International IPO Index: International IPO markets had a positive week. The Renaissance International IPO Index rose +2.3%, while the ACWX ex-US ETF ticked up +0.7%. Hong Kong-listed jewelry high-flyer Laopu Gold surged another +22.3% this week, while German carmaker Porsche slipped -8.4% to take the bottom spot.
Big Development: Shenzhen-listed battery giant CATL ($4.6B) got a warm reception in its Hong Kong debut this week. It upsized its deal and traded up +23% in 2025's largest IPO to date.
Latest Listings: Also in Hong Kong, pharma company Hengrui Pharmaceuticals ($1.3B) rose +25%, while Singapore-based biotech Mixes jumped +29% in the city. In Malaysia, discount store chain Eco-Shop ($230mm) traded up +6%. Enterprise software provider innoscripta ($210mm) fell -9% in its Frankfurt debut. One China A-share also listed, and jumped +36%.
For profiles, data, and commentary on international deals, request a trial of IPO Intelligence, the all-in-one platform trusted by the world's largest and most active IPO investment firms.
The Week Ahead: Emirati residential REIT Dubai Residential ($580mm) is scheduled to list in Dubai. In India, auto parts maker Belrise Industries ($240mm) is set to debut.
The Pipeline: In India, IPO launches came from luxury hotel owner Schloss Bangalore ($400mm) and port terminal operator Aegis Vopak Terminals ($320mm). Student loan provider Credila won regulatory approval for its Indian IPO, while e-commerce services platform Shiprocket confidentially filed. Indian digital payments platform Pine Labs restructured ahead of a listing that could raise $1 billion this year, while mobile payments firm PhonePe reaffirmed its intent for an IPO.
More names are also advancing through Hong Kong's IPO pipeline. Frozen food company Anjoy won regulatory approval for its listing, while construction equipment maker SANY filed for a listing, and pan-Asia life insurer FWD Group re-filed for an IPO.
South Korean online bank K Bank reportedly sent an RFP to brokerages for work on its planned Seoul IPO. Security systems provider Verisure added to its Stockholm IPO syndicate.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
May 23rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Laopu Gold | 6181.HK | 22.3% |
| Rakuten Bank | 5838.JP | 9.8% |
| Mao Geping Cosmetics | 1318.HK | 8.7% |
| Socionext | 6526.JP | 8.7% |
| SCHOTT Pharma | 1SXP.GR | 8.3% |
| Bottom 5 | ||
| Porsche AG | P911.GR | -8.4% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -7.7% |
| Kioxia (Toshiba Memory) | 285A.JP | -7.3% |
| Onewo | 2602.HK | -7.0% |
| China Resources Beverage | 2460.HK | -4.4% |
| Sectors | ||
| Materials | 5.4% | |
| Communication Services | 3.4% | |
| Consumer Discretionary | 3.0% | |
| Financials | 1.7% | |
| Technology | 0.8% | |
| Consumer Staples | 0.5% | |
| Industrials | -0.1% | |
| Health Care | -2.1% | |
| Real Estate | -7.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.3% last week vs. 0.7% for the iShares MSCI ACWI ex U.S. ETF.
