7/31/15 Analyst IPO Blog


Breaking news: Two-thirds of this week's IPOs broke issue. Last week, we noted that the recent stretch of strong first-day pops (+26%) with weak follow-through performance (-3%) was likely unsustainable. This week, IPOs averaged a loss of 1% on the first day with a total return of -5%. Ten were scheduled, but just six companies went public, half of which raised less than $40 million. The other three in...more


Keywords: NK, GLBL, VTVT, XELB, AQMS, EYEG

7/31/15 Analyst IPO Blog


17 IPOs in July raised $2.8 billion in proceeds, falling far short of the 33 IPOs that raised $8.2 billion in July 2014. Year-to-date, 121 companies have gone public in 2015, a 33% drop from the 180 that had priced through July 2014. August is not typically an active month for IPOs, however there are 13 IPOs on the calendar for the month already, as compared to the 9 ...more


Keywords: RPD, BUFF, DNAI, NK

7/31/15


TerraForm Global, a SunEdison-backed yieldco that owns renewable energy assets in emerging markets, raised $675 million by offering 45 million shares at $15, in line with the revised expectations it filed Friday morning. The company had originally planned to sell 56.6 million shares at $19-$21. TerraForm Global plans to list on the Nasdaq under the symbol [GLBL]. J.P. Morgan, Barclays, Citi, Morgan Stanley, Goldman Sachs, BofA Merrill Lynch and Deutsche Bank acted as lead managers on the deal....more


Keywords: GLBL

7/31/15


NEP Group, a largest global provider of outsourced live and broadcast production solutions, postponed its IPO on Friday citing poor market conditions. The Pittsburgh, PA-based company was founded in 1986 and booked $451 million in sales for the 12 months ended March 31, 2015. NEPG. NEP Group initially filed confidentially on 7/24/2014. Barclays, Morgan Stanley, Jefferies, Macquarie Capital and RBC Capital Markets were set to be the joint bookrunners on the deal....more


Keywords: NEPG

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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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