Peloton Interactive (PTON) will join the S&P SmallCap 600 index before market-open on May 27, replacing Enviri (NVRI), S&P Dow Jones Indices said late Thursday.

Enviri is spinning off some operations later this month into a new publicly traded firm, S&P said, adding that Veolia Environment will buy the remaining parent entity after the spin-off.

The new publicly traded firm is not expected to be representative of the small-cap market space, it said.