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Philippines' Converge shares flat after $600 mln IPO

MANILA, Oct 26 (Reuters) - 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).

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)

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