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US IPO Weekly Recap: IPO market gears up for a tech comeback in September
Analyst IPO Market Commentary
No companies went public this week, but with five new filings the IPO market is already showing signs of an active September, particularly in the tech sector. The VIX Volatility Index is comfortably below 15, the average IPO from 2016 has returned 28% and four-fifths of deals trade above issue. For companies that have raised $100 million or more, the average return is an impressive 45%.
Tech IPOs are back
Tech IPO activity appears poised to pick up in the Fall. Including last Friday's filing from
), four sizable (>$40mm) technology IPOs have filed in the past 7 days, compared to five from the rest of the year.
The Trade Desk
), an ad-tech platform looking to raise $86 million, is notable for its high growth and profitability.
), a VC-backed enterprise software provider, filed to raise $75 million.
), an unprofitable but fast-growing Chinese web analytics and marketing automation platform, filed to raise $75 million.
Skin care: IPO filings from a makeup brand and dermatology biotech
), which sells low-cost cosmetics, also boasts relatively strong growth and EBITDA margins.
), a late-stage biotech focused on skin conditions and backed by Malin Corp., filed to raise $60 million.
Five IPO Filings During the week of August 22nd, 2016
The Trade Desk (TTD)
Provides ad agencies with a real-time bidding platform for multi-channel online ads.
Provides enterprises with a cloud-based platform for managing IT investments.
Gridsum Holding (GSUM)
Offers a platform for marketing analytics and bidding on keyword searches in China.
e.l.f. Beauty (ELF)
Sells low-cost branded cosmetics for the eyes, lips and face.
Late-stage biotech developing nitric oxide based therapies for dermatologic indications.
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 1% 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 (
), Synchrony Financial (
) and Citizens Financial Group (
). The Renaissance International IPO Index is down 1% year-to-date, compared to +4% for ACWX. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF holdings
include NN Group and Aena S.A.
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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.
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.
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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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