International IPO Index: International new stocks pulled back this week, amid another bout of geopolitical volatility. The Renaissance International IPO Index slipped -2.2%, as the ACWX ex-US ETF fell -2.7%. Japanese memory chip maker Kioxia rose +13.6% to take the top spot, while Hong Kong-listed gold jewelry maker Laopu Gold dropped -13.3% to take the bottom spot.
Big Development: This week's two billion dollar debuts both sputtered out of the gates. Condiment maker Haitian ($1.3B) ticked down -2% in its Hong Kong cross-listing, while budget airline flynas ($1.1B) inched down -3% in its Tadawul debut.
Latest Listings: In addition to Haitian and flynas, pump maker Oswal Pumps ($160mm) rose +2% in its Indian IPO.
The Week Ahead: The international calendar is set for a busy week, with nine $100mm+ deals currently set to list. In Hong Kong, temperature control equipment maker Sanhua ($1.2B), ride-hailing platform CaoCao ($240mm), jewelry retailer Zhou Liu Fu ($140mm), and perfume distributor Eternal Beauty ($130mm) are all scheduled to begin trading.
Australia is set to two host major debuts: airline Virgin Australia ($450mm) and gold and copper miner Greatland ($320mm). Auto parts retailer Autodoc ($460mm) is slated for a Frankfurt listing, and online gaming developer Hacksaw ($350mm) is set to list in Stockholm. IVF products maker Kitazato ($130mm) is scheduled to debut in Tokyo.
The Pipeline: Several deals joined the calendar for July, including non-bank lender HDB Financial Services ($1.4B) in India, residential community manager GemLife ($490mm) in Australia, infrastructure holding company Chandra Daya Investasi ($140mm) in Indonesia, and coconut water maker IFBH ($140mm) in Hong Kong.
Pan-Asian life insurer FWD reportedly has imminent plans to launch a Hong Kong IPO, while Chinese mobile phone glass supplier Lens Technology won HK regulatory approval. Casino operator Cirsa announced its intent for a Spanish IPO. Health clinic operator Qualitas Health is weighing a Malaysian IPO. In India, regulators approved the IPO of electrical cable maker Lumino Industries, marketing software provider Capillary Technologies filed for a listing, eyewear producer Lenskart is reportedly preparing to file, and LG Electronics may resume IPO work for its Indian unit.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 20th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 13.6% |
| Kokusai Electric | 6525.JP | 7.1% |
| China Tourism Group Duty Free | 1880.HK | 6.5% |
| S.F. Holding | 6936.HK | 2.2% |
| Zabka Group | ZAB.PW | 1.3% |
| Bottom 5 | ||
| Laopu Gold | 6181.HK | -13.3% |
| WuXi XDC Cayman | 2268.HK | -10.6% |
| Mao Geping Cosmetics | 1318.HK | -10.3% |
| SCHOTT Pharma | 1SXP.GR | -9.7% |
| Thai Life Insurance | TLI.TB | -8.0% |
| Sectors | ||
| Technology | 2.7% | |
| Industrials | 0.4% | |
| Consumer Discretionary | -0.9% | |
| Real Estate | -1.9% | |
| Consumer Staples | -2.4% | |
| Financials | -3.1% | |
| Communication Services | -3.6% | |
| Materials | -7.0% | |
| Health Care | -8.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.2% last week vs. -2.7% for the iShares MSCI ACWI ex U.S. ETF.
