Index IPO additions
Initial public offerings (IPOs) are added to the Russell Indexes on a quarterly basis. Adding IPOs, in addition to the annual Reconstitution of our indexes, leads to an enhanced market representation without significant turnover.
Russell US Indexes IPO calendar
|
Quarterly additions |
Guidelines |
2018 Third-quarter additions |
2018 Fourth-quarter additions |
2019 First-quarter additions |
|---|---|---|---|---|
|
Initial offering period |
IPOs which initially trade between rank day +1 of the previous cycle and rank day of the current cycle. |
IPOs which initially price/trade between May 12 and Aug 17. |
IPOs which initially price/trade between Aug 18 and Nov 16. |
IPOs which initially price/trade between Nov 17 and Feb 08. |
|
Rank date* |
Five weeks prior to implementation. |
17-Aug |
16-Nov |
08-Feb |
|
Announce date* |
Three weeks prior to implementation. |
31-Aug |
30-Nov |
22-Feb |
|
Effective date** |
Third Friday of the month. |
21-Sep |
21-Dec |
15-Mar |
* If a date falls on a holiday the previous business day is used.
** After the close on the third Friday of the month. If a date falls on a holiday the previous business day is used.
Note: Once IPO additions have been announced, an IPO may be added to the index prior to the previously announced schedule, if a corporate action has deemed this to be appropriate and notice can be provided (e.g. an index member automatically receives shares via a stock distribution into a projected IPO add).In order to be added during a quarter outside of reconstitution, an IPO must meet all Russell US Index eligibility requirements. Additionally, the IPO must meet the following criteria on the rank day for the quarterly additions: (1) it is priced and traded; and (2) it ranks larger in total market capitalization than the market-adjusted smallest company in the Russell 3000E Index as of the latest June reconstitution.