International IPO Index: International markets took a small step back this week, with the Renaissance International IPO Index off -0.4%, and the MSCI ACWI ex-US ETF down -0.6%. Japanese online bank Rakuten Bank was the best performer, up +15.2%, while Hong Kong-listed assisted-driving chip developer Horizon Robots fell -16.7% to take the bottom spot.
Big Development: Japanese metals company JX Advanced Metals ($2.6B), a carve-out of ENEOS, priced at the top of its downwardly revised range in Tokyo's largest IPO since 2018. It is set to list next week.
Latest Listings: Sweden-based investment firm Roko ($520mm) traded up +8% in Stockholm. Saudi-based online brokerage Derayah Financial ($400mm) rose +31% in its Tadawul debut. In Hong Kong, gold miner Chifeng Gold ($360mm) inched up +2%. Omani shipping carve-out Asyad Shipping ($330mm) returned +3% in Muscat. Emirati IT services provider Alpha Data ($160mm) ticked up +6%. Surety bond provider Seoul Guarantee Insurance ($120mm) rose +23% in its South Korean debut.
The Week Ahead: Apart from JX Advanced Metals, Indonesia-based candy maker YUPI ($120mm) is set to list in Jakarta, and poultry producer Entaj ($120mm) is scheduled to debut in Saudi Arabia.
The Pipeline: A good week for the European IPO pipeline. Latvian state-owned airline AirBaltic is weighing a listing in London, as is Uzbekistani gold miner NMMC. Fast fashion group SHEIN affirmed plans to list in London. Security systems giant Verisure is leaning towards an Amsterdam IPO.
In South Korea, machine tool maker DN Solutions ($930mm) launched its IPO, while online bank K Bank is planning to reboot its own IPO. In India, electric scooter maker Ather Energy is close to launching its IPO, while regulators approved the listings of LG Electronics India and student recruitment platform Crizac. New Zealand-based dairy products carve-out Mainland Group is preparing for an Australian IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Mar 14th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Rakuten Bank | 5838.JP | 15.2% |
| Zhejiang Leapmotor Technology | 9863.HK | 15.1% |
| ZJLD Group | 6979.HK | 14.7% |
| Laopu Gold | 6181.HK | 9.6% |
| SBI Sumishin Net Bank | 7163.JP | 9.0% |
| Bottom 5 | ||
| Horizon Robotics | 9660.HK | -16.7% |
| Galderma | GALD.SW | -9.3% |
| Pertamina Geothermal Energy | PGEO.IJ | -8.9% |
| Trimegah Bangun Persada | NCKL.IJ | -7.7% |
| GoTo Gojek Tokopedia | GOTO.IJ | -7.0% |
| Sectors | ||
| Consumer Discretionary | 5.0% | |
| Health Care | 4.8% | |
| Financials | 4.6% | |
| Industrials | 2.8% | |
| Energy | 2.2% | |
| Communication Services | 0.5% | |
| Consumer Staples | 0.3% | |
| Materials | -2.4% | |
| Real Estate | -2.9% | |
| Technology | -4.1% | |
| Utilities | -8.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.4% last week vs. -0.6% for the iShares MSCI ACWI ex U.S. ETF.
