3/31/15 Analyst IPO Blog


Click here to view the full report. PDF 2015 US IPO Market Off to a Slow Start After a record year in 2014, the IPO market slowed dramatically in the first quarter of 2015. The 34 IPOs raised $5.4 billion, making it the least active quarter by IPO count since the 1Q 2013 and the ...more


Keywords: ONCE, SHAK, BOX, CPPL, INOV

3/31/15


TransUnion, one of the three major credit bureaus in the US, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $700 million or more. Private equity firm Advent and Goldman Sachs (NYSE: GS) bought the company in February 2012 for $3 billion from Madison Dearborn and the Pritzker family. The Chicago, IL-based company was founded in 1968 and booked $1.3 billion in sales for the 12 months ended December 31, 2014. G...more


Keywords: TRUN.RC, EFX, GS

3/30/15


Tankships Investment Holdings, which was carved out of DryShips to own 10 crude oil tankers, withdrew its plans for an initial public offering on Monday. It originally filed for a $100 million IPO in January 2015. The Athens, Greece-based company was founded in 2010 and booked $163 million in sales for the 12 months ended December 31, 2014. TNKS. Credit Suisse, Barclays and DNB Markets were set to be the joint bookrunners on the deal....more


Keywords: TNKS

3/30/15


CoLucid Pharmaceuticals, a biotech developing treatments for migraine headaches, filed on Monday with the SEC to raise up to $86 million in an initial public offering. The Burlington, MA-based company, which was founded in 2005, plans to list on the NASDAQ under the symbol [CLCD]. CoLucid Pharmaceuticals initially filed confidentially on February 24, 2015. Piper Jaffray and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed....more


Keywords: CLCD, Biotech

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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.

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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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