12/18/14


First Guaranty Bancshares, a Louisiana bank with 21 branches and $1.5 billion in assets, postponed its IPO on Thursday. The Hammond, LA-based company, listed on the OTC, was founded in 1934 and booked $49 million in sales for the 12 months ended September 30, 2014. Raymond James was set to be the sole bookrunner on the deal....more


Keywords: FGBI

12/18/14 Analyst IPO Blog


Over the last year, the US IPO market set a 14-year record against a mostly low-volatility backdrop. With 273 IPOs, 2014 was the most active period of issuance since 406 companies went public in 2000. It was the second year of uninterrupted IPO activity, up 23% over 2013, due to a doubling of biotech issuance. Proceeds of $85 billion, inflated by Alibaba’s $22 billion offering, were up 55% over 2013. While various global events, such as Russia’s incursion into the Ukraine and conflicts in the Middle East, caused nervousness in global markets, they largely failed to disrupt the US ...more


Keywords: BABA, LC, GPRO, ZOES, HABT, VA, MBLY, CFG, SYF, ALLY, PGRE

12/18/14


Bellicum Pharmaceuticals, an early-stage biotech developing controllable cancer immunotherapies, raised $140 million by offering 7.35 million shares (vs. 6.25 originally planned) at $19, above its $15 to $17 range. Bellicum will list on the NASDAQ under the symbol [BLCM]. Jefferies, Citi and Piper Jaffray acted as joint bookrunners on the deal....more


Keywords: BLCM

12/17/14


On Deck Capital, which has originated over $1 billion in small business loans through its OnDeck online platform, raised $200 million by offering 10 million shares at $20, above the range of $16 to $18. On Deck Capital plans to list on the NYSE under the symbol [ONDK]. On Deck Capital initially filed confidentially on 8/21/2014. Morgan Stanley, BofA Merrill Lynch, J.P. Morgan, Deutsche Bank and Jefferies & Co. acted as lead managers on the deal....more


Keywords: ONDK

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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. An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

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