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Source: https://manilastandard.net/business/i....

Fiber internet provider Converge ICT Solutions Inc. said Friday it priced its initial public offering at P16.80 per share, or at the lower end of the indicative price range of P16.50 to P19 apiece.
Converge ICT is expected to raise up P25 billion in proceeds based on the price level. The amount could reach P29 billion once the over-allotment shares were sold.
The offering period for the 1.73 billion shares is set from Oct. 13 to 19.
The maiden offering attracted eight foreign funds as cornerstone investors, including Canadian pension fund OMERS Administration Corp. and US-based fund Thornburg Investment Management Inc.
The net proceeds from the primary offering will be used to fund capital expenditures to accelerate the company’s nationwide fiber network rollout.
Converge ICT is conducting the IPO amid volatile market conditions brought about by the pandemic.