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International IPO Weekly Winners & Losers

June 9, 2024

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International IPO Index: The International IPO market fell for a third straight week, down -3.9%, while the MSCI ACWI ex-US ETF inched up +0.2%. Hong Kong property manager Onewo was the week's IPO winner, up +11.1%. Indonesian power producer Barito Renewables landed at the bottom again this week, off -26.4% after the FTSE Russell reversed its decision to include the stock in its Global Equity Index Series.

Big Development: Europe's IPO market scored another win, as French night-vision equipment maker Exosens ($380mm) got a warm reception in its Paris IPO. The company upped the share offering amid high demand and finished up +13%.

Latest Listings: In Saudi Arabia, hospital operator Fakeeh Care Group ($760mm) traded up +6%, while water and wastewater infrastructure operator Miahona ($150mm) soared +30%. Japanese satellite services firm Astroscale ($130mm) rose +19% in Tokyo.

The Week Ahead: Europe's IPO recovery will get another test next week as computing device maker Raspberry Pi is set to debut in London. The Middle East is set to see IPOs from online education firm Alef Education ($510mm) in Abu Dhabi and investment company BIG Holding ($150mm) in Kuwait. In Hong Kong, AI-powered drug development platform XtalPi ($130mm) is set to begin trading.

The Pipeline: Global fast fashion retailer SHEIN is reportedly preparing to submit papers for a blockbuster London IPO. Indian home lender Bajaj Housing Finance got approval from its board for an IPO. In the Middle East, fragrance retailer Arabian Oud hired banks for a Tadawul Saudi IPO, while the UAE's Etihad Airways reaffirmed plans for an IPO. Australia-based Mexican restaurant chain Guzman y Gomez ($220mm) upped the size of its planned mid-June Sydney listing, while Virgin Australia said it is ready for a local IPO. Life insurer FWD Group is reportedly reviving its Hong Kong IPO plans after scrapping them last fall.

Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst

Weekly International IPO Winners & Losers
Biggest price changes through Jun 7th in the Renaissance International IPO Index
Top 5
Onewo 2602.HK 11.1%
SenseTime 20.HK 9.8%
Ionos Group IOS.GR 7.3%
Wise (TransferWise) WISE.LN 4.8%
Sichuan Kelun-Biotech Biopharmaceutical 6990.HK 3.5%
Bottom 5
Barito Renewables Energy BREN.IJ -26.4%
Shanghai MicroPort MedBot Group 2252.HK -17.2%
GoTo Gojek Tokopedia GOTO.IJ -10.8%
Socionext 6526.JP -10.0%
ZJLD Group 6979.HK -8.8%
Real Estate 5.4%
Communication Services 1.3%
Consumer Discretionary -0.7%
Technology -0.9%
Industrials -2.2%
Financials -2.3%
Materials -3.0%
Health Care -4.5%
Energy -5.1%
Consumer Staples -6.5%
Utilities -9.1%
Renaissance International IPO Index Performance

Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index

The Renaissance International IPO Index returned -3.9% last week vs. 0.2% for the iShares MSCI ACWI ex U.S. ETF.