International IPO Index: International markets continued to rebound this week, as the Renaissance International IPO Index rose +3.1%, and the MSCI ACWI ex-US ETF gained +2.6%. Hong Kong-listed assisted-driving chip developer Horizon Robotics was the top performer, up +29.1%. Japanese online bank Rakuten Bank took this week's bottom spot, down -12.5%.
Big Development: As international markets recover from a sharp sell-off, sizable IPO filings are picking up in India, and in Hong Kong, where a growing number of China A-shares are rushing to list.
Latest Listings: Beninese bank BIIC ($170mm) listed on West Africa's BRVM exchange, in the largest ever listing from a Beninese company. It finished the week up 7%.
The Week Ahead: Electric scooter maker Ather Energy ($340mm) is set to debut in India following a comparatively weak bookbuilding. In Hong Kong, solar panel maker JTPV ($200mm) is scheduled to list.
The Pipeline: In Hong Kong, battery giant CATL is reportedly set to launch its billion-dollar cross-listing in mid-May, while pharma Hengrui Pharmaceuticals won regulatory approval for its listing. New filings in the city came from EV maker Seres and financial markets services provider Nanhua Futures. Meanwhile, ride-hailing platform CaoCao re-filed IPO papers.
Malaysian retailer Eco-Shop ($240mm) launched its IPO, expecting to trade in late May. Greek energy and mining company Metlen reiterated its intent for a London listing. Japanese conglomerate Sony is reportedly weighing a spin-off of its semiconductor arm.
Indian regulators approved the listing of restaurant operator Travel Food Services. Life insurer Canara HSBC Life Insurance and home services platform Urban Company both filed for Indian IPOs.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
May 2nd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Horizon Robotics | 9660.HK | 29.1% |
| Zhejiang Leapmotor Technology | 9863.HK | 20.5% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 17.0% |
| Kokusai Electric | 6525.JP | 8.6% |
| Mao Geping Cosmetics | 1318.HK | 6.6% |
| Bottom 5 | ||
| Rakuten Bank | 5838.JP | -12.5% |
| Tokyo Metro | 9023.JP | -8.9% |
| SBI Sumishin Net Bank | 7163.JP | -6.9% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -4.4% |
| Porsche AG | P911.GR | -4.2% |
| Sectors | ||
| Health Care | 10.7% | |
| Technology | 7.4% | |
| Consumer Discretionary | 4.7% | |
| Communication Services | 3.2% | |
| Consumer Staples | 2.8% | |
| Materials | 2.0% | |
| Real Estate | -0.9% | |
| Industrials | -1.6% | |
| Financials | -4.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 3.1% last week vs. 2.6% for the iShares MSCI ACWI ex U.S. ETF.
