7/25/16


At Home Group, which operates 115 home decor stores in the South and Midwest, announced terms for its IPO on Monday. The Plano, TX-based company plans to raise $130 million by offering 8.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, At Home Group would command a fully diluted market value of $920 million. At Home Group was founded in 1979 and booked $653 million in sales for the 12 months ended April 30, 2016. It plans to list on the NYSE under the symbol [HOME]. BofA Merrill Lynch, Goldman S...more


Keywords: HOME

7/22/16 Analyst IPO Market Commentary


Four IPOs are slated for the last week of July, following a week where four deals averaged a 21% return. Two health care companies and an insurer join Talend. Major indices have been climbing to record highs, and a well-stocked pipeline leads us to believe that the will see no shortage of IPO activity going forward. Talend ([TLND]), which provides a cloud-based data integration platform, plans to raise $84 million with a market cap of $476 million. Though currently unprofitable, the company addresses a $16 billion mar...more


Keywords: TLND, BIOV, KDMN, KNSL

7/22/16 Analyst IPO Market Commentary


Three profitable companies each traded up more than 20% this past week, while the sole biotech IPO ended flat. Radio-frequency chip maker Impinj, the week's smallest IPO, delivered the largest return (+40%). For 2016 IPOs, first-day returns (+9.0%) have now eclipsed aftermarket returns (+8.8%), with the average IPO up 19%. None of the past 10 offerings have ended their first day below issue. Impinj impresses: Chip maker up 40% Impinj ([PI]) raised $67 million by offering additional shares at the high end...more


Keywords: PI, TPIC, PTHN, BOLD

7/22/16


Ironshore, a international specialty property and casualty insurer, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million. The Hamilton, Bermuda-based company was founded in 2006 and booked $1.7 billion in sales for the 12 months ended March 31, 2016. BofA Merrill Lynch, Citi, J.P. Morgan and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed....more


Keywords: IRSH.RC

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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.

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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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