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2014 IPO activity far outpaces 2013 through February
Analyst IPO Blog
Even with one month left to go, the first quarter of 2014 has already seen more IPOs than the first quarter of 2013 (37 vs. 31). YTD proceeds are 27% higher than last year, despite a 31% dip in average deal size. It does not appear that activity will slow down in March, either: the number of initial filings in January and February is the highest it has been in over a decade. The pipeline is packed with health care and tech companies, which together represent 67% of filings over the last 90 days. 2013 had an impressive run with the highest number of IPOs since 2000, but 2014 could outpace it if these trends continue.
YTD IPOs and initial filings, 2013 & 2014*
Avg market cap at IPO
Average first day pop
*as of 2/28
Check out our stats on
The YTD Tech Snapshot
Health care companies represent 55% of IPOs to date (fueled by biotechs), but recent filings suggest that the technology sector is poised to pick up. While only three tech IPOs (Care.com (
), Varonis (
) and Coupons.com (
)) have launched in 2014, new offerings on the horizon have received considerable media attention, including King Digital, JD.com, GrubHub, The Rubicon Project and Castlight Health. SaaS and enterprise solutions represent the majority of companies in the IPO pipeline, with noteworthy advertising, mobile and ecommerce plays in the mix. Enterprise and consumer tech companies are no doubt encouraged by the performance of today's IPO, Varonis (up 100%), and Facebook's $19 billion purchase of WhatsApp. Most of the tech companies are riding a wave of high growth and now hope to scale up operations by accessing public funds.
2014 Tech IPO Filers: Internet, Consumer and Portal
LTM Sales (mm)
Coupons for retail goods
Everyday Health (
Internet healthcare info
Chinese online retail
King Digital (
Mobile and social gaming
Discount travel agency
Loyalty app for TV shows
2014 Tech IPO Filers: Enterprise and Business
LTM Sales (mm)
Front-end education software
A10 Networks (
Network speed and security
Aerohive Networks (
Network wifi and security
Amber Road (
Global trade support
Global ecommerce platform
Compensation benefits management
Q2 Holdings (
Front-end banking software
Mobile bandwidth technology
Rimini Street (
Enterprise software maintenance
The Rubicon Project (
Automated ad marketplace
Keywords / Tickers:
, HIVE.JDC.RC, VGGL.RC, SABR.RC
Global IPO Volume
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.
As stated in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund's average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement by the Board of Trustees.
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Definitions: Net Asset Value (NAV) of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. Market Price is current value at which an asset or service can be bought or sold. Premium/Discount is provided to show the comparison of the daily net asset value (NAV) and the midpoint of the closing bid/ask for each of the funds. The
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is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The
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is a stock market index based upon a portfolio of newly public companies listed on non-U.S. exchanges. The S&P 500® Index (SPX) is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.
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(the "ETFs"), and the
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(the "Mutual Fund") are subject to investment risk, including possible loss of the principal amounts invested. The ETFs and the Mutual Fund (the "Funds") invest in companies that have recently completed initial public offerings. These stocks are unseasoned equities lacking trading history, a track record of reporting to investors and widely available research coverage which many result in extreme price volatility. Due to a greater number of IPOs in certain segments, the Funds may also be subject to information technology and financial sector risk, small and mid-capitalization company risk, and, for the Renaissance International IPO ETF, emerging markets risk. The Funds may hold securities in the form of Depository Receipts, REITs, and Partnership Units which have greater risks than common shares. The strategies have high portfolio turnover and securities lending risks. The returns of the ETFs may not match the return of the respective indices. The ETFs are classified as non-diversified investment companies subject to concentration risk.
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Definitions: The Renaissance IPO Index® is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The S&P 500® Index is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.
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