Shift4 Payments Inc to Join S&P MidCap 400

Shift4 Payments Inc (NYSE: FOUR) shares surged 6.7% to $103 before the opening bell on Monday. This increase comes as the payments processor will be added to the S&P MidCap 400.

S&P Dow Jones Indices announced that the inclusion will take effect before the opening bell on November 20, providing Shift4 a key placement in a benchmark index for mid-sized firms.

Shift4 Payments has a market capitalization of roughly $8.74 billion and will replace healthcare company R1 RCM (NASDAQ: RCM), which was taken private in an $8.9 billion transaction by private equity firms TowerBrook Capital Partners and Clayton, Dubilier & Rice.