Register for IPO Updates
US IPO Stats
IPO Industry Breakdown
Largest Global IPOs
Largest US IPOs
IPO News Archive
New Ways to Invest in IPOs - IPO ETFs
US IPO Week Ahead: Year's largest US tech company to IPO, Nutanix, leads 5-deal week
Analyst IPO Market Commentary
Five IPOs are scheduled to close out the third quarter, putting September on pace to be the year's most active month for IPOs.
's highly-anticipated IPO will get the most attention, given its growth, scale, and implications for the massive backlog of Silicon Valley tech IPOs with private valuations of more than $1 billion. The other three notable IPOs this week offer various growth plays in the health care space, including a medical REIT, genetic test company and a provider of health support services.
Renaissance Capital's IPO Calendar - Week of 9/26/2016
MedEquities Realty Trust
$12 - $14
FBR Capital Markets
Recently-formed REIT focused on health care properties in Texas and California.
San Jose, CA
$11 - $13
Leading provider of hyperconverged IT infrastructure software and appliances.
Tabula Rasa HealthCare
$13 - $15
Wells Fargo Securities
UBS Investment Bank
Provides risk management solutions to reduce adverse drug events (ADEs) at long-term care facilities.
Temple City, CA
$12 - $14
Offers genetic testing for over 7,500 conditions.
$7 - $9
Joseph Gunnar & Co.
Develops and sells products used to create private cellular networks.
Find out why institutional investors rely on Renaissance Capital's
for these IPOs.
Follow us on Twitter (
) for IPO news as it happens and
register for our updates
on the IPO market.
): On file since December 2015, Nutanix plans to raise $168 million at a $2 billion market cap in its long-awaited IPO. Nutanix is a leader in the rapidly-growing market for "hyperconverged" networking, and it will be the year's second VC-backed tech "unicorn" after
; +327%). Few IPOs can claim over $200 million in billings in the most recent quarter with 118% growth, though its accumulated deficit of $442 million is just as rare. Recently, IPO investors have been favorable toward high-loss, high-growth stories, and Nutanix has already posted three consecutive quarters of positive cash flow from operations.
MedEquities Realty Trust
): The week's largest IPO, MedEquities plans to raise $259 million at a market cap of nearly $400 million. While the REIT is concentrated both by geography (TX and CA are 86% of rent) and customers (top 5 are 97%), it boasts an experienced management team, a portfolio of long-term triple-net leases and a 6.5% annualized yield. Close peer
Community Healthcare Trust
; 2015 IPO) is up 25% this year, while
Global Medical REIT
) has traded up 4% from its June 2016 IPO.
): This small but fast-growing genetic test company is set to raise $60 million at a market cap of $235 million. Differentiated with its ability to more than 18,000 gene tests, Fulgent grew sales by 82% in the 2Q, reaching almost $4 million with a 24% operating margin. The seven diagnostics IPOs since 2015 average a return of -37%, though Fulgent's closest peers have outperformed in recent months.
Tabula Rasa HealthCare
): Hoping to raise $60 million at a market cap of $251 million, Tabula Rasa helps long-term care facilities avoid adverse drug events from mismanaged prescriptions. The company grew 32% in the first half of 2016, giving it trailing annual sales of $80 million with an adjusted EBITDA margin of 13%.
): This micro-cap company, which sells products for private cellular networks, pushed back its $15 million IPO to the week ahead.
), a biotech that originally set terms in August, still hopes to raise $12 million
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 2% year-to-date, while the S&P 500 is up 6%. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Alibaba (
) and Citizens Financial Group (
). The Renaissance International IPO Index is flat year-to-date, compared to +5% for ACWX. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF holdings
include Recruit Holdings and Aena S.A.
To find out if this is the best ETF for you, visit our
IPO Investing page
Keywords / Tickers:
ETF Express Award:
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.
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.
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 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.
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 or Nasdaq.
The information contained herein is proprietary and copyrighted. The media is welcome to use our information and ideas, provided that the following sourcing is included: Renaissance Capital - manager of IPO-focused ETFs.
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.
Register for Updates
Renaissance Capital LLC is an SEC-registered investment adviser.
Renaissance Capital Investments, Inc. is a
-registered broker-dealer, and member of
© 2016 Renaissance Capital LLC. All rights reserved.