Converge ICT targets Philippines biggest IPO

FILE PHOTO: A Filipino online tutor wears a wig as he talks to students from a computer in the head office of 51Talk, as the spread of the coronavirus disease (COVID-19) continues, in Pasig City, Metro Manila, Philippines March 12, 2020. Picture taken March 12, 2020. - REUTERS/Eloisa Lopez/File Photo

SINGAPORE: The Philippines’ Converge ICT Solutions Inc is targeting the country’s biggest initial public offering (IPO) after setting price terms to raise as much as US$680mil, 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 South-East Asia’s underperforming markets.