* Converge to sell shares in 16.50-19 pesos range - sources
* Aims raise as much as $680 mln
* Secures 7 cornerstone investors, including Canadian
pension fund
* Thailand's SCG Packaging seen pricing $1.5 bln IPO near
top end
(Recasts and updates throughout with new detail on SCG
Packaging IPO, regional context)
By Anshuman Daga and Neil Jerome Morales
SINGAPORE/MANILA, Oct 5 (Reuters) - Philippines' Converge
ICT Solutions Inc plans to raise as much as $680 million in an
initial public offering that would be the country's largest
ever, sources said on Monday, encouraged by a
coronavirus-spurred boom in demand for fibre broadband.
Converge joins a host of Southeast Asian companies planning
listings, including Thailand Siam Cement Group Packaging's $1.5
billion IPO, signalling a revival in investor interest in
region's underperforming markets. The internet provider, which is banking on continued higher
demand for online services as people study and work at home
during the pandemic, has set the sale price at 16.50 to 19 pesos
($0.3406 to $0.3922) per share, sources with direct knowledge of
the issue said.
At the upper end, the IPO of up to 1.73 billion shares could
raise as much as 32.87 billion pesos ($678.6 million), including
the over-subscription option. That would surpass the $627
million raised by Robinsons Retail Holdings Inc RRHI.PS in
2013.
"There's quite a lot of excitement as this is one of the
highest growth stories coming out of the Philippines," said one
source.
Seven cornerstone investors have committed to purchasing
shares, including a Canadian pension fund, said the sources, who
declined to be identified as they were not authorised to speak
to media.
Converge, which lists U.S. private equity firm Warburg
Pincus WP.UL as a minority shareholder, declined to comment.
The sources also said SCG Packaging was likely to price its
offering near the top of its 33.50 baht to 35 baht per share
price band after a strong oversubscription, buoyed by domestic
demand. SCG Packaging is a unit of Siam Cement Group Pcl
SCC.BK . SCG Packaging did not immediately respond to a request
for comment.
The Philippines' benchmark stock index .PSI has declined
24% so far this year, while Thailand's .SETI has lost 21%.
However the value of Southeast Asian IPOs are at $4.6
billion over the same period, up from $3.1 billion a year ago,
Refinitiv data shows, mainly due to $3 billion raised by
Thailand's Central Retail CRC.BK in February.
Morgan Stanley and UBS are global coordinators for the
Converge IPO, with BPI Capital and BDO Capital joint local
underwriters. The final price is due to be announced on Oct. 9,
with the offer period of Oct. 13 to 19. L4N2GS1GF
($1 = 48.4450 Philippine pesos)