Renaissance Capital

Yeah

... uh, with, uh, Renaissance Capital-

Yeah

... uh, the discussion was that, um, the c- it's actually quite undervalued.

The Fed raised rates earlier this month.

Matt Kennedy of Renaissance Capital told Bloomberg that rising rates are a double whammy for companies like this.

They reduce the value of profits that are years out in the future, and they make it more expensive to borrow money to build data centers.

This might help explain the strange IPO cancellations we've been seeing.

That starts to trade today in the latest market debut.

According to Renaissance Capital, all five of the year's best performing IPOs at $50 million or higher.

That's been what's been raised.

They're all biotech.

They both filed on Friday.

And according to Renaissance Capital, all five of the year's best-performing IPOs that raised $50 million or more, they're all biotech.

Morning Call continues next.

I'm Morgan Brennan.

Welcome to the IPO Winners and Losers podcast.

I'm your host, Avery Marquez, Renaissance Capital's Director of Investment Strategies.

And I'm Matt Kennedy, Senior Strategist at Renaissance Capital.

Quick note before we dive in, this podcast is for informational purposes only, and nothing we discuss should be taken as investment advice or a recommendation to buy, sell, or hold any security.

Past performance does not guarantee future results, and one cannot invest directly in an index.

Let's just explain.

Bill Browder, of course, is the author of two amazing books about Putin, former head of Hermitage Capital, Renaissance Capital.

I can't remember which one.

Biggest single foreign investor in Russia at one point.