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US IPO Recap: Chinese IPOs continue their strong run
Analyst IPO Blog
Six companies completed US IPOs last week, and all but one gained more than 10% in early trading. Chinese lottery service provider 500.com (
) was the top performer, gaining 54% after pricing above the range. Vince (
), a high-end apparel retailer, was close behind with a 43% first-day gain. The Renaissance IPO ETF (symbol
), a measure of post-IPO returns, was down slightly for the week. Two companies set terms, and a large HR outsourcing company, TriNet Group (
), was the week's only new filer. The
for 2013 reached 209, and the $49 billion raised this year is now the highest annual total since 2000.
US IPOs from China averaging >80% returns
500.com and Android app developer Sungy Mobile (
), which traded up 19%, were the fourth and fifth Chinese companies to complete US IPOs this fall. All but Sungy are trading more than 50% above their offer prices. Going back to 2012, the nine US IPOs from China have produced an average return of 203% (87% excluding Vipshop's (
) 1,127% return).
Four deals postponed
Four US IPOs were postponed last week. Three of the postponements came from biotechs, signaling a further cooling in the once hot sector (the average return in June was above 30%). The fourth postponement came from GFI Software (
), which provides collaboration and remote IT management software to small businesses. Despite its acceleration in billings (up 26% to $52 million in the 3Q13) and large addressable market, GFI likely faced pushback over its exposure to the weak European market (EMEA was 56% of YTD billings) and heavy competition.
IPO pricings (week of November 18, 2013)
Deal Size ($mm)
IPO Price vs. Midpoint
Return as of 11/22
Oxford Immunotec Global (
Sungy Mobile (
Navigator Holdings (
Liquefied gas carriers
Timberlands REIT and early-stage diagnostics company set terms
Two companies set terms last week. CatchMark Timber Trust (
), a timberlands REIT, is seeking to raise $150 million. It owns interests in 280,000 acres of timberlands in the southeastern US. Its revenue declined 30% to $25 million in the nine months ended September 30 due to lower harvest volumes. Biocept (
), which develops and markets cancer diagnostic tests, is looking to raise $20 million.
At least 30 companies could launch shortly after Thanksgiving
While filing activity will likely remain light during the short week, we expect an end-of-the-year surge to come shortly after the holiday. In the last 30 days, 36 companies (excluding those that have postponed IPOs) have submitted new or updated IPO filings. Some of the biggest names in this group are Hilton Worldwide (
), Chrysler (
), ARAMARK (
) and Southeastern Grocers (
IPOs setting terms (week of November 18, 2013)
Deal Size ($mm)
LTM Sales ($mm)
CatchMark Timber Trust (
Human resources outsourcing company files for $250 million IPO
TriNet Group (
), which provides human resources solutions to small businesses, filed for a $250 million IPO. The company previously tried to go public in 2000. At the time, it had just $26 million in annual sales; LTM revenue is now up to $1.5 billion. Its clients include over 8,000 small businesses across 47 states and Canada, covering over 218,000 employees.
New IPO filers (week of November 18, 2013)
Deal Size ($mm)
LTM Sales ($mm)
TriNet Group (
IPO market snapshot
The 209 IPOs in 2013 have raised $49.3 billion and produced an average return of 28%. Post-IPO returns have been strong this year. The IPO Index, which is tracked by the Renaissance IPO ETF (symbol IPO), is up 49% year-to-date. There have been 78 IPOs in the past 90 days, with total proceeds of $20.9 billion and an average return of 24%. The active
includes 90 companies looking to raise a total of $26.5 billion.
Keywords / Tickers: USIPOMarket, IPO,
Recently Priced IPOs
Global IPO Volume
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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
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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"
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.
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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.
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