1/13/17 Analyst IPO Market Commentary

The shortened holiday week will only see Keane Group's (FRAC) IPO, which is expected to price on Thursday to be the first IPO of 2017.   Next week could also see the launches of three biotechs: Jounce Therapeutics ([JNCE]), a clinical-stage biotech developing targeted T-cell immunotherapies with Celgene, is planning to raise $75 million, Braeburn Pharmaceuticals ([BBRX]) is hoping to raise $150 million to commercialize an implant that delivers long-acting treatment for opioid addiction and ObsEva ([OBSV]) is looking to raise $8...more


1/13/17 Analyst IPO Market Commentary

The first IPOs of 2017 are on the calendar. AppDynamics set terms this past week, becoming the first tech unicorn to launch in 2017.  Two launches, the first IPOs of 2017 AppDynamics (APPD), which provides application performance management software for business-critical apps, set terms for a $132 million IPO (7.5% of the diluted market cap). It is set to be the first unicorn to ...more



Foundation Building Materials, the second largest distributor of wallboard, ceiling systems and mechanical insulation, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The deal size is likely a placeholder and we estimate it could raise up to $200 million. The Tustin, CA-based company was founded in 2011 and booked $1.9 billion in pro forma sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol FBM. Deutsche Bank, Barclays, RBC Capital Markets and Citi are th...more

Keywords: FBM


Viventia Bio, a biotech developing novel antibody drug conjugates for bladder and other cancers, withdrew its plans for an initial public offering on Friday following its acquisition by Eleven Biotherapeutics (EBIO) in September 2016. Eleven paid approximately $13.5 million in newly-issued stock (when its shares traded at $3.37 (now $2.21) plus cash milestones and royalty payments. Viventia had originally filed in October 2015 with a proposed deal size of $86 million. The Winnipeg, Canada-based company was founded in 1995. It had planned t...more

Keywords: VITA

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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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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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