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Week ahead: Small-cap biotech IPO kicks-off Q2
Analyst IPO Market Commentary
•Another small-cap biotech is set to kick off Q2 pricings
•Timing of the IPO window reopening is still uncertain, but the pipeline remains robust
First IPO of the second quarter
), which is developing enzymes for rare genetic metabolic diseases and tumors, is planning to price its $60 million IPO the week of April 4th; insiders intend to purchase up to $30 million on the IPO.
Renaissance Capital's IPO Calendar - Week of 4/4/2016
Top 2 bookrunners
$16 - $18
UBS Investment Bank
BMO Capital Markets
Developing enzymes for rare genetic metabolic diseases and tumors.
Reopening of IPO window remains uncertain
While the timeline for deals to come to market remains unclear, the IPO pipeline is full of a diverse group of large, mature businesses that may debut in the 2Q. There have been 51 company updates or initial filings this year, of which 29 came after the S&P bottomed on February 11 (+13% since). Of these, there are 20 health care companies which are predominantly small-cap biotechs (15 companies).
The table below breaks out the entire pipeline by sector:
IPO Pipeline - Updated or Filed in 2016
Total Proceeds ($mm)
% of Total Proceeds
Number of Deals
% of Total Deals
Capital Goods & Services
The table below breaks out the largest deals in the pipeline:
Deal Size ($mm)*
US Foods Holdings
MGM Growth Properties LLC
Bats Global Markets
*Italicized deals are estimates
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, compared to +1% for the S&P 500. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Alibaba (
), Citizens Financial Group (
) and Hilton Worldwide (
). The Renaissance International IPO Index is down 4% year-to-date, compared to -1% for ACWX. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF Holdings
include Recruit Holdings and Samsung C+T.
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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.
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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.
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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
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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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