Technology

Pampanga’s Dennis Uy gets SEC nod to proceed with P41.5B IPO

The Securities and Exchange Commission (SEC) has cleared the initial public offering of Converge Information and Communications Technology Solutions which aims to raise as much as P41.55 billion.

In its meeting Thursday, the Commission En Banc approved Converge’s registration of up to 7.526 billion common shares slated for listing on th main board of the Philippine Stock Exchange.

For the primary offer, Converge will sell 480.839 million shares at a maximum price of P24 apiece to raise about P11.07 billion. Proceeds from the offering will be used to accelerate the firm’s nationwide fiber network rollout.

The secondary offering, meanwhile, will comprise 1.024 billion shares while 225.791 million shares have been set aside for overallotment in case of strong demand.

Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch are the joint global coordinators and joint bookrunners for the offer, together with Credit Suisse (Singapore) Ltd and Merrill Lynch (Singapore) Pte. Ltd. as international joint bookrunners.

BPI Capital Corp., on the other hand, has been tapped as sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital & Investment Corp.

Local participating underwriters are Asia United Bank, First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners, PNB Capital and Investment Corp, and RCBC Capital Corp.

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