Three companies are scheduled to enter the Renaissance IPO ETF ( IPO ) at the market's close on Monday, April 9th.
Dropbox ( DBX )
Dropbox, a leading web-based cloud storage and collaboration platform, raised $756 million by offering 36 million shares at $21 on March 22. At pricing, the San Francisco, CA-based company commanded a fully diluted market value of $9.4 billion.
iQIYI ( IQ )
iQIYI, a Chinese online video streaming platform owned by Baidu, raised $2.25 billion by offering 125 million shares at $18 on March 28. At pricing, the Beijing, China-based company commanded a fully diluted market value of $13.7 billion.
Spotify Technology ( SPOT )
Spotify Technology, the world's largest music streaming subscription service, listed 55.7 million shares at a reference price of $132 on April 3rd. At listing, the Stockholm, Sweden-based company commanded a fully diluted market value of $25.1 billion.
The Renaissance IPO ETF is designed to provide investors with efficient exposure to a portfolio of U.S.-listed newly public companies ahead of their inclusion in core equity portfolios. By tracking the rules-based Renaissance IPO Index designed by Renaissance Capital research to hold the largest, most liquid newly-listed U.S. IPOs, the Renaissance IPO ETF includes the most economically significant newly public companies. Sizable IPOs are added on a fast entry basis and the rest are added during scheduled quarterly reviews. Companies are removed two years after their initial trade date, when they become seasoned equities.
The article Three companies scheduled to enter the Renaissance IPO ETF ( IPO
) originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com. Investment Disclosure:
The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO)
, Renaissance International ETF (symbol: IPOS)
, or separately managed institutional accounts may have investments in securities of companies mentioned.