8/29/16


CapStar Financial Holdings, a Tennessee bank with seven locations and $1.3 billion in assets, filed on Monday with the SEC to raise up to $46 million in an initial public offering. The Nashville, TN-based company was founded in 2007 and booked $46 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol CSTR. Keefe Bruyette Woods and Sandler O'Neill are the joint bookrunners on the deal. No pricing terms were disclosed....more


Keywords: CSTR

8/26/16 Analyst IPO Market Commentary


No companies went public this week, but with five new filings the IPO market is already showing signs of an active September, particularly in the tech sector. The VIX Volatility Index is comfortably below 15, the average IPO from 2016 has returned 28% and four-fifths of deals trade above issue. For companies that have raised $100 million or more, the average return is an impressive 45%. Tech IPOs are back Tech IPO activity appears poised to pick up in the Fall. Including last Friday's filing from Everbridge (EVBG), four sizab...more


Keywords: APTI, ELF, GSUM, TTD, NOVN

8/26/16


Gridsum, which offers a platform for marketing data analytics and automated keyword bidding in China, filed on Friday with the SEC to raise up to $75 million in an initial public offering. The Beijing, China-based company was founded in 2005 and booked $45 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol GSUM. Goldman Sachs (Asia) and Citi are the joint bookrunners on the deal. No pricing terms were disclosed....more


Keywords: GSUM

8/26/16


Digicel Group, the leading provider of mobile services in the Caribbean with 14 million subscribers, withdrew its plans for an initial public offering on Friday. It had filed terms to raise $1.8 billion in October 2015 by offering 124 million shares at a price range of $13 to $16, but postponed the offering. The Hamilton, Bermuda-based company was founded in 2000 and booked $2.8 billion in sales for the 12 months ended June 30, 2015, its most recent public financial results. It had planned to list on the NYSE under the symbol DCEL. J.P....more


Keywords: DCEL

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Performance Disclosure: 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.

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.

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 Renaissance IPO Index® (IPOUSA) 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 Renaissance International IPO Index® (IPOXUS) 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 which includes 500 U.S. listed companies and seeks to capture approximately 80% coverage of available U.S. market capitalization.

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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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