Extended Stay America scheduled to enter Renaissance IPO ETF

By Renaissance Capital,

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Extended Stay America ( STAY ), the largest owner and operator of company-branded hotels in North America, raised $565 million by offering 28.3 million shares at $20, within the range of $18 to $21. Based on the company's pricing terms, Extended Stay America commands an implied market capitalization of $4.2 billion, which is large enough to qualify the company for inclusion into the Renaissance IPO ETF at the market's close on November 19th, 2013.

The Renaissance IPO ETF is a portfolio of U.S.-listed newly public companies that provides exposure to securities under-represented 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: STAY

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