The initial public offering of Converge ICT Solutions Inc. is poised to become the country’s largest after oversubscription, BDO Capital and Investments Corp. president Eduardo Francisco said Thursday.
Francisco said demand from local and foreign investors was very strong during the offering period despite the pandemic. Francisco, one of the local underwriters handling the transaction, said Converge ICT’s maiden share offering would also be the largest Southeast Asia’s telecommunications IPO since 2017.
“Foreign demand is very strong and local demand is also strong despite COVID-19. Overall local demand is already more than P4.5 billion so far, which is one of the largest domestic take ups,” he said.
He said it received a good mix of institutional investors, including pension funds and retail investors.
“We appreciate the support from the regulatory bodies for our bid to go public. This is truly an exciting time for Converge ICT as the fixed broadband market in the Philippines is currently at an inflection point and is expected to grow at an accelerated pace,” Converge ICT founder and chief executive Dennis Anthony Uy said.