Alibaba Group Holding, which is China's largest e-commerce firm with $296 billion in gross merchandise volume, raised $21.8 billion by offering 320.1 million shares at $68. At the $68 offer price, Alibaba commands a market cap of $176 billion and qualifies for inclusion in the Renaissance IPO ETF at the market's close on September 25, 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.