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IPO Intelligence Institutional Research Service
"The Most Trusted Opinion on IPOs"
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Independent: Balanced research, not just a Wall Street sales pitch
Fills Gap: Research during the "Quiet Period" when no coverage is available
Savvy: Unique analysis of unseasoned equities, including fundamentals, valuation, technicals and governance
Smart: Track record of distinguishing good IPOs from bad
Comprehensive: Coverage of all newly public companies, popular or not
Multi-Category: Covers all investment styles, not just small cap growth tech companies
What You Get:
- Research on every major upcoming IPO
- Post-IPO research coverage
- Email alerts on research issued and deals priced
- Continuously updated IPO calendars
- Featured IPO of the week
- Annual and monthly IPO reviews
- Lock-up release calendars
- Live valuation analysis
- Research analyst access
- And much more...
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We analyze every IPO
Renaissance Capital has analyzed and built a proprietary research database of more than 5,000 IPOs. We don't just analyze the popular deals. We analyze every IPO. Renaissance Capital’s institutional research provides comprehensive coverage of all initial public offerings. In a typical week, our clients receive a calendar of upcoming IPOs, weekly IPO commentary, our featured IPO of the week, breaking IPO news and reports on every IPO.
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| Many Money Managers Rely on our Research |
- AG Asset
- AIM Investments
- Alson Capital
- BlackRock Advisors
- Caxton Associates
- Centurion Investments
- Chilton Investments
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- Cramer Berkowitz
- Delaware Investment Advisers
- Diamondback
- Federated Investors
- Feirstein Capital
- Friess Associates
- Fortress Investments
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- Gagnon Securities
- Gilder Gagnon Howe
- MacKay Shields
- M.A. Weatherbie
- Nicholas-Applegate
- Oppenheimer Funds
- Pequot Capital
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- SAC Capital
- SuNOVA Capital
- Wasatch Advisors
- Wexford Capital
- William Blair Funds
- Ziff Brothers
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We know how to distinguish the Good IPOs from the Bad
Renaissance Capital has a long track record of distinguishing the good deals from the bad. We rate each IPO based upon (1) relative valuation, (2) issuer fundamentals, (3) group momentum relative to the market, and (4) quality of corporate governance. Each category is given a ranking of 1 to 5 (1 = Very Weak, 3 = Neutral, 5 = Very Strong). These individual category ratings are then converted into easy-to-interpret investment recommendations.
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Our Rating Methodology
Renaissance Capital’s Research Approach
Renaissance Capital’s research process addresses the unique aspects of the IPO market, a segment in which the existing body of knowledge about each company is limited, historical trading charts are incomplete, financial information is not easily accessible, industries are new and variable, and research coverage ebbs and flows with IPO issuance. Because IPOs are different than seasoned equities, the Firm’s research analysts assess each newly public company not only on the merits of its fundamentals and governance, but also within the context of its likely valuation and technical peer groupings.
Renaissance Capital’s Research Rating System
Renaissance Capital evaluates each IPO by applying a five-part rating scale ranging from “very weak” to “very strong” to the following four categories:
(1) Company Fundamentals – For this category, the Firm’s analysts evaluate the strength of the company’s financial track record, its competitive position in its industry, its business model and earnings power.
(2) Corporate Governance – For this category, the Firm’s analysts focus on how closely the interests of the company’s management and the board of directors are aligned with the interests of new public shareholders. Areas examined include stock holdings of insiders, conflicts of interests, and number of independent directors.
(3) Relative Valuation – For this category, the Firm’s analysts use a wide variety of financial metrics including Price-to-Sales, Price-to-Earnings, Enterprise Value-to-Cash Flow and P/E-to-Earnings Growth, to compare the newly public company with its most comparable publicly-traded peers.
(4) Relative Strength – For this category, the Firm’s analysts study the trading performance relative to the market of the stocks in the new company’s peer group as a proxy for the expected trading of the new company’s stock.
Based upon the total ratings for these four categories, each stock is then assigned one of three overall investment ratings:
Underperform – Stock is expected to perform below the relevant broad market over the next three months.
Marketperform – Stock is expected to perform in-line with the relevant broad market over the next three months.
Outperform – Stock is expected to perform better than the relevant broad market over the next three months.
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The Renaissance Research Team
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 and Bear Stearns and Kidder Peabody. Linda R. Killian, CFA and Portfolio Manager, was a research analyst and portfolio manager at Citibank and Wertheim Schroeder.
Research Team:
Renaissance Capital’s analysts are all honors MBAs or BS/BA graduates from some of the top universities in the United States including Cornell, Duke, 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.
Information Technology:
Our IT managers are experts in the latest internet distribution and content technologies to make sure that our web sites offer the most up-to-date information and analysis in a user friendly format.
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Becoming a Client
The base annual license fee for IPO Intelligence is $25,000 payable in advance for the first six user devices. Additional site licenses are $5,000 per two devices. Payment may be made on a commission basis.
Please contact us at renaissance@ipohome.com.
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