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
Week ahead: IPO market ready for sub-prime time
Analyst IPO Market Commentary
After an initial stutter, the IPO market is again set to see the first IPO of the year as fast-growing online lender Elevate Credit seeks a public listing.
Sequoia Capital and TCV-backed
) is set to raise $76 million at a market cap of $708 million. Since launching its current products in 2013, Elevate has provided $1.2 billion in credit to over 450,000 customers with an average loan balance of $1,472. IPO investors will grapple with the question of whether Elevate's rapid growth (+67% in the 9mo15) will be enough to offset a souring of the non-prime space; peers On Deck Capital (
) and LendingClub (
) have sold-off 25-30% this year alone after shedding more than 55% in 2015.
Investors lay the caution tape
California construction company
) failed to price its $75 million IPO (33% insider) this past Thursday, and deal timing is set as day-to-day. Shimmick believes it is at the precipice of an expansionary cycle in public construction spending, but broader market concerns and peer company sell-offs may have spooked investors.
The S&P 500 fell another 2% this past week, and the VIX Volatility Index finished the week back above 25. Recent IPOs have not been spared from the broader market sell-off: 90-day total returns are in negative territory (-0.6%) for the first time since October 2015. The week's two potential IPOs face headwinds from equity markets broadly and the especially poor performance of construction services companies and online and subprime lenders.
Shimmick Construction Company
$11.00 - 13.00
Provides heavy civil construction services to public agencies in California.
Fort Worth, TX
$20.00 - 22.00
Provider of loans and lines of credits to non-prime consumers.
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 Pipeline Update: Four companies set terms, three submit initial filings
Founder-led fleet services provider
) could be the first tech IPO of 2016; it has set terms to raise $76 million. Newly organized REIT
Nordic Realty Trust
) set terms this past week to raise $75 million. Delayed-release aspirin developer
) set terms to raise $68 million. Biotechs
) both filed to raise $115 million. Long-term implantable glucose monitor producer
) filed to raise $52 million.
Fasten your seatbelts
Last Monday's wave of biotech filings become eligible to launch their IPO road shows on Tuesday, with an aggregate deal size of $668 million. These potential launches include immunotherapy biotech
), which could raise $115 million, and CRISPR gene editing biotech
), with a deal size of $100 million.
IPO Market Snapshot
In 2015, 170 companies raised $30 billion. By January 15 last year, two IPOs had priced, compared to none so far in 2016. The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 13.6% year-to-date, compared to -8% for the S&P 500. 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 8.3% year-to-date, compared to -10% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.
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. The
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. The
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.
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.