Newly public Italian automotive maker Ferrari (NYSE: RACE) already has a home in at least one exchange traded fund as Renaissance Capital, the issuer of the Renaissance IPO ETF (NYSEArca: IPO), confirmed it will add Ferrari to its lineup.
IPO “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,” according to a statement released by Connecticut-based Renaissance Capital.
Ferrari “raised $893 million on Tuesday by offering 17.2 million shares at $52. At the pricing terms, Ferrari is going public with a market cap of $9.8 billion and qualifies for inclusion in the Renaissance IPO ETF at the market’s close on October 27, 2015,” according to a statement from Renaissance Capital.
IPO just added shares of First Data (NYSE: FDC).