International IPO Index: International markets traded up this week, as the Renaissance International IPO Index gained +0.8%, and the ACWX ex-US ETF rose +1.9%. Germany-based academic publisher Springer Nature jumped +19.3% on earnings to take the top spot, while Indonesian super-app GoTo Group was the worst performer, down -9.9%.
Big Development: Shenzhen-listed battery giant CATL raised $4 billion in its Hong Kong cross-listing, the largest IPO of 2025 so far, amid a frenzy of retail interest. It trades on Tuesday.
Latest Listings: Europe hosted a pair of sizable listings this week: electrical equipment maker Pfisterer ($190mm) traded up +12% in Frankfurt, and enterprise lending software provider Qualco ($110mm) rose +12% in Athens. In Hong Kong, restaurant chain Green Tea ($160mm) slipped -13%.
The Week Ahead: CATL won't be the only large cross-listing in Hong Kong next week, with leading Chinese pharma Hengrui Pharmaceuticals targeting $1.2 billion. Singapore-based biotech Mirxes ($140mm) also set to debut in HK. Discount store chain Eco-Shop ($230mm) is scheduled to list in Malaysia, and enterprise software provider innoscripta ($220mm) is going public in Frankfurt.
The Pipeline: A trio of notable Middle East IPOs launched this week: budget airline flynas ($1.1B) and hospital operator SMC Hospitals ($490mm) in Saudi Arabia, and residential REIT Dubai Residential ($480mm) in Dubai.
In the UK, cobalt play Cobalt Holdings announced plans to IPO, while online bank Monzo is in talks for a 2026 listing. Several other European deals look ready to launch this summer, including German auto parts retailer Autodoc, German medical software provider Brainlab, Scandinavian bank NOBA, and Portuguese bank novobanco.
Shopping center REIT Paradigm REIT ($130mm) launched in Malaysia, and auto parts maker Belrise Industries ($240mm) launched in India. In Hong Kong, gold mining carve-out Zijin Gold International and pork producer Muyuan Foods hired banks, while construction equipment maker SANY said it plans to cross-list. Data center REIT NTT Data Center REIT met with investors for a Singapore IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
May 16th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Springer Nature | SPG.GR | 19.3% |
| Zhejiang Leapmotor Technology | 9863.HK | 9.5% |
| Rakuten Bank | 5838.JP | 8.9% |
| Kioxia (Toshiba Memory) | 285A.JP | 8.6% |
| Ionos Group | IOS.GR | 8.2% |
| Bottom 5 | ||
| GoTo Gojek Tokopedia | GOTO.IJ | -9.9% |
| Zabka Group | ZAB.PW | -5.5% |
| Thai Life Insurance | TLI.TB | -5.1% |
| China Resources Beverage | 2460.HK | -4.7% |
| Mao Geping Cosmetics | 1318.HK | -3.6% |
| Sectors | ||
| Communication Services | 19.3% | |
| Technology | 4.7% | |
| Real Estate | 4.0% | |
| Financials | 1.5% | |
| Health Care | 1.4% | |
| Consumer Discretionary | 1.1% | |
| Industrials | 1.0% | |
| Materials | 0.1% | |
| Consumer Staples | -1.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.8% last week vs. 1.9% for the iShares MSCI ACWI ex U.S. ETF.
