Realogy Corp., which is expected to be spun off from Cendant Corp. on Monday, announced that its stock will become a member of the Standard & Poor’s 500 Index upon expected commencement Aug. 1 of “regular way” trading on the New York Stock Exchange.
Widely regarded as the best single gauge of the U.S. equities market, the world-renowned index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The S&P 500 represents the U.S. component of the S&P Global 1200.
“Joining the S&P 500 Index is another significant milestone for us as we prepare to complete our spin-off,” said Richard A. Smith, vice chairman and president of Realogy. “As a stand-alone publicly traded company, Realogy provides a unique way for investors to participate in the long-term growth of the U.S. existing-home sales market without the need to own property.”
Realogy will be listed on the NYSE under the ticker symbol “H”, for homes. On Aug. 2, the day after “regular way” trading is expected to commence, Chairman & CEO Henry R. Silverman, Smith and Realogy’s other executive officers will be on hand for the ceremonial ringing of the NYSE’s opening bell.
The “when issued” trading market for the common stock of Realogy began July 19 and is expected to run through July 31. Shares of Realogy will be issued at the close of business on July 31 to Cendant shareholders of record as of July 21. It is anticipated that shareholders will receive one share of Realogy common stock for every four shares of Cendant common stock outstanding as of the record date.
