Ally Financial scheduled to enter the Renaissance IPO ETF (IPO)

By Renaissance Capital,

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Ally Financial ( ALLY ), a leading global auto finance company and former unit of GM (GMAC), raised $2.4 billion in its IPO by pricing 95 million shares at $25. At the offer price, the company commands a market capitalization of $12.1 billion and qualifies for inclusion in the Renaissance IPO ETF at the market's close on April 17, 2014.

The Renaissance IPO ETF is a portfolio of the largest, most liquid U.S.-listed newly public companies prior to their inclusion in core U.S. equity portfolios. IPOs that pass Renaissance Capital's formulated screening process are weighted by investable market capitalization, capped at 10% and removed after two years.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: ALLY

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