Converge ICT Solutions, Inc., a fiber internet provider, stated on Monday that it has been included in two global stock market indexes, the Financial Times Stock Exchange (FTSE) Renaissance IPO Index and the FTSE ASEAN All-Share Index, enhancing its exposure to both passive and active investors.

Converge has been included in the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index by global index provider FTSE Russell, a subsidiary of the London Stock Exchange, according to the listed firm.

“These will enable us to be more exposed to both passive and active investors who routinely track FTSE indices,” said Converge President Maria Grace Y. Uy.

The FTSE ASEAN All-Share Index is a collaboration between FTSE and Southeast Asian exchanges that aims to represent the performance of big, mid, and small-cap listed Southeast Asian firms.

Converge said that it met the regional index’s size eligibility, free float, and liquidity requirements.

After its initial public offering (IPO) on the Philippine Stock Exchange in 2020, the firm will be included in the FTSE Renaissance IPO Index, which was created by Renaissance Capital and computed by FTSE Russell.

“The IPO Index Series is meant to measure the activity and performance of the global IPO market, as well as to give structure and transparency to these securities by giving market players with regulated access to the properties of IPOs,” Converge said.

According to the firm, the IPO index participants are assessed for size, liquidity, and free float on a regular basis.

“This index includes all institutionally investable IPOs of operational firms with an initial investable market capitalization of at least $100 million in developed and developing markets,” it said.

Converge’s attributable net income almost quadrupled to P1.55 billion in the first quarter, up from P573.60 million in the same time last year, due mostly to an increase in customers amid the continuing pandemic problem.

Total revenues, which comprise residential and enterprise contributions, grew 83.2 percent to P5.55 billion in the first quarter of 2020 from P3.03 billion in the same time the previous year.


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