The Renaissance IPO Index
Capturing the Essence of the IPO Market
Index Construction Summary
The Renaissance IPO Index® is a comprehensive benchmark index designed to track the performance of the IPO market. The Index includes all institutionally-investable IPOs, capturing over 95% of the U.S. IPO market. The total Index population is variable over time with constituents exiting after two years when they are “seasoned.” The Index is calculated using a float-adjusted market capitalization weighting technique to include only those shares that are available for public trading. Developed by Renaissance Capital, the leading provider of IPO research, the Renaissance IPO Index® is designed as a benchmark Index that captures the “essence” of IPO activity and performance.
| Weighting |
Float-adjusted market capitalization |
| Number of Constituents |
Variable based upon IPO activity |
| Constituent Additions |
New IPOs are added upon the close of the first day of trading. |
| Constituent Deletions |
Members are removed on the second anniversary of their IPO date, resulting in an approximate holding period of 500 days. |
| Minimum Float Capitalization |
$50 million float-adjusted market capitalization |
| Rebalance Frequency |
Index constituents are reviewed for eligibility based upon size and liquidity on a quarterly basis. The number of shares and float weights are also updated quarterly. |
| Significant Events |
Shares are adjusted weekly for corporate actions that impact a constituent’s float shares by more than 10%. |
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