The Philippines’ Biggest IPO Since 2016 Raises $523 Million

Converge Information and Communications Technology Solutions Inc. and its shareholders have raised P25.3 billion ($523 million) in the biggest initial public offering in the Philippines in four years.

That’s even as the Warburg Pincus-backed broadband operator priced 1.51 billion shares at P16.8 apiece, according to an exchange filing on Friday, which was near the low end of its marketed range of 16.5 pesos to P19. About 68% of the offering was made up of existing shares from Converge ICT founders and Warburg Pincus.

The low-end pricing was a “surprise” considering word on the street was that the IPO was doing well, said Gerard Abad, chief investment officer at AB Capital & Investment Corp. “Maybe demand is just right and they couldn’t pass up the opportunity to price (the IPO at 16.8 peso each) with a lucky number.” READ MORE

WHERE WILL PSEI GO?

We are bullish this week…..

KEY TAKEAWAYS

  • Converge IPO will drive the market till end of this year
  • However there are still other issues – earnings are weak for most companies in the Philippines
  • Be cautious selecting companies – look at their books and ensure that they are fundamentally sound
  • Stick to buying companies that cheap in valuation and fundamentally sound

GLOBAL MARKET – OIL, GOLD, SP500..

KEY TAKEAWAYS

  • The market is still very fragile and as an investor you need to be cautious
  • Billionaire ‘Bond King’ Jeff Gundlach says stocks will crash, predicts a weaker dollar, and questions bitcoin in a new interview. READ MORE
  • GOLD will be the biggest winner this year and next year as more and more gurus claiming the market historical crash is on the way
  • Be safe and invest only companies that are fundamentally sound

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