The Securities and Exchange Commission said Thursday it approved the planned P41.55-billion initial public offering of Converge Information and Communications Technology Solutions Inc.
The SEC said in a statement it approved Converge’s offering of up to 1.73 billion common shares, consisting of 480.83 million primary shares, 1.024 billion secondary shares and 225.79 million shares in over allotment. The shares will be sold at an offer price of up to P24 apiece.
Net proceeds from the primary offering will be used to fund capital expenditures for the purpose of accelerating its nationwide fiber network rollout.
Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch will serve as the joint global coordinators and joint bookrunners for the offering, together with Credit Suisse (Singapore) Limited and Merrill Lynch (Singapore) Pte. Ltd. as international joint bookrunners.
Converge tapped BPI Capital Corp. as sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital & Investment Corp.
