International IPO Index: International markets had a strong week, with the Renaissance International IPO Index up +3.9%, while the ACWX ex-US ETF rose +3.4%. Hong Kong-listed metals names took this week's top and bottom spots, with lithium producer Tianqi Lithium up +15.0%, and gold miner Chifeng Gold off -10.6%.
Big Development: Hong Kong's red-hot IPO market had another active week, with four $100mm+ debuts. Temperature control equipment maker Sanhua ($1.2B) led the pack, and rose +8%.
Latest Listings: Also in Hong Kong, ride-hailing platform CaoCao ($240mm) fell -11%, jewelry retailer Zhou Liu Fu ($160mm) soared +67%, and perfume distributor Eternal Beauty ($120mm) slipped -24%. In Australia, airline Virgin Australia ($440mm) rose +12%, while gold and copper miner Greatland ($320mm) traded up +8%. Hospital operator SMC Hospitals ($500mm) ticked down -3% in its Tadawul debut. Online gaming developer Hacksaw ($350mm) traded flat in Stockholm. In Japan, IVF products maker Kitazato ($130mm) jumped +22%.
The Week Ahead: In India, non-bank lender HDB Financial Services ($1.4B) and real estate developer Kalpataru ($180mm) are set to list. Frozen food maker Anjoy ($340mm) and coconut water maker IFBH ($140mm) are both scheduled to debut in Hong Kong. Medical software provider Brainlab ($540mm) is set to make its Frankfurt debut, while residential community manager GemLife ($490mm) is scheduled to list in Australia.
The Pipeline: A few notable names launched IPOs, including life insurer FWD ($440mm) in Hong Kong, shipbuilder Daehan Shipbuilding ($340mm) in Seoul, and food products company Zito ($160mm) in Zagreb. Data center REIT NTT DC REIT filed for a Singapore IPO, while GPU developer Biren is reportedly close to filing for a Hong Kong listing. Ports operator MMC Ports confidentially filed for a Malaysian IPO. Investment data provider ISS Stoxx added banks to its upcoming Frankfurt IPO.
In India, digital payments platform Pine Labs, solar module maker Rayzon Solar, and mattress retailer Wakefit filed for listings. Student loan provider Credila filed updated papers, and regulators approved the IPO of non-bank lender Tata Capital.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 27th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Tianqi Lithium | 9696.HK | 15.0% |
| Amman Mineral Internasional | AMMN.IJ | 11.8% |
| CVC Capital Partners | CVC.NA | 11.0% |
| Kioxia (Toshiba Memory) | 285A.JP | 10.5% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 9.1% |
| Bottom 5 | ||
| Chifeng Jilong Gold Mining | 6693.HK | -10.6% |
| Rakuten Bank | 5838.JP | -6.6% |
| Renk | R3NK.GR | -4.6% |
| Springer Nature | SPG.GR | -3.3% |
| S.F. Holding | 6936.HK | -3.3% |
| Sectors | ||
| Materials | 4.7% | |
| Technology | 4.4% | |
| Real Estate | 4.4% | |
| Consumer Staples | 3.1% | |
| Financials | 3.0% | |
| Consumer Discretionary | 2.0% | |
| Industrials | 0.8% | |
| Health Care | 0.6% | |
| Communication Services | -3.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 3.9% last week vs. 3.4% for the iShares MSCI ACWI ex U.S. ETF.
