New Listings, Same Standards: Sustainability & Climate Screens Amid a New IPO Boom
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MSCI Index Composition Viewer | MSCI Sustainability & Climate Indexes | MSCI Market Cap Indexes
Increased IPO activity in H1 2026 has focused attention on index inclusion and indexed investment as potential sources of demand drivers for newly listed companies. U.S. IPO proceeds hit USD 114 billion in the first half, more than six times the H1 2025 level. Metrics critical to broad-market inclusion, including free float, market capitalization and liquidity, have therefore received significant pre-deal attention.
Beyond broad-market inclusion
MSCI Global Investable Market Indexes are designed to capture a broad investable opportunity set, weighted using free-float-adjusted market capitalization.1 USD 1.2 trillion in AUM, as of June 2026, was specifically tied to MSCI Sustainability and Climate (S&C) Indexes. Built on the same GIMITM framework, these indexes apply additional eligibility and weighting rules that vary by methodology. These additional criteria typically address aspects over which companies have some influence: what they do, potential reputational risks associated with how they operate and their sustainability and climate strategies.
Companies representing at least 56% of the MSCI ACWI Index by weight would not be included in indexes based on core eligibility criteria drawn from six key S&C index methodologies.2 Reasons include involvement in activities that investors may prefer to screen out such as weapons, tobacco, fossil fuels, alcohol and gambling. Climate-focused indexes may also filter companies facing higher financial risks due to environmental grounds.
The eligibility criteria are detailed, rules-based and transparent. For corporate issuers seeking to broaden their investor base, understanding these requirements can help identify potential routes to index inclusion.
For listed companies, the MSCI Index Composition Viewer shows where they stand across MSCI’s S&C Indexes, the associated AUM and key metrics driving their inclusion or exclusion.
Data as of Sept. 28, 2026. Companies may fail multiple eligibility screens. Within each index, companies are assigned to the first matching screen category to avoid double counting. The categories shown are selected examples, not an exhaustive list of each index’s criteria.
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Index Composition Viewer
Gain insight into index inclusion, passive AUM exposure and sustainability metrics with MSCI’s Index Composition Viewer.
1 MSCI's free-float-adjusted market capitalization is defined as price × shares outstanding × foreign inclusion factor (FIF), where FIF represents the proportion of shares available for purchase in the public market by international investors.
2 The six methodologies considered here are: MSCI SRI Indexes, MSCI Selection Indexes, MSCI Climate Paris Aligned PAB Indexes, MSCI Climate Change CTB Indexes, MSCI Climate Action Indexes and MSCI Universal Indexes.
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