Renaissance Capital is a research and investment firm focused on initial public offerings and based in Greenwich, Connecticut. The company had launched an exchange-traded fund (ETF) focused IPO on the market.
The new ETF focused IPO of Renaissance Capital started trading on Wednesday. The Renaissance shares traded under the ticker symbol IPO on the NYSE Arca Exchange. Renaissance would join other funds into looking to benefit from a strong IPO market this year.
The new Renaissance ETF had an expense ratio of 60 basis points, according to a Reuters report. This was around a fourth of the cost of its mutual fund arm, the Renaissance Global IPO Plus Aftermarket Fund. The latter had an expense ratio of 2.5%.
The Renaissance IPO Index included common stocks, depository receipts and operating new units of newly public US companies. It also included foreign firms that were listed on a US exchange, said a report from Reuters.
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