IPO News and Updates

4/22/14


K2M Group Holdings, which develops and sells medical devices for use in spinal surgeries, announced terms for its IPO on Tuesday. The Leesburg, VA-based company plans to raise $150 million by offering about 8.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, it would command a fully diluted market value of $677 million.

K2M Group Holdings, which was founded in 2004 and booked $158 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol KTWO. It initially filed confidentially on January 24, 2014. Piper Jaffray, Barclays and Wells Fargo Securities are the joint bookrunners on the deal.


Keywords: KTWO, AMDA

4/22/14


Orion Engineered Carbons Holdings, a global producer of the chemical additive carbon black, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering. Carbon black is used to manufacture printing inks, polymers, tires and other mechanical rubber goods. The company was sold to private equity firms Rhone Capital and Triton Advisers in 2011 for over $1.2 billion.

The Frankfurt am Main, Germany-based company, which was founded in 2011 and booked $1.8 billion in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE. Morgan Stanley, Goldman Sachs and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed and no ticker was announced.


Keywords: Orion

4/22/14


Ares Management, LP, an alternative asset management firm with $74 billion in AUM, announced terms for its IPO on Tuesday. The Los Angeles, CA-based company plans to raise $400 million by offering 18.2 million units (38% insider) at a price range of $21 to $23. At the midpoint of the proposed range, Ares would command a fully diluted market value of $5.25 billion.

Ares Management, which was founded in 1997 and booked $479 million in total revenue for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol ARES. It initially filed confidentially on January 10, 2014. J.P. Morgan, BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Barclays, Citi, Credit Suisse, Deutsche Bank, RBC Capital and UBS Investment Bank are the joint bookrunners on the deal.


Keywords: ARES, FIG

4/21/14


Ulthera, which sells ultrasound energy systems for the non-invasive lifting of eyebrows and skin around the neck, filed on Monday with the SEC to raise up to $86 million in an initial public offering. The Mesa, AZ-based company, which was founded in 2004 and booked $82 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol ULTH.  J.P. Morgan and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.


Keywords: ULTH

Archived News Headlines
Attribution Policy: The information contained herein is proprietary and copyrighted. The media is welcome to use our information and ideas, provided that the following sourcing is included: IPO investment firm Renaissance Capital (www.renaissancecapital.com).
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Global IPO Fund (symbol: IPOSX) or the Renaissance IPO ETF (symbol: IPO), may have investments in securities of companies mentioned.
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 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. The S&P 500 index components are determined by S&P Dow Jones Indices.

Risk Disclosure: Investments in the Renaissance IPO ETF, symbol "IPO" (the “ETF”) and the Global IPO Fund, symbol "IPOSX" (the “Mutual Fund”) are subject to investment risk, including possible loss of the principal amounts invested. The ETF and the Mutual Fund (the “Funds”) invest in companies that have recently completed their 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. The Funds may also be subject to information technology risk and small and mid-capitalization company risk due to a greater number of IPOs in these sectors. The Funds may hold securities in the form of Depository Receipts, REITs, Master Limited Partnerships (MLPs) which have greater risks than common shares. The strategy has high portfolio turnover and securities lending risks. ETF returns may not match the return of the respective index. The ETF is classified as a non-diversified investment company and is subject to concentration risk.

Prospectus: Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with information about the Funds, please visit www.renaissancecapital.com. Read the prospectus carefully before investing. Renaissance Capital Investments, Inc., distributor for the Mutual Fund. Foreside Fund Services, LLC, distributor for the ETF, 1-866-486-6645.