All Time Largest Global IPOs - Top 25
Company Name Offer Date Exchange Industry Underwriter Deal Size
(US$MM)
Alibaba Group Holding 09/18/2014 NYSE Technology Credit Suisse $21,767
ABC Bank 07/07/2010 Hong Kong / Shanghai Financial Goldman Sachs (Asia) $19,228
ICBC Bank 10/20/2006 Hong Kong / Shanghai Financial Merrill Lynch $19,092
NTT Mobile 10/22/1998 Tokyo Stock Exchange Communications Goldman Sachs (Asia) $18,099
Visa 03/18/2008 NYSE Financial J.P. Morgan $17,864
AIA 10/21/2010 Hong Kong Financial Citi $17,816
ENEL SpA 11/01/1999 NYSE Utilities Merrill Lynch $16,452
Facebook 05/17/2012 NASDAQ Technology Morgan Stanley $16,007
General Motors 11/17/2010 NYSE Capital Goods & Services Morgan Stanley $15,774
Nippon Tel 02/09/1987 Tokyo Stock Exchange Communications Nomura Securities $15,301
Deutsche Telekom 11/17/1996 NYSE Communications Goldman, Sachs & Co. $13,034
Bank of China 05/24/2006 Hong Kong / Shanghai Financial Goldman, Sachs & Co $11,186
Dai-ichi Mutual Life Insurance 03/23/2010 Tokyo Stock Exchange Financial BofA Merrill Lynch $10,986
AT&T Wireless Group 04/26/2000 NYSE Communications Goldman, Sachs & Co. $10,620
Rosneft Oil Company 07/13/2006 Russian Trading System Energy ABN AMRO $10,421
Glencore International 05/19/2011 LSE Main / Hong Kong Basic Resources Citi $10,316
Japan Tobacco Inc. (JT) 10/27/1994 Tokyo Stock Exchange Consumer Nomura Securities $9,576
China Construction Bank 10/20/2005 Hong Kong / Shanghai Financial Morgan Stanley $9,227
Kraft Foods 06/12/2001 NYSE Consumer Credit Suisse $8,680
Electricite De France 11/18/2005 Euronext/Paris Utilities ABN AMRO $8,328
Water Holding Co 11/22/1989 LSE Main Utilities Credit Suisse $8,199
VTB Bank 05/10/2007 LSE Main Financial Citi $7,988
Banader Hotels Co 11/20/2005 Bahrain Stock Exchange Consumer KPMG Corporate $7,958
Telia AB 06/13/2000 OMX Nordic Exchange Communications Morgan Stanley $7,728
British Gas PLC 12/08/1986 LSE Main Energy Goldman, Sachs & Co. $7,610
DDI Corp 09/03/1993 Tokyo Stock Exchange Communications Daiwa Securities $7,592
China Engineering 07/23/2009 Shanghai Capital Goods & Services China International Capital $7,343
France Telecom 10/17/1997 NYSE Communications Merrill Lynch $7,289
Banco Santander Brasil 10/06/2009 NYSE / Bovespa Financial Santander Investment $7,026
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 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", 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.
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Investment Disclosure: 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.