Converge ICT, a broadband service provider for the Philippines, plans to raise $700 million USD or ₱35 billion for its planned initial public offering (IPO), according to a Bloomberg report. The company aims for an IPO in the third quarter of 2020.
Converge ICT operates mainly in Luzon, covering 2 million households. It is constructing a $1.8 billion nationwide internet backbone with foreign support to the amount of a $250 million investment from US-based private equity firm Warburg Pincus.
Converge ICT earlier backed out of the third telco bid in the Philippines citing “commercially unviable” conditions.
