MANILA, Philippines – IP-Converge Data Center Inc., the information technology and telecommunications subsidiary of IPVG Corp., has priced its initial public offering (IPO) shares at P4.20 each to raise around P190.9 million.
IP-Converge’s offering of 45.467 million common shares was priced at the low end of its indicative range, with a maximum price of P8.80.
The offering starts today and will run until Dec. 2. Listing of the shares on the stock exchange has been tentatively set on Dec. 9.
BDO Capital and Investments Corp. is the lead underwriter and issue manager while Unicapital Inc. is co-lead underwriter and financial advisor for the IPO.
Proceeds from the IPO will be used to fund IP-Converge’s data center and network expansion in Fort Bonifacio and Cebu City; the expansion of its managed services business segment; the professional services business segment expansion; and for minor acquisitions and general working capital requirements.
With the upcoming IPO and listing, IP-Converge is very well positioned to capture more ICT opportunities in the Philippines. The company provides a wide array of managed data services and business solutions at international standards.
An ISO 9001:2008 certified company, the foundation of the company’s business is centered on customer satisfaction through high quality, on-time delivery, the implementation of best business practices, and a personalized “boutique” approach to clients.
IP-Converge operates a telco-grade Internet data center facility in the Philippines that connects to the world through the company’s international PoP (point of presence) in Hong Kong. IP-Converge upholds its carrier and vendor-neutrality by peering with all major Internet exchanges in the Philippines and the Asia Pacific region, and by partnering with the world’s leading hardware and software providers.
Through its robust international network infrastructure and business relationships with global industry giants, IP-Converge is able to offer world-class IP-based solutions and services in the region.