IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Converge ICT Solutions IPO: Valuation Insights

Converge ICT Solutions IPO Initiation: Well Connected

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Converge ICT Solutions Inc / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/converge-ict-solutions-inc" target="_blank" data-smartkarma-citation="entities:29215:1" rel="noopener">Converge ICT Solutions Inc (ITC PM)</a> is the only major pure-play fixed broadband provider, with an exclusive focus on serving the Philippine fixed broadband market. It is the largest high-speed fixed broadband operator in the Philippines, by high-speed residential fixed broadband subscriptions, with a 55% market share in 1H20, according to MPA. Converge has received regulatory approval for a listing on the main board of the Philippine Stock Exchange to raise $724.7 million (primary/secondary split of 32%/68%). The final offer price will be announced on 9 October and the IPO will run from 13-19 October. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/converge-ict-solutions-ipo-initiation-well-connected" target="_blank" rel="noopener">our initiation note</a>, we highlighted that Converge is a structural play on the increasing penetration rates of fixed broadband in the Philippines driven by the ongoing rollout of fibre network infrastructure to satisfy the pent-up demand. Since then, Converge has released an updated prospectus with 1H20 results and recent developments. Overall, the 1H20 results reinforce our view that Converge’s fundamentals are attractive.</p></div>

Converge ICT Solutions Inc (ITC PM) is the only major pure-play fixed broadband provider, with an exclusive focus on serving the Philippine fixed broadband market. It is the largest high-speed fixed broadband operator in the Philippines, by high-speed residential fixed broadband subscriptions, with a 55% market share in 1H20, according to MPA. Converge has received regulatory approval for a listing on the main board of the Philippine Stock Exchange to raise $724.7 million (primary/secondary split of 32%/68%). The final offer price will be announced on 9 October and the IPO will run from 13-19 October. In our initiation note, we highlighted that Converge is a structural play on the increasing penetration rates of fixed broadband in the Philippines driven by the ongoing rollout of fibre network infrastructure to satisfy the pent-up demand. Since then, Converge has released an updated prospectus with 1H20 results and recent developments. Overall, the 1H20 results reinforce our view that Converge’s fundamentals are attractive.

Converge ICT Solutions IPO: Making the Connection