Twitter (TWTR), an online social networking and microblogging service with more than 230 million monthly active users, raised $1.82 billion by offering 70 million shares at $26, above the upwardly revised range of $23 to $25. Based on the company’s pricing terms, Twitter commands an implied market cap of $17.9 billion, which is large enough to qualify the company for inclusion into the Renaissance IPO ETF at the market’s close on November 13th, 2013.
The Renaissance IPO ETF is a portfolio of U.S.-listed newly public companies that provides exposure to securities under-represented 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.