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

By Renaissance Capital,

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Synchrony Financial ( SYF ), GE's private label credit card and consumer finance business, priced its IPO at $23. The gross proceeds of $2.9 billion make it the largest US IPO of the year. Synchrony commands a market cap of $19 billion and qualifies for inclusion in the Renaissance IPO ETF at the market's close on August 7, 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: SYF

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