Dennis Anthony Uy’s Converge Information and Communications Technology (ICT) Solutions Inc. debuted in the stock exchange down 9.4 percent or P1.58 to P15.22 each on Monday. “At P16.80, our projected 2020 P/E (price to earnings) ratio for the stock was at 48.64 times, which is relatively overvalued. It added that the IPO attracted both international and domestic investors, as it secured over P4.86 billion of domestic demand. Global private equity firm Warburg Pincus, meanwhile, served as the largest and most important investor and partner of Converge. Converge said it recorded P6.5 billion revenues in the first half of the year, 65-percent better than its figure in the same period last year.

Source: Manila Times October 26, 2020 16:18 UTC