Twitter Enters IPO as a Top-10 Holding

Twitter (NYSE: TWTR), the newly public social media darling, has joined the Renaissance IPO ETF (NYSEArca: IPO), itself a new offering, as a top-10 holding.

To be precise, IPO added shares of Twitter after the close of U.S. markets Wednesday at a weight of 2.44%, making the stock the ETF’s tenth-largest holding. Twitter resides ahead of Retail Properties of America (NYSE: RPAI) and behind Spirit Realty in IPO’s lineup, according to Renaissance data.

Along with Global X, the firm behind the Global X Social Media Index ETF (NasdaqGS: SOCL), IPO’s issuer confirmed last week it would add Twitter to its roster after the stock’s fifth trading day, which was Wednesday. [ETFs Confirm Addition of Twitter]

With a market cap of $23.2 billion, Twitter is larger on that basis than Workday (NYSE: WDAY) and Realogy Holdings (NYSE: RLGY) combined. Those stocks combine for nearly 9% of IPO’s weight. However, the ETF does not add stocks based on market cap alone.

Twitter’s weight in IPO was determined by its offering size of 70 million shares multiplied by Wednesday’s closing price. [Twitter ETF Update]

Prior to Twitter, IPO’s most recent addition was real estate investment trust Brixmor Property Group (NYSE: BRX), said Renaissance Capital’s Kathleen Smith in an interview with ETF Trends. Smith also confirmed that Michael Kors (NYSE: KORS), currently IPO’s largest holding with a weight of almost 10.4%, will be depart the ETF when the fund rebalances next month.