5/22/15 Analyst IPO Blog


Five companies - no biotechs - went public in the past week and raised $1.0 billion. All five IPOs had positive returns and, even more rare, each one continued to trade up after the first day. 68 IPOs have raised $12 billion year-to-date, over 40% below 2014's level, but much closer to what we saw in '06, '07, '13 and the first half of '11 and '12. Assuming broader markets can weather the looming interest rate hike and remain stable, 2015 could still see over 200 companies go public. There are no deals on the ...more


Keywords: SHOP, BKFS, PGND, BZUN, CHCT

5/22/15


Bicapital, the largest financial services group in Guatemala with $12 billion in assets, filed on Friday with the SEC to raise up to $300 million in an initial public offering. Just one international bank went public in the US last year - Grupo Aval Acciones y Valores S.A. ([AVAL]). Grupo Aval, Colombia's largest bank, was already traded on the Colombia Stock Exchange but is down 24% from its September 2014 US offering. The Panama City, Panama-based company, which was founded in 1967 and booked $628 million in net interest and ...more


Keywords: BICA, AVAL

5/22/15


Alarm.com Holdings, a cloud-connected home security and energy platform with 2.3 million subscribers, filed on Friday with the SEC to raise up to $75 million in an initial public offering. The Internet of Things (IoT) space saw fast-growing startup Nest acquired by Google in January 2014 for $3.2 billion. The Vienna, VA-based company, which was founded in 2000 and booked $176 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol [ALRM]. Alarm.com initially filed confidentially on May ...more


Keywords: ALRM

5/22/15


Gener8 Maritime, a PE-backed operator of 46 oil tankers formed from General Maritime and Navig8 Crude, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The New York, NY-based company, which was formed in 2015 and booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol [GNRT]. Gener8 Maritime initially filed confidentially (as General Maritime prior to the merger) on November 12, 2014. Citi and UBS are the joint bookrunners ...more


Keywords: GNRT

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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: 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 based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.

Risk Disclosure: Investments in the Renaissance IPO ETF, symbol "IPO", the Renaissance International IPO ETF, symbol "IPOS" (the "ETFs"), and the Global IPO Fund, symbol "IPOSX" (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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