Register for IPO Updates
US IPO Stats
IPO Industry Breakdown
Largest Global IPOs
Largest US IPOs
IPO News Archive
New Ways to Invest in IPOs - IPO ETFs
US IPO Recap: 2013 passes 2012 in proceeds raised
Analyst IPO Market Commentary
A week with nine US IPOs pushed 2013's total proceeds raised to $43.4 billion, ahead of 2012's $42.4 billion and trailing only 2007’s $48.7 billion for the highest total since the tech bubble. October ended with 30 pricings (and 30 filings), putting 2013, with 182 IPOs completed to date, in position to challenge 2004’s post-tech bubble high of 217 IPOs. Given that a year-to-date record 16 deals set terms last week, the record might not even last until Thanksgiving. With 15 deals on the
, this coming week could see the most
in a week since 2006.
The Container Store has sixth 100%+ first-day pop of 2013
Two of the eight IPOs last week, storage retail chain The Container Store (
) and Chinese travel search engine Qunar.com (
), placed among 2013's top 10 first-day returns, finishing up 101% and 89% respectively. The week’s other Chinese deal, classifieds website 58.com (
), also performed well, gaining 42% on its first day and finishing the week up 47%. Blackstone-backed REIT Brixmor Property Group (
) completed the largest deal, raising $825 million by offering extra shares, and traded up 4% after pricing at the midpoint. Overall, the majority of the deals (five of eight) priced above the proposed range. Only one company, diagnostic company Veracyte (
), ended the week below its offer price.
IPO pricings (week of October 28, 2013)
Deal Size ($mm)
IPO Price vs. Midpoint
Return as of 11/1
The Container Store (
Storage products chain
Chinese travel search
Essent Group (
Marcus & Millichap (
Real estate brokerage
Display ad retargeting
Surgical Care Affiliates (
Brixmor Property (
Sixteen companies set terms
With 16 companies setting terms last week, the number of IPOs (excluding SPACs) scheduled to price has swelled to 21, which could lift 2013 over the 200-deal mark. A quarter of the companies that launched were biotechs. Two were e-commerce sites: textbook rental company Chegg (
) launched a $158 million deal, and family apparel daily deals site zulily (
) launched a $196 million deal. Another major textbook company, Houghton Mifflin Harcourt (
), set terms seeking $274 million. Extended Stay America (
) launched the week’s largest new deal, with estimated proceeds of $551 million. Extended Stay’s 682 hotels make it the largest operator of company-branded hotels in the US. It was bought out of bankruptcy for $3.9 billion in 2009 by Blackstone, Centerbridge and Paulson & Co.
IPOs setting terms (week of October 28, 2013)
Deal Size ($mm)
LTM Sales ($mm)
Extended Stay America (
Midcoast Energy Partners (
Natural gas assets
Houghton Mifflin Harcourt (
Educational content publisher
JGWPT Holdings (
Buys payment streams
Eros International (
Distributes Indian films
Family apparel deals
Online textbook rental
LGI Homes (
Southern US homebuilder
Blue Capital Reinsurance (
Arc Logistics Partners LP (
Energy logistics assets
Elevated potassium treatment
Norcraft Companies (
Karyopharm Therapeutics (
Heart disease treatments
Orphan disease treatments
NMI Holdings (
Private mortgage insurance
Street-themed retailer is the week's only new filer
With the chance passed for new filers to price before Thanksgiving, only one company entered the
last week. DTLR Holding, which sells street-inspired footwear, apparel and accessories in 95 eastern US stores, filed for a $75 million IPO. For the 26 weeks ended August 3, 2013, its comparable store sales increased 7.9%, and its total net sales increased 9% to $101 million.
New IPO filers (week of October 28, 2013)
Deal Size ($mm)
LTM Sales ($mm)
DTLR Holding (
Street-inspired footwear and apparel retailer
IPO market snapshot
The 182 IPOs in 2013 have raised $43.4 billion and produced an average return of 32%. There have been 66 IPOs in the past 90 days, with total proceeds of $18.2 billion and an average return of 26%. The active IPO pipeline includes 109 companies looking to raise a total of $31.6 billion.
Keywords / Tickers: USIPOMarket, IPO,
Recently Priced IPOs
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.
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"
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
. 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.
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.
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.
Register for Updates
Renaissance Capital LLC is an SEC-registered investment adviser.
Renaissance Capital Investments, Inc. is a
-registered broker-dealer, and member of
© 2016 Renaissance Capital LLC. All rights reserved.