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 Weekly Recap: 2 deals price; markets shake off UK vote
Analyst IPO Market Commentary
While markets got a rough start to the week on the heels of the UK Referendum vote, both US and global markets rebounded sharply during the remainder of the week. The S&P 500 closed the week at 2,103, just ten points shy of its close before the vote. VC-backed
) continued to trade well, now 127% above its IPO price. For the month of June, the IPO market priced 11 deals, and raised $829 million.
During the second quarter, IPOs of greater than $100 million returned 28%. For a more in depth look at the quarter, refer to our
second quarter review.
IPO Pricings Week of June 27, 2016
Global Medical REIT
Health care REIT with a portfolio of 12 facilities.
Developing gene expression therapies based on non-coding DNA research.
Global Medical REIT
) - Originally set to offer 9 million shares at a price of $10-$12, it priced an upsized 13 million shares at $10. Global Medical has an aggressive growth plan for 2017, which involves significant additional capital raises and targets an 8% dividend (not covered by the current portfolio). It is run by CEO David Young, who previously founded Windrose Medical Properties Trust which was acquired for $877 million in 2006. While there is execution risk in its growth plan, investors may be drawn to the prospect of the 8% dividend.
) - Originally set to raise $60 million at the $14-$16 midpoint, Syros raised $50 million by pricing 4 million shares at $12.50. Despite pricing below the range, Syros closed its first day up 45%. It continued to trade well on Friday, up another 7%. While Syros's expansion on research into the non-coding DNA portion of the genome could lead to many indications, investors should be cognizant of the lack of human trial data and small patient populations, of approximately 12,000, being targeted initially. It is also important to note that Syros was supported by up to $35 million of insider purchases, or 75% of the deal, which could lead to additional volatility moving forward.
Initial filings during the week
) - Filed to raise $150 million. Bioventus offers non-invasive and surgical products for treatment of musculoskeletal conditions.
) - Filed to raise $100 million. Yeti manufactures and sells durable, high-end coolers and outdoor gear.
) - Filed to raise $100 million. Kinsale is a multi-line insurer providing specialty and property & casualty insurance.
) - Filed to raise $86 million. Talend provides an open source data integration platform.
) - Filed to raise $18 million. atomera sells thin film reengineered silicon to enhance CMOS-type transistors.
) - Filed to raise $17 million. Full Spectrum develops and deploys private licensed wireless broadband networks.
The week also saw an update from
), which set terms to raise $1 billion.
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.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 7% year-to-date, while the S&P 500 up 3%. 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 9.9% year-to-date (as of Thursday's close), compared to -1.6% (also as of Thursday) for ACWX. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF holdings
include Recruit Holdings, NN Group and Aena S.A.
To find out if this is the best ETF for you, visit our
IPO Investing page
Keywords / Tickers:
Recently Priced IPOs
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.