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