9/27/16


Playa Hotels & Resorts, which owns 13 all-inclusive beach resorts in Mexico and the Caribbean, 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 $300 million. The company counts Hyatt Hotels (NYSE: H) among its shareholders. The Amsterdam, Netherlands-based company was founded in 2006 and booked $481 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol [PLY...more


Keywords: PLYA, H

9/26/16


GTY Technology Holdings, a blank check company formed by the former CEOs of Accenture and EMC to acquire a technology business, announced terms for its IPO on Monday. The Las Vegas, NV-based company plans to raise $300 million by offering 30 million units at a price of $10. At the midpoint of the proposed range, GTY Technology Holdings would command a market value of $375 million. GTY Technology Holdings was founded in 2016 and plans to list on the Nasdaq under the symbol GTYHU. It filed confidentially August 2016. Citi is the sole...more


Keywords: GTYHU, ACN, EMC

9/26/16


Aritzia, which operates 75 stores in North America selling its trendy designs for women, raised C$400 million ($303 million) by offering 25 million shares at C$16 ($12.10), the high end of the range of C$14 to C$16. The Vancouver, Canada-based company plans to list on the Toronto Stock Exchange. CIBC, BofA Merrill Lynch and TD Securities are the joint bookrunners on the deal which is expected to price on September 26, 2016. (Exchange rate of $1 USD = C$.76 as of 9/26/2016)....more


Keywords: ATZ.CN

9/26/16


Obalon Therapeutics, which is developing an intragastric medical device to assist with weight loss, announced terms for its IPO on Monday. The Carlsbad, CA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the proposed range, Obalon Therapeutics would command a fully diluted market value of $267 million. Obalon Therapeutics was founded in 2008 and booked $4 million in sales for the 12 months ...more


Keywords: OBLN

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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 which includes 500 U.S. listed companies and seeks to capture approximately 80% coverage of available U.S. market capitalization.

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.

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