Converge ICT eyes IPO by 2018
Converge ICT Solutions Inc, a technology firm that provides Internet connection to the business process outsourcing (BPO), financial, education, and hospitality sectors, said its initial public offering (IPO) could take place by 2018. The listing is part of the company’s efforts to rapidly expand and increase its nationwide coverage. Converge ICT CEO Dennis Anthony Uy said the IPO timing would depend on market conditions. Converge ICT has set aside P2.2bn in capital expenditures (capex) this year for additional access networks, for the upgrade of the backbone of its system, and other network equipment. It plans to spend at least another P2.7bn next year.
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