Fiber internet service provider Converge ICT Solutions Inc. said its recognization from the global index provider Financial Times Stock Exchange Russell (FTSE Russell), a unit of the London Stock Exchange, is anticipated to attract more investors from across the globe.
In a stock exchange filing on Monday, Converge announced its inclusion in the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index.
The company joins over a thousand companies in the region that have passed the size eligibility, free float, and liquidity criteria of the regional index.
“We welcome the inclusion of Converge in these FTSE indices as we join prestigious names recognized regionally. These will allow us to be more exposed to both passive and active investors who regularly monitor FTSE indices,” said Converge President Grace Uy.
Converge was included in the FTSE Renaissance IPO Index after its initial public offering (IPO) in the Philippine Stock Exchange in October last year.
The FTSE Renaissance IPO Index is designed by Renaissance Capital and calculated by FTSE Russell.
The IPO Index Series is designed to track the activity and performance of the global IPO market, and to add structure and transparency to these equities, providing market participants controlled access to the attributes of IPOs.
The IPO index constituents, of which there are currently 606 companies across 33 countries, are screened for size, liquidity, and free float quarterly.
This index covers all institutionally- investable IPOs in developed and emerging markets of operating companies with an initial investable market capitalization of at least $100 million.
A partnership between FTSE and ASEAN Exchanges, the FTSE ASEAN All-Share Index is designed to represent the performance of large, mid, and small-cap ASEAN companies listed on the Exchanges. It was established to promote ASEAN as a regional equity market grouping.
The FTSE Renaissance IPO Index Series covers Global, Developed, and Emerging Markets as well as the Americas, EMEA, and Asia-Pacific regions.
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