IPO News and Updates

4/16/14


Vital Therapies, which is developing bio-artificial liver cells for treatment of acute liver failure, raised $54 million by offering 4.5 million shares at $12, below the downwardly revised range of $13 to $15. The company had originally filed to offer 4.4 million shares at a range of $16 to $18 but postponed in November 2013. Vital Therapies plans to list on the NASDAQ under the symbol VTL. BofA Merrill Lynch and Credit Suisse acted as lead managers on the deal.


Keywords: VTL

4/16/14


Zoosk, an online dating platform with the top grossing dating app and 26 million members, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. The San Francisco, CA-based company, which was founded in 2007 and booked $178 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol ZSK. BofA Merrill Lynch, Citi and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.


Keywords: ZSK

4/16/14


Microlin Bio, a development stage diagnostic and therapeutics company focusing on microRNA and its role in oncology, raised the proposed deal size for its upcoming IPO and changed underwriters on Wednesday. The New York, NY-based company now plans to raise $30 million by offering 2.7 million shares at a price range of $10 to $12. It had previously filed to offer 3.6 million shares at a range of $6 to $8. At the midpoint of the revised range, Microlin Bio will raise 20% greater proceeds than previously anticipated.

The amendment listed Brean Capital and Summer Street Research Partners as the joint bookrunners, replacing Sunrise Securities. Microlin no longer plans to tap one of its Directors as CFO and announced that it is searching for another person to fill the position. The company plans to list on the NASDAQ under the symbol MCLB. A pricing date has not been set.


Keywords: MCLB

4/16/14


Leju Holdings, which operates real estate information and e-commerce websites in China, lowered the proposed deal size for its upcoming IPO on Wednesday. The Beijing, China-based company now plans to raise $110 million by offering 10 million shares at a price range of $10 to $12. The company had previously filed to offer 17.7 million shares at the same range. At the midpoint, it will raise 44% fewer proceeds than previously anticipated. 

Leju Holdings, which was founded in 2008 and booked $335 million in sales for the 12 months ended December 31, 2013, plans to list on the NYSE under the symbol LEJU. It initially filed confidentially on January 21, 2014. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of April 14, 2014.


Keywords: LEJU

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.