IPO's are back and the pipeline is building fast.

Global Equity Offerings (GEO) Monitor tracks global IPO activity. GEO Monitor™ is the only comprehensive source of homogeneous, detailed research on global IPO's and provides you with eight key deliverables:

  1. Weekly IPO Calendar: identifies the companies that have announced the intention to go public, scheduled date of pricing and the date they expect to begin trading in the public market.
  2. Newsflash service: provides daily up-to-date news flow on all companies in the IPO calendar, as well as identifying any new announcements or withdrawals.
  3. Preliminary IPO research reports with subscription recommendations.
  4. Financial Models, allowing you to flex our assumptions.
  5. All translated materials (if not originally in English language), including the IPO Prospectus.
  6. Access to the analyst.
  7. Calendar and reports available "pull" (on website) or "push" (by email), based on personal alert preferences.
  8. Our performance track record is available on the website.

The Reports can be purchased individually or by subscription. Contact us to arrange a trial, free of charge.

for more information and never miss another IPO opportunity again.

GEO Monitor Performance.

The GEO Monitor SUBSCRIBE model portfolio has outperformed the benchmark for all 1, 5, 10 and 30 days investment strategies, for 96 IPOs since Nov'07, as shown below:

Results across 96 IPOs analyzed 1 day 5 days 10 days 1 month
Average return of SUBSCRIBE recommendations 17.0%
(61 IPOs)		 14.5%
(61 IPOs)		 17.7%
(61 IPOs)		 16.2%
(58 IPOs)
Sharpe ratio of SUBSCRIBE recommendations 2.21 1.94 1.53 0.96
Average return of AVOID recommendations (3.9%)
(35 IPOs)		 (1.9%)
(34 IPOs)		 (0.2%)
(33 IPOs)		 (6.9%)
(29 IPOs)
Average return of ALL researched IPOs – Benchmark Universe 9.4%
(96 IPOs)		 8.6%
(95 IPOs)		 11.4%
(94 IPOs)		 8.6%
(87 IPOs)
Sharpe ratio of ALL researched IPOs 1.44 1.27 1.11 0.54
Alpha generated (SUBSCRIBE model portfolio vs. benchmark) 7.6% 5.9% 6.3% 7.6%

Results are equally compelling based on the monthly returns generated since Nov'07:

Monthly Results (26 months) 1 day 5 days 10 days 1 month
Average monthly return of SUBSCRIBE recommendations 57.6% 49.1% 59.9% 55.0%
Annualized Sharpe ratio of SUBSCRIBE recommendations 2.23 2.15 2.23 2.29
Average monthly return of ALL researched IPOs – Benchmark 47.4% 43.0% 56.4% 39.4%
Annualized Sharpe ratio of ALL researched IPOs 1.86 2.03 2.17 2.05
Alpha monthly (SUBSCRIBE model portfolio vs. Benchmark) 10.2% 6.1% 3.5% 15.6%

These returns are based on real recommendations. IIR is a research provider and not a fund, and without actual investment certain assumptions have been made in our performance calculations. We believe these assumptions are reasonable – please look at the attached analysis and methodology. You are also welcome to discuss these results with our performance analyst.

You can download the full performance spreadsheet here.

Click here to see the methodology and disclaimer for this model portfolio.

Weekly Highlight

Travelport Ltd (Travelport), a global provider of travel technologies, solutions and services, is expected to experience modest growth over the next 2 years, in-line with the improving global economic conditions. However, we do not expect any significant improvement in operating margin as the company has reduced operating expenses, leaving little scope for further improvement. Travelport's pre-issue balance sheet is highly leveraged, with a debt/EBITDA ratio of 7.42, as of 30 September 2009, with the proceeds from the IPO being used to deleverage the balance sheet. From a valuation perspective, Travelport appears fully priced, leaving little room for any significant upside over our 6-24 month investment horizon.