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Ten well-known IPOs probably pushed to 2016
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Will good things come to those who wait?
In total, we estimate that as much as $7.0 billion that could have been raised in the 4Q15 from high-profile IPOs (mostly large LBOs) has now been pushed back to 2016. This has contributed to 2015 being the
lowest year for new capital raised in the IPO market since 2009
. Some companies, like
), have opted to wait for a market that will accept their targeted valuations; others, like
), have already turned to private alternatives.
With recent weakness in retail, companies that typically have higher sales in the fourth quarter, like
At Home Group
) are almost certain to hold off their plans until after the new year when they have a clearer picture of their 4Q15 results. Luxury department store chain
Neiman Marcus Group
) announced in October that it would delay its IPO until 2016 due to market volatility, presaging a plethora of weak data points out of the retail sector.
In light of the recent market backdrop, other large LBOs and PE-back firms no longer appear likely in the 4Q15, such as
). Even growth names like
) have likely written off 2015 as their target date, hoping for a more receptive audience in the 2016.
appeared to be gearing up for a 2015 IPO with a CFO hire in February, but its private valuation has recently been called into question by investor mark-downs. BATS recently announced plans for a 2016 IPO.
IPOs likely pushed to 2016
Neiman Marcus Group
Leading luxury department retailer that operates 43 full-line stores in the US.
Largest for-profit higher education company.
Leading American Spanish-language media company.
Third-largest US grocer operating under Albertsons, Safeway and other banners.
Apollo-backed academic publisher spun out of McGraw-Hill Financial.
Low-cost manufacturer of TVs and soundbars.
Indoor cycling fitness chain, spun out of Equinox, with 44 locations.
At Home Group
Operates 94 home decor stores in the South and Midwest.
Web-based cloud storage provider.
BATS Global Markets
Operates equities and options exchanges in the US and Europe.
Source: IPO ETF manager Renaissance Capital
The data found in this post is an excerpt from Renaissance Capital's December 2015 IPO Preview, available only for subscribers of our
institutional IPO research platform
. Renaissance Capital manages two IPO-focused ETFs, which hold a market cap-weighted basket of recent initial public offerings from the US (
) and internationally (
Keywords / Tickers:
Recently Priced IPOs
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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.
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.
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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 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.
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. 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 or Nasdaq.
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