4/24/15


Azure Midstream Partners LP, which owns natural gas gathering pipelines near the border of Texas and Louisiana, withdrew its plans for an initial public offering on Friday. The Dallas, TX-based company was founded in 2013 and booked $183 million in sales for the 12 months ended September 30, 2014. Azure Midstream Partners LP initially filed confidentially on October 3, 2014. Citi and BofA Merrill Lynch were set to be the joint bookrunners on the deal....more


Keywords: AZUR

4/24/15 Analyst IPO Blog


Only two companies came public this week, raising $347 million, with both ending the week roughly even with their IPO prices. National Storage Affiliates REIT ([NSA]) priced 19% below the midpoint and traded up just 1% by Friday close. The self-storage roll-up likely turned off investors with its complex and unproven equity incentive structure. Based on historical distributions, the REIT could offer a nearly 6% yield, vs. 3% for its larger peers. Apigee ([APIC]) priced at the midpoint but finished ...more


Keywords: NSA, APIC

4/24/15


Ritter Pharmaceuticals, which is developing an oral therapy that reduces the symptoms of lactose intolerance, announced terms for its IPO on Friday. The Los Angeles, CA-based company plans to raise $20 million by offering 1.82 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Ritter would command a fully diluted market value of $69 million. Ritter Pharmaceuticals was founded in 2004 and plans to list on the NASDAQ under the symbol [RTTR]. Ritter Pharmaceuticals initially filed confidentially on ...more


Keywords: RTTR

4/24/15


OpGen, which provides genetic tests that identify multi-drug resistant bacterial infections, lowered the proposed deal size for its upcoming IPO on Friday. The Gaithersburg, MD-based company now plans to raise $15 million by offering 2.5 million units at a price range of $5.50 to $6.50. Each unit will contain a share of common stock and a warrant to purchase a share of common stock at 110% of the IPO price. The company had previously filed to offer 3.8 million shares at a range of $8 to $10. At the midpoint of the revised range, OpGen will...more


Keywords: OPGN

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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.

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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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