Converge trims IPO price range

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.

Citing sources, 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.

The offering involves 480.84 million primary shares and 1.02 billion secondary shares plus an overallotment option of 225.79 million shares.

The final offer price will be set on October 9 following a book-building process. The offer period will run from October 13 to 19 while the shares will start trading on the stock exchange on October 27.

Morgan Stanley and UBS AG are the joint global coordinators and joint bookrunners. Other international joint bookrunners are Credit Suisse (Singapore) Ltd. and Merrill Lynch (Singapore) while BPI Capital is the sole local coordinator, joint local underwriter and joint bookrunner alongside BDO Capital.

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