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Week ahead: Three large IPOs to raise $1.3 billion
Analyst IPO Market Commentary
After Bats successfully priced its upsized IPO (+21% first day), the market will be tested again in the week ahead with three additional large, established businesses coming to market.
If all three price successfully, this would provide solid momentum for the IPO market heading into May and June, two of the most active months of the past ten years with 15+ deals a month on average.
Three companies look to raise $1.3 billion total
Renaissance Capital's IPO Calendar - Week of
MGM Growth Properties LLC
Las Vegas, NV
$18.00 - $21.00
BofA Merrill Lynch
MGM Resorts-backed REIT with an initial portfolio of 10 gaming properties.
American Renal Associates Holdings
$20.00 - $23.00
BofA Merrill Lynch
Operates 192 kidney dialysis clinics through joint ventures with physicians.
$15.50 - $17.50
BofA Merrill Lynch
Managed security services provider being spun out of Dell.
MGM Growth Properties
) - MGM's initial portfolio of 10 gaming properties, primarily located on The Strip, would generate initial annual rent of $550 million. The REIT is being carved out of MGM Resorts and will carry debt. It plans an initial dividend of $1.43 per share, yielding 7.3% at the midpoint.
American Renal Associates
) - Led by its two founders, it has grown from one clinic in 2000 to 192 clinics at the end of 2015. American Renal plans to open 32 new clinics over the next two years. While highly levered, the nature of the business provides steady revenues with low volatility.
) - While still unprofitable, it has maintained strong growth and continues to narrow cash burn relative to GAAP losses. For the fiscal year ended January 29, 2016, revenue increased 29.5% and cash flow from operations was $(9.8) million compared to net loss of $(72.4) million. If successful, it will be the year's first tech IPO.
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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 5% year-to-date, while the S&P 500 is up . 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 4% year-to-date, compared to -2% 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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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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