International IPO Index: A new round of US tariff announcements fueled a drop in international markets this week, with the Renaissance International IPO Index down -4.3%, and the ACWX ex-US ETF off -3.4%. Hong Kong-listed names again took the top and bottom spots. Oncology biotech Kelun-Biotech rose +9.4%, while soft drink maker China Resources Beverage dropped -13.2%.
Big Development: Despite tariffs threatening to dent global trade, shipbuilder Daehan Shipbuilding ($360mm) soared +85% in its South Korean debut in an otherwise quiet week.
Latest Listings: Croatian food and agricultural group Zito ($150mm) rose +3% in Zagreb's largest IPO since 2007.
The Week Ahead: Most global markets are set to slow down for the annual August lull, but two sizable Indian IPOs are on the calendar for the coming week. Securities depository NSDL ($450mm) is scheduled to list in Mumbai, as is security camera maker Aditya Infotech ($150mm), which was over 100 times subscribed in its bookbuilding.
The Pipeline: In India, office REIT Knowledge Realty Trust ($540mm) joined the IPO calendar, while cement producer JSW Cement is eyeing a launch as soon as next week. Dialysis services provider NephroPlus filed for an IPO, and shareholders of eyewear producer Lenskart approved listing plans.
Saudi real estate developer Dar AlMajed ($330mm) launched a Tadawul IPO, drilling services provider Action Energy tapped banks for a Kuwaiti IPO, and the CEO of airline Etihad maintained that it is ready for its own listing. Malaysian port operator MMC Ports and Philippine water utility Maynilad Water Services are finalizing cornerstone investors for IPOs in the coming months. Chinese air conditioner maker AUX Electric is reportedly targeting September for its planned Hong Kong IPO. UK-based banking services provider Shawbrook Bank added underwriters for an eventual London listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Aug 1st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 9.4% |
| J&T Global Express | 1519.HK | 4.1% |
| Tokyo Metro | 9023.JP | 3.2% |
| Amman Mineral Internasional | AMMN.IJ | 2.7% |
| Ionos Group | IOS.GR | 0.2% |
| Bottom 5 | ||
| China Resources Beverage | 2460.HK | -13.2% |
| Tianqi Lithium | 9696.HK | -11.8% |
| Laopu Gold | 6181.HK | -9.7% |
| SCHOTT Pharma | 1SXP.GR | -8.8% |
| Horizon Robotics | 9660.HK | -8.3% |
| Sectors | ||
| Health Care | 4.0% | |
| Industrials | -1.2% | |
| Financials | -3.6% | |
| Real Estate | -4.1% | |
| Technology | -4.4% | |
| Communication Services | -4.5% | |
| Materials | -4.6% | |
| Consumer Staples | -5.3% | |
| Consumer Discretionary | -6.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -4.3% last week vs. -3.4% for the iShares MSCI ACWI ex U.S. ETF.
