Image by The Planet via FlickrTHE PHILIPPINE Stock Exchange (PSE) on Wednesday approved the initial public offering (IPO) of IP Converge Data Center, Inc., the local bourse’s top executive said late last week.
The fourth public listing approved by the stock exchange for the year will allow the information and telecommunications arm of listed IPVG Corp. to generate P320 million to P365.5 million in fresh capital.
It will also be the second IPVG subsidiary to go public this year. “The approval was on the same board meeting,” PSE Chairman Hans B. Sicat told reporters, referring to the Oct. 20 PSE board meeting. In the same meeting, the PSE allowed Zamora-led Nickel Asia Corp. to conduct its P8.05-billion IPO.
With the recent development, Mr. Sicat said the local bourse was expecting a total of three IPOs for the year.
In mid-October, the Securities and Exchange Commission (SEC) cleared IP Converge’s plan to sell 45.57 million common shares at P7.04 to P8.80 per share.
The shares are equivalent to 25% of the company. Public listing is set for Dec. 8, with IP Converge tapping Unicapital, Inc. as underwriter and issue manager.
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