International IPO Index: International new stocks outperformed this week, with the Renaissance International IPO Index up +2.5%, while the ACWX ex-US ETF fell -0.8%. Leading the charge was Hong Kong-listed logistics provider J&T Express, which jumped +22.8%. Hong Kong-listed gold jewelry maker Laopu Gold was the worst performer, down -7.2%.
The International IPO Index is now up +25% year-to-date, compared to +19% for the ACWX ex-US ETF.
Big Development: Hong Kong's IPO market had another standout week. Four sizable deals listed, and all traded up. Its pipeline got a boost as fast fashion giant SHEIN confidentially filed for an IPO in the city.
Latest Listings: In Hong Kong, mobile phone glass supplier Lens Technology ($610mm) ticked up +2%, pan-Asian life insurer FWD ($440mm) inched up +1%, warehouse robot maker Geekplus ($350mm) gained +10%, and circuits maker Fortior ($290mm) rose +9%. In Spain, casino operator Cirsa ($530mm) completed Europe's largest IPO since March and finished flat. Infrastructure company Chandra Daya Investasi ($150mm) surged +68% in Indonesia. Student recruitment platform Crizac ($100mm) soared +38% in India.
The Week Ahead: Data center REIT NTT DC REIT ($600mm), formed by Japanese telecom NTT, is scheduled to list in Singapore. Restaurant operator Travel Food Services ($230mm) is set to debut in India.
The Pipeline: In India, CRO and CDMO Anthem Biosciences ($390mm) launched an IPO, while asset management firm ICICI Prudential AMC and solar panel maker Emmvee both filed for IPOs. Wind power plant services provider INOX Clean Energy confidentially filed, and seafood supplier Captain Fresh restructured ahead of a potential IPO. In the UAE, airports operator Dubai Airports hired a financial adviser for a potential IPO.
ICYMI: We recently published our Q2 Recap of the Global IPO market. To read it, sign up for a free trial of IPO Pro.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 11th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| J&T Global Express | 1519.HK | 22.8% |
| Renk | R3NK.GR | 10.5% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 9.8% |
| Guming Holdings | 1364.HK | 8.6% |
| Ionos Group | IOS.GR | 8.2% |
| Bottom 5 | ||
| Laopu Gold | 6181.HK | -7.2% |
| Chifeng Jilong Gold Mining | 6693.HK | -6.7% |
| Kokusai Electric | 6525.JP | -6.1% |
| Zabka Group | ZAB.PW | -5.2% |
| Mao Geping Cosmetics | 1318.HK | -4.7% |
| Sectors | ||
| Industrials | 7.7% | |
| Real Estate | 5.7% | |
| Communication Services | 3.6% | |
| Health Care | 2.2% | |
| Consumer Staples | 1.9% | |
| Technology | 0.4% | |
| Financials | 0.2% | |
| Consumer Discretionary | -0.1% | |
| Materials | -1.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.5% last week vs. -0.8% for the iShares MSCI ACWI ex U.S. ETF.
