Our Passion for IPOs
News & Views
Largest Global IPOs
Largest US IPOs
Largest US IPOs YTD
Largest US Internet IPOs
Top First Day Returns
US IPO Stats
IPO Average Age
IPO Industry Breakdown
Offer Price Discounts
Global IPO Stats
IPOs by Region
IPO Industry Breakdown
Register for Updates
Press Contact Form
Free iPhone App
Free Android App
IPO News Feed
IPO News Archive
Interested in IPO Investing?
LPL Investment prices 15.6 million share IPO at $30, top of its range
LPL Investment Holdings, the largest independent broker/dealer in the US supporting 12,000 financial advisors, raised $468 million by offering 15,657,482 shares at $30, which was a the high end of its proposed range of $27 to $30. The number of shares offered was slightly higher than the 15,614,723 shares originally planned. The Boston, MA-based company, which was founded in 1989 and is backed by private equity firms Hellman & Friedman and TPG Partners, generated over $360 million in operating cash flow on more than $3 billion in total revenue for the twelve months ended September 30, 2010. LPL Investment Holdings will begin trading on the NASDAQ on Thursday under the symbol LPLA. Goldman, Sachs & Co., Morgan Stanley, BofA Merrill Lynch and J.P. Morgan acted as lead managers on the deal.
LPL represented the 128th IPO to price so far in this year, which is more than double the 63 IPOs that were completed for all of 2009. Along with General Motor's (
) massive $15.8 billion common share offering (also announced Wednesday evening), the U.S. IPO market has raised $17.9 billion so far in the month of November, more than doubling the $17 billion raised in the first ten months of 2010 combined.
Another six IPOs representing upwards of $1 billion capital to be raised are set to price by week's end, including a $500 million proposed offering from casino operator Caesar's Entertainment (
) and a $250 million IPO from microelectronics and test equipment maker Aeroflex (
). Even if half of this amount is completed, November 2010 could represent the largest dollar value of new issue equity capital raised in the U.S. in a single month (eclipsing the $18 billion raised in March 2008 when Visa completed the largest U.S. IPO on record).
Keywords / Tickers:
Recently Priced IPOs
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:
IPO investment firm Renaissance Capital (www.renaissancecapital.com)
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.
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.
is current value at which an asset or service can be bought or sold.
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 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. The S&P 500 index components are determined by S&P Dow Jones Indices.
Investments in the
Renaissance IPO ETF, symbol "IPO"
(the “ETF”) and the
Global IPO Fund, symbol "IPOSX"
(the “Mutual Fund”) are subject to investment risk, including possible loss of the principal amounts invested. The ETF and the Mutual Fund (the “Funds”) invest in companies that have recently completed their 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. The Funds may also be subject to information technology risk and small and mid-capitalization company risk due to a greater number of IPOs in these sectors. The Funds may hold securities in the form of Depository Receipts, REITs, Master Limited Partnerships (MLPs) which have greater risks than common shares. The strategy has high portfolio turnover and securities lending risks. ETF returns may not match the return of the respective index. The ETF is classified as a non-diversified investment company and is subject to concentration risk.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with information about the Funds, please visit
. Read the prospectus carefully before investing. Renaissance Capital Investments, Inc., distributor for the Mutual Fund. Foreside Fund Services, LLC, distributor for the ETF, 1-866-486-6645.
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)
Global IPO Fund (symbol: IPOSX)
, may have investments in securities of companies mentioned.
Renaissance Capital LLC is an SEC-registered investment adviser.
Renaissance Capital Investments, Inc. is a
-registered broker-dealer, and member of
© 2014 Renaissance Capital LLC. All rights reserved.