MANILA, Oct 9 (Reuters) - Philippines’ Converge ICT Solutions Inc on Friday priced its initial public offering (IPO) at 16.80 pesos ($0.35) per share, near the bottom of an indicated range, in the country’s largest maiden share sale in seven years.
Converge, a fibre broadband services provider, is looking to sell 1.73 billion shares including overallotment option for a 29 billion Philippine pesos ($600 million) IPO. The company on Monday set the indicative price range at 16.50 to 19 pesos. ($1 = 48.3100 Philippine pesos) (Reporting by Neil Jerome Morales Editing by Shri Navaratnam)
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