US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

<ul>
<li>The anchor lock-up expired on 13 Feb 2025 and the pre-IPO shareholder lock-up expires on 13 May 2025. The free float is forecasted to increase from ~13% to ~40%.</li>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> is expected to be added to global all-world at the June 2025 review following its IPO in November 2024 and the lock-up expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> is expected to be added to global standard in May 2025 if top-down approach is used for free float. Otherwise, its addition will take place in August.</li>
</ul>


The anchor lock-up expired on 13 Feb 2025 and the pre-IPO shareholder lock-up expires on 13 May 2025. The free float is forecasted to increase from ~13% to ~40%.

Swiggy (SWIGGY IN) is expected to be added to global all-world at the June 2025 review following its IPO in November 2024 and the lock-up expiries.

Swiggy (SWIGGY IN) is expected to be added to global standard in May 2025 if top-down approach is used for free float. Otherwise, its addition will take place in August.


Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025

Midea Group Co., Ltd. manufactures and distributes home appliances. The Company produces water heaters, air conditioners, ventilation equipment, and consumer appliances. Midea Group also develops robotics and automation systems.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> went public on HKEX on 17 September 2024 and achieved fast-entry in both global indices due to high free float and a market cap of ~$4.5bn.</li>
<li>The 6-month lockup on cornerstone investors expired on 17 March 2025.</li>
<li>The free float is forecasted to increase from ~65% to ~75% for both global indices in May and June 2025 following the lockup expiry.</li>
</ul>



Midea Group (300 HK) went public on HKEX on 17 September 2024 and achieved fast-entry in both global indices due to high free float and a market cap of ~$4.5bn.
The 6-month lockup on cornerstone investors expired on 17 March 2025.
The free float is forecasted to increase from ~65% to ~75% for both global indices in May and June 2025 following the lockup expiry.


Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

<ul>
<li>Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.</li>
<li>Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.</li>
<li>Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.</li>
</ul>


Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.


Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.</li>
<li>The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.</li>
</ul>



Shopify (SHOP US) is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.

Shopify (SHOP US) is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.
The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.


Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. </li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. </li>
<li>Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.
</li>
</ul>



CoreWeave (CRWV US) is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. 

CoreWeave (CRWV US) is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. 
Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.



CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

Index Rebalance professional of US, EU and Global Indices. Specialized in shareholder structure and index free float calculation, SPACs, quarterly rebalance predictions of US-EU indices and cross-index implications of corporate actions such as M&A's, Spin-offs and IPOs.

All forecasts and calculations are estimates derived from a combination of public sources considered reliable. These sources include, but are not limited to, exchange and regulatory filings, company announcements, and ETFs. While best efforts are made to maximize accuracy, estimates and predictions are subject to uncertainty.

No index data are used.

Dimitris Ioannidis
US-EU Index Rebalances / Quantitative Researcher
• ORTEX

Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025

Swiggy's IPO lock-up expiries in 2025 are expected to increase its free float and lead to its addition to global indices in May and June.

Dimitris Ioannidis

Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June

IPO lockup of cornerstone investors expired on 17 March. Free float is forecasted to increase from ~65% to ~75% for both global indices in May and...

Dimitris Ioannidis

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Following a rasel methodology update, Canada will be used as the country of headquarters resulting in a Canadian index nationality due to country...

Dimitris Ioannidis

CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

CoreWeave (CRWV) is expected to join snp TMI in June 2025 but remains ineligible for rasel and Global Indices for six months due to low float and...

Dimitris Ioannidis

Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025

​Swiggy's IPO lock-up expiries in 2025 are expected to increase its free float and lead to its addition to global indices in May and June.

Dimitris Ioannidis

Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June

IPO lockup of cornerstone investors expired on 17 March. Free float is forecasted to increase from ~65% to ~75% for both global indices in May and...

Dimitris Ioannidis

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Following a rasel methodology update, Canada will be used as the country of headquarters resulting in a Canadian index nationality due to country...

Dimitris Ioannidis

CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

CoreWeave (CRWV) is expected to join snp TMI in June 2025 but remains ineligible for rasel and Global Indices for six months due to low float and...

Dimitris Ioannidis

Swiggy's IPO lock-up expiries in 2025 are expected to increase its free float and lead to its addition to global indices in May and June.