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Philippine tech newcomer eyes $726m IPO

Converge challenges PLDT and Globe Telecom duopoly

MANILA -- Philippine internet service provider Converge ICT Solutions is seeking to raise up to 35.9 billion pesos ($726 million) from an initial public offering, one of the Philippines biggest ever.

Hoping to cash in on the surging demand for internet services amid the coronavirus pandemic, the company backed by U.S. private fund Warburg Pincus believes the share sale could help it compete with the PLDT and Globe Telecom duopoly that has dominated the Philippines for decades.

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