ACCRALAW acted as Philippine counsel to the underwriters for the initial public offering (IPO) of Converge Information and Communications Technology Solutions, Inc. (Converge). The Converge IPO is the largest IPO in the Philippines since 2016 raising Php 25.3 Billion. Converge is the largest high-speed fixed broadband operator in the Philippines and the only pure-play high-speed fixed broadband provider, with an exclusive focus on serving the Philippine fixed broadband market.
ACCRALAW acted as Philippine counsel to thirteen financial institutions, namely, Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch which acted as the joint global coordinators and joint bookrunners, Merrill Lynch (Singapore) Pte. Ltd. and Credit Suisse (Singapore) Limited which acted as international joint bookrunners, BPI Capital Corporation which acted as the sole local coordinator, joint local underwriter and joint bookrunner, BDO Capital & Investment Corporation which acted as the joint local underwriter and joint bookrunner, Asia United Bank Corporation, First Metro Investment Corporation, Maybank ATR Kim Eng Capital Partners, Inc., PNB Capital and Investment Corporation and RCBC Capital Corporation which acted as local participating underwriters and China Bank Capital Corporation and SB Capital Investment Corporation which acted as local selling agents.
The team was composed of lawyers from the Firm’s Corporate and Special Projects Department, namely Partner Everlene O. Lee, Senior Associate James Patrick O. Alojado, and Associates Leia Clarissa Veronica R. Veracruz, Mara Kristina O. Recto, Agustin P. Geraldez, and Mervin Kenneth C. Ignacio.