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: Small-cap biotech ends slowest Q1 since 2009
Analyst IPO Market Commentary
In a week shortened by Good Friday, there was one biotech pricing and one initial filing.
The first quarter, marked by the least amount of IPO activity since the 1Q 2009, comes to a conclusion next week. Quarter to date, there have been 8 IPOs, all health care, that have raised $667 million.
MGM Growth Properties became the first significant IPO filer in 20 days; Bats Global Markets and others hint at launching April IPOs.
One biotech IPO priced this week; one remains on the calendar
Backed by a well-regarded management team, checkpoint inhibitor developer
) raised $71 million. Insiders OrbiMed, Novo, Adams Street and Fidelity, who recently invested privately, purchased $34 million on the offering (48% of shares). Despite the insiders' support, Corvus fell 5% on its debut. Every IPO in 2016 has been supported by insider buying.
Micro-cap systems maker
) is still lingering on the calender, set to price its $20 million offering the week of March 28.
One healthcare IPO during the week of March 21, 2016
Deal size ($mm)
IPO price vs. midpoint
Return at 3/24
Corvus Pharmaceuticals (
Checkpoint inhibitors for solid tumors
MGM Growth Properties LLC
), an MGM Resorts (NYSE:MGM) created REIT with an initial portfolio of 10 gaming properties, filed on Tuesday for an IPO that we estimate could raise $1 billion. Notable pipeline company
), a managed security services provider being spun out of Dell, updated financials for fiscal 2016; while it reported dramatically widening losses, revenue growth accelerated to 29.5% from 27.4% and billings growth remained strong at 26%. Securities exchange operator
Bats Global Markets
), which updated financials earlier this month, is reportedly seeking to complete its IPO in April.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 10% year-to-date, compared to -0.4% for the S&P 500. The IPO index is 19% above its February low, compared to the S&P's 11% bounce. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and
top ETF holdings
include Synchrony Financial (
), Alibaba (
) and Citizens Financial Group (
). The Renaissance International IPO Index is down 5% year-to-date, compared to -2% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and
top ETF Holdings
include NN Group and Recruit Holdings.
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.
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.