Despite extremely volatile market conditions, Milbank LLP successfully advised the underwriters in connection with the US$600 million initial public offering of Converge Information and Communications Technology Solutions, Inc. (“Converge”). The successful IPO was the second largest IPO in the Philippines’ history.
The underwriters for the transaction were comprised of Morgan Stanley and UBS AG as Joint Global Coordinators and Joint Bookrunners; BPI Capital as Sole Local Coordinator, Joint Local Underwriter and Joint Bookrunner; BDO Capital as Joint Local Underwriter and Joint Bookrunner; BofA Securities and Credit Suisse as International Joint Bookrunners; and Asia United Bank, First Metro, Maybank ATR KE, PNB Capital, RCBC Capital, China Bank Capital and SB Capital as Local Selling Agents.
Converge operates fiber optic broadband networks and cable television services and is the fastest growing fiber internet and digital consumer services provider in the Philippines. A portion of the proceeds from the IPO are expected to help finance growth of the country’s nationwide internet backbone.
The offering attracted eight cornerstone investors including Genesis Investment and Ghisallo Master Fund. Converge’s shares began trading on the Philippine Stock Exchange on October 26.
The Milbank team was led by Hong Kong-based Capital Markets partner James Grandolfo with associates Ari Singzon and Abir Varma and legal assistant Liam O’Hagan. Transportation and Space partners Dara Panahy, Tax partner Andrew Walker and Alternative Investments partner James Warbey, as well as associates Bijan Ganji, David Hanno, Sean Heiden and Klaudia Mach also assisted on the transaction.
Mr. Grandolfo said: “We are pleased to have been able to play our part in this extremely successful transaction. The success of this IPO despite market volatility amid the coronavirus pandemic is a testament to Converge’s excellent past results and its promise for future growth. The transaction allowed us to fully demonstrate our team’s expertise in advising on the most complex Philippines equity capital markets offerings.”
