International IPO Index: International markets ticked down this week, with the Renaissance International IPO Index off -2.1%, and the MSCI ACWI ex-US ETF down -1.5%. Last week's biggest loser, Turkish electrical components provider Astor Enerji, rebounded +20.0% to take this week's top spot. Meanwhile, Japanese memory chip maker Kioxia slid -13.7%.
Big Development: Europe's tepid IPO recovery scored a win this week, as medical supplies maker Asker ($890mm) rose +17% in its Stockholm debut. The listing was Sweden's largest since Volvo's IPO in 2021.
Latest Listings: Elsewhere, Saudi property developer Umm Al Qura ($500mm) soared +60% in its Tadawul debut. Alumina carve-out Nanshan Aluminium ($300mm) slipped -11% in Hong Kong, while Indonesia-based candy maker YUPI ($120mm) traded flat in Jakarta.
The Week Ahead: No sizable international deals are currently scheduled for the week ahead, although some names may join the calendar at the last minute.
The Pipeline: South Korean logistics carve-out Lotte Global Logistics ($130mm) launched a Seoul IPO, while home appliance distributor Cuckoo International ($110mm) launched an IPO in Malaysia. In India, e-commerce platform Meesho tapped banks for a potential billion dollar listing.
In Europe, leading diamond miner De Beers reportedly talked to banks about a listing, while UK-based payments firm Ebury is nearing a decision on whether to pursue an IPO.
Chinese regulators approved the planned Hong Kong IPO of battery manufacturer CATL, while a Hong Kong official stated that AI services provider AICT plans to list in the city. Nigerian state-owned oil company NNPC announced it is in the "final stage" of its listing process.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Mar 28th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 20.0% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 12.0% |
| WuXi XDC Cayman | 2268.HK | 7.0% |
| Trimegah Bangun Persada | NCKL.IJ | 6.2% |
| SCHOTT Pharma | 1SXP.GR | 2.6% |
| Bottom 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | -13.7% |
| Amman Mineral Internasional | AMMN.IJ | -8.5% |
| Kokusai Electric | 6525.JP | -8.5% |
| Porsche AG | P911.GR | -7.7% |
| Tokyo Metro | 9023.JP | -5.9% |
| Sectors | ||
| Health Care | 9.5% | |
| Industrials | 2.3% | |
| Communication Services | 0.1% | |
| Materials | -0.1% | |
| Consumer Discretionary | -0.4% | |
| Real Estate | -0.6% | |
| Financials | -2.3% | |
| Consumer Staples | -2.4% | |
| Technology | -4.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.1% last week vs. -1.5% for the iShares MSCI ACWI ex U.S. ETF.
