Converge ICT, one of the Internet Service Providers (ISPs) in the Philippines, is working to raise PHP 35 billion for its domestic initial public offering (IPO). When converted to US dollars, it amounts to USD 700 million.
Covering 2 million households in Luzon where it mainly operates, Converge ICT is planning on its expansion on other parts of the country by 2021. Over the next five years, the company expects to double the penetration of its broadband services in the country. Currently, it has penetrated less than 15% of households nationwide.
According to a report from Bloomberg, it could be the biggest IPO recorded in the Philippines. Currently, the country has hosted one IPO listing for this year from MerryMart Consumer Corp.
As reported by ABS-CBN, the company is planning to start its IPO listing in the third quarter of 2020.
Converge ICT is backed by Warburg Pincus, an American private equity firm that has invested a total of USD 225 million in the company.
Source: Bloomberg, via ABS-CBN News
wala namang kwenta ang converge. we had them for 1 year under 3 year contract, first 3 months OK sa building then na sira then di na naayos. una sabi bulok daw cable, then sinabi hindi kaya speed eh then pinaltan cable ng unit namin na fresh sinira pa bahay namin. then pumunta dito ang engineer ng supplier ng modem (zyxel) since copper ang building and FTTB ang setup namin. after checking kasalanan ng modem ang problem di nya ma sustain ang connection napapasa ang connection to another modem which converge still denies kasi they dont want to pay millions to replace their copper modems running on the G.fast standard. I made a lot of noise and na involve ko ang NTC buti nalang pumayag na umalis kami wala silang kwenta and napaka unprofessional ng kanilang IT staff. pupunta dito para lang mag ping test and sabihan ako lagi ng wala nang magagawa or mag po promise ng mga kasinungalingan mga sinungaling sila. 3500 panaman ang bayad sa kanila badtrip scam sila