AVZ direct S&P ASX 200 inclusion March 2022, page-30

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The requistes for ASX 50 to 300 is

• Market Cap
• Liquidity
• Listed on ASX

There is nothing in the rules stopping a company entering directly into ASX 20, 50, 100 or 200 and "skipping" ASX300 at the rebalance

A company entering ASX 100 will also enter at the same time "skipping" ASX 200 and ASX 300.

ie VAS tracks ASX 300 (1st to 300th largest companies) not just 200 to 300.

If VISY sold 90% of its Pratts holdings into an IPO it would be $7 to $10 billion market cap, they will go directly into ASX100 and no body will batt an eyelid.