About Our Services
IPO Advisory and Valuation Services
Renaissance Capital has been providing institutional investors with highly valued, independent research on initial public offerings for more than 20 years. Renaissance brings our extensive knowledge of IPOs, including valuation, deal structure, governance issues, startup industry sectors, and vast database of more than 8,000 IPOs to our advisory and valuation clients.
Pre-IPO Assessment
An unbiased assessment by Renaissance Capitalís experienced professionals can reduce the risks of being unprepared for investor pushbacks to your business plan or corporate structure.
Launching an initial public offering requires significant executive time and financial resources. The penalties for a failed or disappointing IPO attempt are wasted executive effort, distracted employees, unfavorable publicity and a potentially tainted reputation that can impede a future second IPO attempt.
While legal counsel, bankers and IR firms provide valuable pre-IPO advice, Renaissance Capital has a unique perspective: we analyze prospective IPO issuers the way potential investors will. As a result, your company will have an unbiased and realistic assessment of how public investors will evaluate your company. Structural and fundamental issues that are likely to cause public investor pushback are identifiable and many are correctable. Our comprehensive assessment includes:
  • Identifying and analyzing fundamental strengths and weaknesses
  • Reviewing corporate and governance structure
  • Identifying and analyzing key risks and concerns
  • Selecting appropriate comparable public companies for valuation purposes
Stock Option Valuation Services
As a specialist in IPOs, we understand the importance of an accurate, sound and defensible valuation of a private companyís stock and stock options as it approaches the major milestone of its initial public offering. The valuation of a private companyís stock is influenced by the companyís stage of development, competitive position, the valuations of publicly traded comparable companies and third-party transactions. We have a sophisticated understanding of the issues and considerations associated with a variety of valuation techniques as they relate to fair market value (IRC 409A), fair value (ASC 820) and other valuation needs of management and the board of directors.
With decades of interaction with institutional investors and private companies ready to go public, we have practical experience in addition to experience in applying the valuation techniques and guidelines provided by the AICPA, FASB (GAAP) and the Accounting Standards Board (USPAP). We are accustomed to analyzing new industries and their valuation challenges. We work with our clients to provide valuation updates as often as needed and validate the valuation analysis when our clients are ready to turn it into a valuation report.
IPO Compliance Services
Complying with new and changing regulations pertaining to research restriction on IPO is challenging. Renaissance Capital provides Lock-up and Quiet Period tracking tools to the compliance divisions of leading investment banks to ensure that the timing of research distribution adheres to securities laws. Renaissance Capitalís clients rely on us to track their IPOs and deliver timely and accurate alerts about quiet period and Lock-up releases.
Other Advisory Services
Renaissance Capital provides independent analytics, enterprise valuation, litigation support and expert witness testimony for corporations, law firms and lawmaking and regulatory bodies. The scope of our work includes the IPO process, valuation, industry trends and disclosure. We rely on our extensive database, including comparables, pricing and valuation metrics, governance standards, industry characteristics and activity levels.

To find out more about our services, please complete our Contact Form.
About Renaissance Capital
Renaissance Capital, founded in 1991 and headquartered in Greenwich, Connecticut, is the global leader in providing independent research and investment management services on newly public companies. (more)
Our Professionals
The Founders:
Renaissance Capital was founded by three Wharton Business School Grads in 1991. Kathleen Shelton Smith, Chairman, was a Director of Technology and Emerging Growth Investment Banking at Merrill Lynch. William K. Smith, Chief Executive Officer, was a financial restructuring investment banker at Bear Stearns and Kidder Peabody. Linda R. Killian, CFA and Portfolio Manager, was a research analyst and portfolio manager at Citibank and Wertheim Schroeder.

Renaissanceís founders have given lectures and participated in seminars at Wharton, Yale and Tuck business schools. The firmís senior professionals have appeared on CNBC, PBS, ABC, and Bloomberg Radio and TV as well as provide commentary to numerous print and online publications, including the Wall Street Journal, the Washington Post, the New York Times and Investorsí Business Daily. In addition, the firm frequently provides input to regulators and policy makers about the Capital Markets.

Research Team:
Renaissance Capitalís analysts are all honors MBAs or BS/BA graduates from some of the top universities in the United States including Dartmouth, Georgetown, New York University and Princeton. Our experienced analysts provide in-depth research on every IPO and track the latest developments in the IPO market.
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.

Performance Disclosure: 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", the 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 www.renaissancecapital.com. 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.

Attribution Policy: 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.

Investment Disclosure: 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.