Three large non-US IPOs are lined up to price in the coming week. Italian electrochemicals company Industrie De Nora is expected to price its $500 million IPO at the low end, in Europe's largest IPO in four months. Saudi-based Domino’s Pizza operator Alamar Foods is expected to price its $340 million IPO at the high end, while Dubai business park operator Tecom Group is set to raise $455 million.
Five China A-shares started trading this past week, as Chinese bourses continue to soar. The five deals averaged first-day pop of 39%.
IPOs continue to be added to the pipeline in Asia Pacific and the Middle East. The biggest news this week came from Thai Life Insurance, which set terms for a $1 billion IPO. The deal opens for subscription next week, with pricing set for mid-July.
A flood of delays hit this week as volatility continues to rock global IPO markets. These included the electric car charging unit of Switzerland’s ABB (est. $750mm IPO), Italian commercial refrigerator maker Epta (est. $500mm), and Chinese audio platform Ximalaya ($100mm).
The Renaissance International IPO Index rose +4.6% last week, compared to +3.2% for the MSCI ACWI ex US ETF. The Hong Kong Exchange contributed all 5 of the index's best-performing IPOs, with Chinese drug manufacturer Asymchem Laboratories at the top of the list with a +15.6% gain. At the bottom was Oslo-listed robotics firm AutoStore, down -15.8%.
Take care,
-Matt Kennedy, Senior Strategist
-Lily McGonagle, Data Analyst
|
Biggest price changes through
Jun 24th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Asymchem Laboratories | 6821.HK | 15.6% |
| Hygeia Healthcare | 6078.HK | 15.0% |
| JS Global Lifestyle | 1691.HK | 14.8% |
| Pharmaron Beijing | 3759.HK | 14.6% |
| Smoore International | 6969.HK | 14.2% |
| Bottom 5 | ||
| AutoStore Holdings | AUTO.NO | -15.8% |
| GQG Partners | GQG.AU | -9.0% |
| Converge ICT Solutions | CNVRG.PM | -8.2% |
| Azelis Holding | AZE.BB | -4.8% |
| JOINN Laboratories | 6127.HK | -4.5% |
| Sectors | ||
| Health Care | 7.0% | |
| Technology | 7.0% | |
| Consumer Discretionary | 5.5% | |
| Consumer Staples | 3.8% | |
| Utilities | 2.4% | |
| Real Estate | 2.1% | |
| Materials | 2.1% | |
| Financials | 1.1% | |
| Energy | -1.4% | |
| Communication Services | -2.7% | |
| Industrials | -2.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 4.6% last week vs. 3.2% for the iShares MSCI ACWI ex U.S. ETF.
