International IPO Index: International markets bounced back this week, with the Renaissance International IPO Index up +3.9%, and the ACWX ex-US ETF up +3.2%. Hong Kong-listed names took all five top spots in the IPOXUS index, led by gold miner Chifeng Gold, up +16.4%. German military vehicle components maker Renk was the worst performer, down -10.0%.
Big Development: India's IPO markets produced two big winners this week. Securities depository NSDL ($460mm) surged +63%, while security camera maker Aditya Infotech ($150mm) soared +62%.
Latest Listings: Outside of India, two China A-shares listed, and both shot up over +130%.
The Week Ahead: Summer break continues for many global IPO markets, but cement producer JSW Cement ($400mm) is scheduled to list in India, while hotel REIT Kasumigaseki Hotel REIT ($190mm) is set to debut in Tokyo.
The Pipeline: In India, IPO launches came from office REIT Knowledge Realty Trust ($540mm) and jewelry retailer BlueStone ($170mm). Launches could also come soon from home and auto lender SK Finance and appliance maker LG Electronics India. Regulators approved the IPO of hotel company Prestige Hospitality, and non-bank lender Tata Capital updated its IPO papers.
Casino operator Hann Holdings reiterated its intent for a September IPO in Manila. Industrial robotics maker Huayan Robotics confidentially filed for a Hong Kong listing. Investment bank Techcom Securities announced its plans for a Vietnam IPO. Emirati aluminum producer EGA is reportedly reviving its listing plans.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Aug 8th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Chifeng Jilong Gold Mining | 6693.HK | 16.4% |
| Laopu Gold | 6181.HK | 16.3% |
| Tianqi Lithium | 9696.HK | 15.7% |
| JX Advanced Metals | 5016.JP | 12.6% |
| Zabka Group | ZAB.PW | 9.3% |
| Bottom 5 | ||
| Renk | R3NK.GR | -10.0% |
| Kioxia (Toshiba Memory) | 285A.JP | -2.5% |
| Kokusai Electric | 6525.JP | -1.7% |
| J&T Global Express | 1519.HK | -0.6% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -0.5% |
| Sectors | ||
| Materials | 10.2% | |
| Consumer Discretionary | 7.8% | |
| Financials | 6.8% | |
| Consumer Staples | 3.8% | |
| Real Estate | 2.6% | |
| Communication Services | 2.0% | |
| Technology | 1.2% | |
| Health Care | 0.2% | |
| Industrials | -0.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 3.9% last week vs. 3.2% for the iShares MSCI ACWI ex U.S. ETF.
