Dennis Anthony Uy's Telco Converge Eyes $700 Million IPO, Could Be Biggest in Local History
Pampanga-based telecommunications company Converge ICT is eyeing a $700 million (P34.8 billion) initial public offering, according to a Bloomberg report.
Converge has reportedly picked out banks for its blockbuster IPO that could be the biggest stock market debut in the Philippine Stock Exchange’s history.
The banks that are involved in the deal are: Bank of the Philippine Islands, BDO Unibank Inc., Morgan Stanley, and UBS Group AG.
According to Bloomberg’s sources, the IPO could launch as early as this year, making it in line to be the second IPO of this pandemic-dominated year.
There’s no word yet on the share price, and the IPO still has a long way to go before becoming a reality.
Converge was founded in Pampanga in 2015 by CEO Dennis Anthony Uy. Should the IPO push through, it could potentially thrust Uy’s wealth into the billions and introduce another billionaire among the tycoons’ ranks.
The telco’s products include fiber optic broadband internet, cable television, and cable internet. So far, the telco services around 500,000 subscribers throughout Metro Manila, Pangasinan, Tarlac, Pampanga, Bulacan, Cavite, Rizal, and Batangas, with plans to expand beyond Luzon.