2/11/16 Analyst IPO Blog


Accounting for 100% of the four IPOs so far this year, biotechs appeared to be the one sector able to generate demand from public investors. But demand is weaker than it seems. Of the nearly $400 million raised, insiders publicly indicated on 31% of proceeds, which is about 50% higher than the 2013-2015 average. However, we speculate that the remaining $275 million purportedly bought by new investors is actually much lower. Earlier crossover investors ...more


Keywords: AVXS, PTI, EDIT, BGNE

2/11/16


Shimmick Construction Company, which provides heavy civil construction services to public agencies in California, postponed its IPO on Thursday. It had filed to raise $75 million by offering 6.3 million shares (33% insider) at a price range of $11 to $13. The company had originally intended to price in mid-January before moving to day-to-day status. The Oakland, CA-based company was founded in 1990 and booked $461 million in sales for the 12 months ended September 30, 2015. It had planned to list on the Nasdaq under the symbol [SCCI]. FBR...more


Keywords: SCCI

2/11/16


Proteostasis Therapeutics, which is developing a protein modulator to treat cystic fibrosis, raised $50 million by offering 6.3 million shares at $8, below the range of $12 to $14. Proteostasis Therapeutics plans to list on the Nasdaq under the symbol [PTI]. Leerink Partners and RBC Capital Markets acted as lead managers on the deal....more


Keywords: PTI

2/10/16


AveXis, an early-stage biotech developing a gene therapy for spinal muscular atrophy, raised $95 million in an upsized IPO by offering 4.75 million shares at $20, the midpoint of the range of $19 to $21. The company originally planned to offer 4.25 million shares. Existing investors had indicated an interest in buying $30 million on the IPO, which would represent 32% of the deal. AveXis plans to list on the Nasdaq under the symbol [AVXS]. Goldman Sachs and Jefferies acted as lead managers on the deal....more


Keywords: AVXS

Archived News Headlines
ETF Express Award: ETFExpress awards are based on a 'peer review system' whereby readers - including institutional and high net worth investors as well as managers and other industry professionals at fund administrators, brokers, custodians and advisers - are invited to elect a 'best in class' in a series of categories via an online survey. In each category, the firms with the most votes at the end of the voting period are subject to a final review by ETFExpress's Senior Editorial team.

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 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.

Prospectus: Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with this and other information, 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 ETFs, 1-866-486-6645.

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.

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: Renaissance Capital - manager of IPO-focused ETFs.

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 Renaissance IPO ETF (symbol: IPO), the Renaissance International IPO ETF (symbol: IPOS), or the Global IPO Fund (symbol: IPOSX), may have investments in securities of companies mentioned.