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

By: Renaissance Capital
Posted: 7/31/2014 4:02:00 PM
Referenced Stocks: SYF

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.