Two companies qualify for inclusion in the Renaissance IPO ETF (NYSE: IPO) effective Thursday, April 25, 2019.
Pinterest (PINS), which operates a digital bookmarking platform for images and products, raised $1.4 billion by offering 75 million shares at $19 on April 17. At pricing, the San Francisco, CA-based company commanded a market value of $10.1 billion.
Zoom Video Communications (ZM), which provides a cloud-based video and web conferencing platform, raised $751 million by offering 20.9 million shares at $36 on April 17. At pricing, the San Jose, CA-based company commanded a market value of $9.2 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.