stock markets

Philippines’ Converge joins 2 global stock indices

Ralf Rivas
Philippines’ Converge joins 2 global stock indices
Global index provider Financial Times Stock Exchange Russell includes Converge ICT in the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index

Philippine broadband provider Converge ICT Solutions was included in two global equities indices, 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.

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%.

Converge was included in the FTSE Renaissance IPO Index shortly after its initial public offering in the PSE in October 2020.

The IPO Index Series, which covers 606 companies in 33 countries, 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.

Moreover, 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.

“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.

Shares of Converge closed 0.7% higher on Monday at P21.60 apiece. – Rappler.com

$1 = P47.75

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.