AXA Equitable, the US operations of life insurance and asset management firm AXA SA, raised $2.7 billion by offering 137 million shares at $20. The New York, NY-based company now commands a market value of $11.2 billion which qualifies the company for inclusion into the Renaissance IPO ETF at the market's close on Wednesday, May 16th.
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 AXA Equitable Holdings scheduled to enter the Renaissance IPO ETF ( IPO ) originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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