International IPO Index: International markets rose this week, as tariff unease subsided. The Renaissance International IPO Index jumped +5.7%, while the MSCI ACWI ex-US ETF finished up +3.5%. Swiss skin care company Galderma took the top spot this week, up +18.7%. Hong Kong-listed gold jewelry seller Laopu Gold was the week's worst performer, down -9.7%.
Big Development: Indian electric scooter maker Ather Energy ($340mm) launched its Mumbai IPO this week, even as many other filers like LG Electronics India push back listings. Set to trade in early May, Ather Energy's valuation is nearly half of what was speculated just months ago, amid tough local conditions (close peer Ola Electric is down nearly -40% YTD).
Latest Listings: The sole sizable international deal this week was a China A-share, which rose +15%.
The Week Ahead: No $100mm+ deals are currently scheduled for the week ahead, although a few deals are currently set for subsequent weeks.
The Pipeline: In Germany, electrical equipment manufacturer Pfisterer announced its intent to list this quarter, while auto part retailer Autodoc said it is "99% ready" for an IPO that could come this summer. UK-based online lender Zopa also said it is "ready" for a listing, but is waiting for the right conditions.
Carton packaging manufacturer UCIC ($160mm) launched a Tadawul IPO, while Emirati shisha company AIR said it is evaluating an IPO.
Japanese semiconductor photomask maker Tekscend tapped banks for a Tokyo IPO that could come this year. Indian renewable energy producer Continuum Green Energy won regulator approval for its IPO, while asset management firm Canara Robeco AMC filed for a listing. Restaurant chain Green Tea refiled for a Hong Kong IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 25th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Galderma | GALD.SW | 18.7% |
| WuXi XDC Cayman | 2268.HK | 16.6% |
| Kokusai Electric | 6525.JP | 13.2% |
| Zhejiang Leapmotor Technology | 9863.HK | 9.9% |
| Puig Brands | PUIG.SM | 9.5% |
| Bottom 5 | ||
| Laopu Gold | 6181.HK | -9.7% |
| China Tourism Group Duty Free | 1880.HK | -5.0% |
| Tokyo Metro | 9023.JP | -2.0% |
| ZJLD Group | 6979.HK | -1.3% |
| Onewo | 2602.HK | -0.9% |
| Sectors | ||
| Health Care | 9.8% | |
| Materials | 6.5% | |
| Consumer Staples | 6.0% | |
| Technology | 5.8% | |
| Financials | 4.4% | |
| Industrials | 3.2% | |
| Consumer Discretionary | 2.0% | |
| Communication Services | -0.9% | |
| Real Estate | -0.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 5.7% last week vs. 3.5% for the iShares MSCI ACWI ex U.S. ETF.
