Converge ICT targets Philippines biggest IPO by tapping web boom

SINGAPORE/MANILA: Philippines’ Converge ICT Solutions Inc is targeting the country’s biggest initial public offering (IPO) after setting price terms to raise as much as $680 million, sources said, amid a boom in demand for fibre broadband during the pandemic.

Converge, which is banking on higher internet demand for e-learning and working from home during the pandemic continuing, joins other companies in Malaysia and Thailand planning listings this month, signalling a revival in investor interest in Southeast Asia’s underperforming markets.