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New Ways to Invest in IPOs - IPO ETFs
US IPOs rebound this week, led by real estate listing site Zillow
Analyst IPO Blog
Five deals priced this week, led by the enthusiastically welcomed online real estate marketplace operator Zillow (
). The company raised $70 million on Tuesday by pricing its IPO at $20, above its upwardly revised range of $16 to $18. Internet-based stocks have been well-received by investors this year, and Zillow seems to be no exception. The company's stock soared to $60 in its debut (+79%), earning Zillow a spot in third place on our list of highest first day returns year-to-date, following Chinese Internet company Qihoo 360 (
, 134% first day pop) and social networking site LinkedIn (
Trendy headphone maker Skullcandy (
) also priced its upsized IPO on Tuesday, selling 9.4 million shares (up from 8.3 million) at $20, above its proposed $17 to $19 range. Skullcandy traded up 15% to $23 in early morning trading, but ended its first day flat. The company's stock closed Friday down 2% from the IPO price. Women's boutique chain Francesca's Holdings (
) raised $170 million from its IPO, pricing its shares at $17, above its proposed $14 to $16 range. The retailer's stock earned a first day return of 63%, placing Francesca's fourth in our list of first day returns. Investors were likely attracted to the plans to rapidly roll out new stores in 2011 and 2012. Francesca's, which currently operates 249 locations in 38 states, sees potential to expand to 900 stores in seven to ten years. The IPO market is poised to see an increase in consumer-oriented deals with specialty tea retailer Teavana (
) and giant coffee franchisor Dunkin' Brands (
) scheduled to price next week.
The week closed on a more subdued note with two deals pricing in-line with expectations. Sunoco carve-out SunCoke Energy (
) priced at the midpoint of its proposed range at $16, raising $186 million in proceeds. SunCoke rose 6% in its first day of trading. Meanwhile Apollo-managed REIT Apollo Residential Mortgage (
) sold 10 million shares at $20, as planned. It closed down 7% from its IPO price on Friday.
The IPO market kicks into high gear next week, with 12 deals on the
US IPO calendar
, including the above-mentioned Teavana and Dunkin' Brands, specialty food distributor Chefs' Warehouse (
), and on-demand software company Tangoe (
). If all deals are successfully completed, it will be the busiest week for US IPOs since November 2007. With IPOs up 13% on average this year, investor interest in the sector is returning.
Keywords / Tickers:
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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
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)
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Investments in the
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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.
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.
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Renaissance IPO ETF (symbol: IPO)
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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