Maynilad joins PSEi after strong post-IPO run, replaces Converge ICT

The water utility becomes only the third company to qualify for early PSEi inclusion since 2021 as the Philippine Stock Exchange announces its latest index reshuffle.

Maynilad Water Services Inc. is set to enter the Philippine Stock Exchange Index (PSEi) on August 3, marking another milestone just months after its blockbuster IPO and placing the country’s largest water concessionaire alongside the market’s biggest listed companies.

The move replaces Converge ICT, which will be downgraded to the PSE MidCap Index following the latest index review. Membership in the 30-company benchmark often attracts greater attention from institutional and index-tracking funds, making inclusion one of the most closely watched developments among listed firms.

PSE President and CEO Ramon S. Monzon said Maynilad became only the third company to qualify for early PSEi inclusion since the rule was introduced in 2021. Strong demand for the company’s shares after its IPO allowed it to comfortably meet the exchange’s market capitalization and liquidity requirements.

The review also reshuffles several other indices. Philex Mining Corp. joins the MidCap Index as Asia United Bank exits, while Aboitiz Equity Ventures enters the PSE Dividend Yield Index. Robinsons Retail Holdings Inc., whose public float fell below the minimum requirement after a tender offer, was removed from both the MidCap and Dividend Yield indices earlier this month.

The changes also serve as the last review under the PSE’s existing index selection framework. Starting with the January to December 2026 review period, the exchange will adopt stricter liquidity measures, giving greater weight to stocks that trade consistently over time. The revised rules are expected to make liquidity an even bigger factor in determining which companies earn or keep a place in the country’s major indices.

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