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Analyst IPO Market Commentary
The IPO market continued at its snail's pace with only two pricing dates set and one initial filing for an up-listing this past week.
The slowdown is to be expected around this time of year as companies update their year-end financials.
Silver Run Acquisition
), a blank check company formed by Mark Papa and Riverstone to acquire an energy business, set a pricing date next week for its $400 million IPO. Silver Run joins
KLR Energy Acquisition
) as the second energy-focused SPAC looking to take advantage of depressed asset prices in the energy sector.
Over the past week, there have been seven companies to update their financials.
Companies Updating Financials Since February 12th
Developing extended-release formulations of existing drugs and generics.
Spring Bank Pharmaceuticals
Developing a protein-modulating small molecule platform to treat viral diseases.
Preclinical biotech developing antibodies for severe adult asthma and peanut allergies.
Sells diagnostic blood tests that detect lupus and rheumatoid arthritis.
Developing a long-lasting implantable glucose monitor for diabetics.
Red Rock Resorts
Operates 21 casino and entertainment properties in Las Vegas.
Aircraft lessor with a total portfolio of 35 modern widebody aircraft.
*Deal size is RC estimate
IPO Pipeline update
Yangtze River Development
), an OTC traded stock with a relatively unknown underwriter, filed to raise $50 million to construct a port logistics facility along the Yangtze River. The state of
), which launched over a month ago, continues to be day-to-day.
This year has seen eight other companies update financials, which could mean that they are the most likely to go public in the near-term.
Other Companies Updating Financials in 2016
Developing a therapy that enhances checkpoint immuno-oncology drugs.
Markets, licenses and develops products based on its lipid drug delivery technology.
Preclinical biotech developing checkpoint immunotherapies for solid tumors.
Developing protein-based antioxidant inflammation modulators for life-threatening diseases.
Developing bispecific antibody treatments for solid tumors.
Gypsum Management and Supply
Leading North American distributor of wallboard and ceiling systems.
Third-largest US grocer operating under Albertsons, Safeway and other banners.
Provides outsourced contract drug manufacturing and development services.
*Deal size is RC estimate
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 14% year-to-date, compared to -6% for the S&P 500. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and
top ETF holdings
include Synchrony Financial (SYF), Alibaba (BABA) and Citizens Financial Group (CFG). The Renaissance International IPO Index is down 11% year-to-date, compared to -8% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and
top ETF Holdings
include NN Group and Recruit Holdings.
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