Converge ICT eyes P35 billion for planned IPO

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MANILA - Broadband services provider Converge ICT is eyeing to raise $700 million or about P35 billion for its planned initial public offering , according to a Bloomberg report confirmed separately by

ABS-CBN News on Thursday.

The fiber optic broadband services provider is targeting the third quarter this year for its IPO, said a source familiar with the deal. Converge ICT operates mainly in the island of Luzon covering 2 million households. It is constructing a $1.8 billion nationwide internet backbone supported by a $250 million investment from US-based private equity firm Warburg Pincus.

 

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