International IPO Index: International markets moved sideways this week, with the Renaissance International IPO Index up +0.6%, and the ACWX ex-US ETF off -0.2%. Japanese memory chip maker Kioxia rose +12.1% to take the top spot, while Hong Kong-listed assisted-driving chip developer Horizon Robotics was the worst performer, down -8.0%.
The Int’l IPO Index is up +10.7% year-to-date, in line with the ACWX.
Big Development: A trio of sizable Middle East IPOs filed this week, set to raise a combined ~$2 billion over the next month. The region’s 2025 listings have posted mixed results, against a backdrop of falling oil prices.
Latest Listings: Electric scooter maker Ather Energy ($350mm) fell -7% in its Indian debut, a disappointment but not a surprise given its weak subscriptions and grey-market trading. In Hong Kong, solar panel maker JTPV ($180mm) rose +11%. Auntea Jenny ($35mm) popped +40% on its debut in Hong Kong's latest bubble tea IPO; it had a sizable market cap ($1.5B) but the low float excludes it from our 2025 stats.
The Week Ahead: Two sizable international IPOs are listing next week, electrical equipment manufacturer Pfisterer ($160mm) in Frankfurt, and restaurant chain Green Tea ($160mm) in Hong Kong.
The Pipeline: In the Middle East, budget airline flynas and hospital operator SMC Hospitals filed for Tadawul listings, while residential REIT Dubai Residential filed for a Dubai listing.
Hong Kong activity continues to ramp up. Starting with the largest: Battery giant CATL began talking with investors ahead of a formal launch expected next week, while Ant Group is in talks with regulators to list its international unit. A handful of notable names re-filed papers, including infectious diseases biotech Mirxes, drug discovery biotech Insilico, and autonomous truck developer CiDi.
Discount retailer Eco-Shop priced its Malaysian IPO at the bottom of the range, set to trade later this month. Malaysian telecom U Mobile hired an adviser for a listing. Portuguese bank novobanco reaffirmed June listing plans. Telecom giant Airtel Africa pushed back the timeline of its mobile money unit's IPO to early 2026. In India, regulators approved the listing of micro-lender Veritas Finance, while IT services provider Mouri Tech refiled for an IPO, and infrastructure construction firm Ravi Infrabuild Projects filed IPO papers.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
May 9th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 12.1% |
| Rakuten Bank | 5838.JP | 10.2% |
| Ionos Group | IOS.GR | 5.9% |
| Lottomatica Group | LTMC.IM | 5.7% |
| China Resources Beverage | 2460.HK | 5.7% |
| Bottom 5 | ||
| Horizon Robotics | 9660.HK | -8.0% |
| SBI Sumishin Net Bank | 7163.JP | -7.3% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -6.6% |
| Thai Life Insurance | TLI.TB | -4.9% |
| Laopu Gold | 6181.HK | -4.3% |
| Sectors | ||
| Technology | 1.9% | |
| Industrials | 1.2% | |
| Consumer Staples | 1.1% | |
| Consumer Discretionary | 1.1% | |
| Materials | -0.1% | |
| Real Estate | -0.5% | |
| Financials | -0.5% | |
| Communication Services | -1.1% | |
| Health Care | -5.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.6% last week vs. -0.2% for the iShares MSCI ACWI ex U.S. ETF.
