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CNVRG IPO crowns Spouses Dennis Anthony & Maria Grace Uy US$ Billionaire, intends not to declare dividends in the short to medium term as it plans to retain all future earnings to finance the expansion of its business

Spouses Dennis Anthony and Maria Grace Uy, established Converge Information and Communications Technology Solutions, Inc. (CNVRG) with a vision—to build a business focused on providing high speed fixed broadband to millions of unserved and underserved households and businesses across the Philippines. They assembled a world-class team of like-minded professionals, and together, built CNVRG into an organization focused on becoming the market-leader in the high-speed fixed broadband market. This vision and focus is deeply ingrained in CNVRG, and is the foundation of its key competitive advantages, including the differentiated products and services that it offers and the extensive proprietary network that it builds and operates.

Between 2016 to 2019 the couple grew CNVRG’s revenue at an annually compounded rate of 69%.  Under their leadership CNVRG built and operates an extensive end-to-end fiber infrastructure with in-house expertise in network roll-out.  Incumbent telcos usually outsource their network roll-out.

The couple primarily funded their venture out of their own pocket, cash flows generated from their operations, bank financing and the US$225 Million equity investment by Warburg Pincus in 2019.

Under the CNVRG initial public offering the Uy couple’s company will sell 196,410,891 CNVRG shares (assuming over allotment not exercised) at 16.8 a piece giving them a windfall of 3.3 Billion Pesos.  Assuming over allotment is not exercised their Comclark Network and Technology Corp. will retain 4,803,589,103 CNVRG shares.  At 16.8 a piece that would be valued at 80.7 Billion Pesos or US$1.7 Billion Pesos, crowning Spouses Dennis Anthony & Maria Grace  Uy US$ Billionaire.

After allowing the Uys and Warburg Pincus billions in windfalls at the IPO, CNVRG intends not to declare  dividends in the short to medium term as it plans to retain all future earnings to finance the expansion of its business.

Disclaimer and Disclosure: This is an independent analysis for discussion purposes with the aim of giving stock traders and investors an independent view point. Accuretti Systems Inc. in the course of day to day trading may have own, or is considering buying or disposing, the shares of the companies mentioned in this commentary.

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