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US IPO Week Ahead: High-growth tech firm Talend leads week with 4 IPOs
Analyst IPO Market Commentary
Four IPOs are slated for the last week of July, following a week where four deals averaged a 21% return. Two health care companies and an insurer join Talend. Major indices have been climbing to record highs, and a well-stocked pipeline leads us to believe that the will see no shortage of IPO activity going forward.
Renaissance Capital's IPO Calendar - Week of
$16 - $18
Offers non-invasive and surgical products for musculoskeletal conditions.
New York, NY
$16 - $20
Developing kinase inhibitors for autoimmune disease, fibrosis and solid tumors.
$14 - $16
RBC Capital Markets
Multi-line insurer providing excess and surplus insurance.
Redwood City, CA
$15 - $17
Provides an open source data integration platform to enterprise customers.
), which provides a cloud-based data integration platform, plans to raise $84 million with a market cap of $476 million. Though currently unprofitable, the company addresses a $16 billion market and has managed to secure big-name customers such as General Electric, Allianz and Citi. The company may continue the trend of top-performing tech IPO’s this year.
) plans to raise $150 million next week with a market cap of $575 million. Carved out of Smith & Nephew (NYSE: SNN), the company specializes in orthobiologic products and has successfully supplemented its mature bone repair device and hyaluronic acid injection business (83% of 1Q16 sales) with an acquired portfolio of higher-growth surgical products.
), a biotech focused on developing kinase inhibitors for autoimmune and other diseases, is set to raise $100 million to fund further clinical trials of its Phase 2 lead candidate. Kadmon was founded by former ImClone CEO Sam Waksal after his prison term for insider trading relating to the Marth Stewart scandal; the biotech is now led by brother Harlan Waksal and had an accumulated deficit of $677 million as of the MRQ.
), which is led by former executives from James River (
; 12/14 IPO; +63%), is set to be the only public pure-play insurer in the excess and surplus segment of the P&C industry. Expected to raise $90 million, the company has maintained an industry-leading combined ratio, though its average premiums declined in the same period.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 3% year-to-date, while the S&P 500 up 6%. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Alibaba (
), Synchrony Financial (
) and Citizens Financial Group (
). The Renaissance International IPO Index is down 7% year-to-date (as of Thursday's close), compared to ACWX, which is up 1% (also as of Thursday). Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF holdings
include Recruit Holdings, NN Group and Aena S.A.
Keywords / Tickers:
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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.
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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.
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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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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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