, closing at P15.22 per share from its IPO price of P16.80. Sign up now!