Philippines’ Converge shares drop after completing country’s second-largest IPO

MANILA: Converge ICT Solutions Inc’s shares slumped in early trade on Monday after the Philippine fibre broadband provider completed a $600 million IPO, the country’s second largest, despite market volatility amid the coronavirus pandemic.

Shares in Converge, which is relying on surging demand for fibre broadband due to remote working and studying during the pandemic, tumbled as much as 10.6% in the first hour of trade.