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Week ahead: IPO market still stuck in neutral

February 26, 2016

The IPO market remains in the doldrums this week, but the Renaissance IPO Index's 10% gain in the past two weeks suggests that the IPO train could start rolling again in March.

Second time's a charm
After a scrapped IPO attempt in June 2014, Syndax Pharmaceuticals (SNDX) has shifted its business focus after discovering new indications for its immuno-oncology drug; it is looking to raise $66 million. Syndax most recently raised $80 million in an August 2015 Series C round. 

SPAC Attack
Jensyn Acquisition (JSYNU) is set to raise $40 million and will be focused on acquiring an IT consulting business. KLR Energy Acquisition (KLREU), which originally expected to price its $130 million offering last week, moved to day-to-day status. The KLR delay comes on the heels of Silver Run Acquisition’s successful IPO this past week.

Renaissance Capital's IPO Calendar - Week of 2/29/2016
Issuer
Business
Symbol
Exchange
Deal Size
$mil
Price Range
Shares Filed
Lead Managers
KLR Energy Acquisition
Houston, TX
KLREU
Nasdaq
$130 $10
13,000,000
EarlyBird Capital
Blank check company formed by KLR Group to acquire a US oil and gas E&P.
Syndax Pharmaceuticals
Waltham, MA
SNDX
Nasdaq
$66 $14 - $16
4,400,000
Morgan Stanley
Citi
Developing a therapy that enhances checkpoint immuno-oncology drugs.
Jensyn Acquisition
Freehold, NJ
JSYNU
Nasdaq
$40 $10
4,000,000
Chardan Capital Markets
Blank check company formed to acquire an IT consulting business.

IPO Pipeline Update
While February is known to be slow for IPO pricings, it is unusually quiet as not a single company submitted an initial filing this past week. Mapi-Pharma (MAPI) is still day-to-day.

IPO Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 14% year-to-date, compared to -5% for the S&P 500. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Synchrony Financial (SYF), Alibaba (BABA) and Citizens Financial Group (CFG). The Renaissance International IPO Index is down 12% year-to-date, compared to -8% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.