Rocket Companies (NYSE: RKT), a leading mortgage lender operating under the Rocket and Quicken brands, raised $1.8 billion by offering 100 million shares at $18. At pricing, the company commanded a market value of $36.0 billion and qualifies for inclusion in the Renaissance IPO ETF effective Thursday, August 13, 2020.
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.
The article Rocket Companies scheduled to enter the Renaissance IPO ETF (ticker: IPO) originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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