International IPO Index: International markets had a solid week, with the Renaissance International IPO Index up +1.7%, compared to a +1.8% return for the ACWX ex-US ETF. Indonesian copper and gold miner Amman Mineral gained +14.1% to take the top spot, while Hong Kong-listed home appliance giant Midea was the worst performer, off -7.5%.
Big Development: Two notable developments this week. Airline Virgin Australia ($450mm) launched the first sizable Australian IPO of the year, scheduled to list in late June. Cobalt trader Cobalt Holdings withdrew its London IPO at the eleventh hour, dealing another blow to the city's struggling IPO market.
Latest Listings: In India, hotel owner Schloss Bangalore ($410mm) ticked down -1%, and port terminal operator Aegis Vopak Terminals ($330mm) rose +9%. Two sizable China A-shares traded up in their debuts.
The Week Ahead: Nordic construction group Sentia ($140mm) is scheduled to list in Oslo, while shopping center REIT Paradigm REIT ($130mm) is set to debut in Malaysia.
The Pipeline: In Australia, medical imaging firm I-MED Radiology and residential community operator GemLife are both in talks for Sydney IPOs. Philippine regulators approved the listing of water utility Maynilad Water Services ($600mm). Global retailer MINISO hired banks for a Hong Kong IPO of its toy business TOP TOY.
India's regulators approved a slew of sizable IPOs, including chemicals maker Dorf-Ketal, non-bank lender HDB Financial Services, and solar module maker Vikram Solar. Non-bank lender Tata Capital is also close to clinching a nod. Coal coke producer BCCL submitted filings, while contract manufacturer Aequs confidentially filed.
Leading Portuguese bank novobanco approved a board resolution to pursue an IPO. UK-based cafe chain Pret A Manger is reportedly in talks for an IPO. German auto parts retailer Autodoc is close to announcing listing plans.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 6th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Amman Mineral Internasional | AMMN.IJ | 14.1% |
| Tianqi Lithium | 9696.HK | 7.8% |
| Galderma | GALD.SW | 7.6% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 6.0% |
| S.F. Holding | 6936.HK | 5.7% |
| Bottom 5 | ||
| Midea Group | 300.HK | -7.5% |
| Tokyo Metro | 9023.JP | -5.8% |
| GoTo Gojek Tokopedia | GOTO.IJ | -4.7% |
| Springer Nature | SPG.GR | -2.8% |
| Thai Life Insurance | TLI.TB | -2.8% |
| Sectors | ||
| Materials | 5.6% | |
| Health Care | 5.2% | |
| Consumer Staples | 2.6% | |
| Financials | 1.1% | |
| Real Estate | 1.0% | |
| Technology | 0.6% | |
| Industrials | 0.6% | |
| Consumer Discretionary | -1.1% | |
| Communication Services | -2.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.7% last week vs. 1.8% for the iShares MSCI ACWI ex U.S. ETF.
