Rocket Companies (NYSE: RKT), a leading mortgage lender operating under the Rocket and Quicken brands, raised $1.8 billion by offering 100 million shares at $18. At pricing, the company commanded a market value of $36.0 billion and qualifies for inclusion in the Renaissance IPO ETF effective Thursday, August 13, 2020.
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.