Philippines' Converge shares flat after $600 mln IPO

Credit: REUTERS/Thomas White

Philippine fibre broadband provider Converge ICT Solutions Inc's shares dropped 0.12% at the opening bell on Monday, debuting in the stock market after a 29 billion pesos ($600 million) initial public offering (IPO).

MANILA, Oct 26 (Reuters) - Philippine fibre broadband provider Converge ICT Solutions Inc's CNVRG.PS shares dropped 0.12% at the opening bell on Monday, debuting in the stock market after a 29 billion pesos ($600 million) initial public offering (IPO).

Converge, which is banking on booming demand for fibre broadband as the coronavirus pandemic forces remote work and e-learning, sold 1.73 billion shares at 16.80 pesos apiece in the Southeast Asian country's second-largest IPO.

($1 = 48.41 Philippine pesos)

(Reporting by Neil Jerome Morales Editing by Ed Davies)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))

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