International IPO Index: International new stocks outperformed benchmarks this week, as the Renaissance International IPO Index gained +1.2%, while the ACWX ex-US ETF ticked up +0.1%. Hong Kong-listed names again took the week's top and bottom spots, with oncology biotech Kelun-Biotech up +14.3% and tea chain Guming off -13.4%.
Big Development: Singapore's largest IPO in nearly six years, data center REIT NTT DC REIT ($600mm), failed to impress. Spun-out of Japanese telecom NTT, the REIT finished the week down -5%.
Latest Listings: Restaurant operator Travel Food Services ($230mm) inched up +4% in its Indian IPO. In Shanghai, renewable power generator Huadian New Energy ($2.2B) soared +109% in China's largest A-share listing in nearly two years.
The Week Ahead: CRO and CDMO Anthem Biosciences ($390mm) is set to list in India. Immuno-oncology biotech Leads Biolabs ($140mm) is scheduled to debut in Hong Kong.
The Pipeline: In India, WeWork India began pre-launch marketing for its upcoming IPO, while securities depository NSDL may start taking orders for its listing next week. Fertility services provider Indira IVF confidentially filed for a listing.
In Hong Kong, air conditioner maker AUX Electric filed for an IPO. AI developer MiniMax hired banks for a listing that could come this year, while robotics firm Unitree Robotics began working with CITIC on the pre-IPO "tutoring" process. Electronics charging products maker Anker and electronics glass cover manufacturer Biel Crystal are both reportedly planning to go public.
A few European names may be eyeing IPOs in the coming months. German drugmaker Stada resumed investor meetings after postponing its Frankfurt IPO. UK-based online travel services provider Loveholidays hired an adviser to explore a listing. The Belgian government is close to deciding whether to float major bank Belfius. In the Philippines, regulators gave the green light to the IPO of casino operator Hann Holdings.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 18th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 14.3% |
| Horizon Robotics | 9660.HK | 10.1% |
| Tianqi Lithium | 9696.HK | 9.5% |
| J&T Global Express | 1519.HK | 8.4% |
| WuXi XDC Cayman | 2268.HK | 7.6% |
| Bottom 5 | ||
| Guming Holdings | 1364.HK | -13.4% |
| Kioxia (Toshiba Memory) | 285A.JP | -5.4% |
| Laopu Gold | 6181.HK | -5.3% |
| Porsche AG | P911.GR | -4.9% |
| Springer Nature | SPG.GR | -4.6% |
| Sectors | ||
| Health Care | 10.9% | |
| Industrials | 2.5% | |
| Technology | 2.3% | |
| Financials | -0.1% | |
| Materials | -0.1% | |
| Consumer Discretionary | -0.3% | |
| Consumer Staples | -1.6% | |
| Real Estate | -2.0% | |
| Communication Services | -4.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.2% last week vs. 0.1% for the iShares MSCI ACWI ex U.S. ETF.
