Philippine broadband provider Converge ICT Solutions was included in two indices in London’s Financial Times Stock Exchange (FTSE), allowing the company to be exposed to more investors.
Global index provider Financial Times Stock Exchange Russell, a unit of the London Stock Exchange, has included Converge in the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index.
The FTSE ASEAN All-Share Index represents over 1,000 stocks from seven financial markets in the Association of Southeast Asian Nations, namely Bursa Malaysia, Hanoi Stock Exchange, Ho Chi Minh Exchange, Indonesia Stock Exchange, Singapore Stock Exchange, Stock Exchange of Thailand, and Philippine Stock Exchange (PSE). Companies passed the size eligibility, free float, and liquidity criteria of the regional index.
The FTSE Renaissance IPO index introduces investors to attractive IPO markets around the world. Qualified companies, which are screened for size, liquidity and free float on a quarterly basis, are added to the group and eventually removed after around two years when they become seasoned equities.
The IPO Index Series covers all institutionally investable IPOs in developed and emerging markets of operating companies with an initial investable market capitalization of at least $100 million.
As of Monday, June 14, Converge’s market capitalization stood at P162.57 billion ($3.4 billion) with a free float level of 20.4%.