International IPO Index: International IPO markets had another positive week, with the Renaissance International IPO Index up +2.1%, compared to +1.6% for the ACWX ex-US ETF. German publisher Springer Nature took the top spot, up +19.6%. Chinese cosmetics brand Mao Geping Cosmetics was the week's loser, off -9.4% in Hong Kong.
Big Development: Hong Kong is staging a comeback this year, helped by domestic cross-listings and market reforms. On that note, Reuters reports a new wave of confidential filings in Hong Kong, now allowed under a recent rule change.
Latest Listings: The week's largest offering, Indian cement producer JSW Cement ($412mm), declined about -1% in Mumbai. Kasumigaseki Hotel REIT ($194mm) traded up slightly in Tokyo. Chinese obesity drug developer Innogen Pharmaceutical was the week's hottest international offering with a more than +200% gain, though it didn't meet our deal size cutoff of $100 million.
The Week Ahead: Four deals are set to trade on the international IPO calendar. India will see Blackstone-backed office REIT Knowledge Realty Trust ($539mm) and retailer BlueStone Jewellery. In Hong Kong, semiconductor materials supplier SICC will complete the latest cross-listing. Saudi real estate developer Dar AlMajed Real Estate will trade on the Tadawul.
The Pipeline: International IPO markets are still in the middle of the summer doldrums. Carlyle-backed Orion Breweries, which makes a solid lager, is said to be planning a Tokyo IPO as soon as September. Thyssenkrupp's naval division is teed up for a Frankfurt listing in October via shareholder spinoff. Indian AI and analytics unicorn Fractal filed for a possible $560 million IPO that could value it at $3.5 billion. Bain Capital is reportedly weighing a sale or Amsterdam IPO of Finnish materials company Ahlstrom. One of the world's largest gold miners, Uzbekistan's Navoi Mining, is said to be eyeing a dual listing that could fetch it a $20 billion valuation.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Aug 15th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Springer Nature | SPG.GR | 19.6% |
| Rakuten Bank | 5838.JP | 15.4% |
| WuXi XDC Cayman | 2268.HK | 11.1% |
| Tianqi Lithium | 9696.HK | 10.6% |
| JX Advanced Metals | 5016.JP | 8.8% |
| Bottom 5 | ||
| Mao Geping Cosmetics | 1318.HK | -9.4% |
| Guming Holdings | 1364.HK | -9.1% |
| SCHOTT Pharma | 1SXP.GR | -5.3% |
| Chifeng Jilong Gold Mining | 6693.HK | -5.2% |
| Ionos Group | IOS.GR | -4.6% |
| Sectors | ||
| Communication Services | 19.6% | |
| Health Care | 9.4% | |
| Financials | 5.3% | |
| Real Estate | 2.5% | |
| Materials | 1.4% | |
| Technology | 0.9% | |
| Consumer Discretionary | 0.6% | |
| Industrials | -0.1% | |
| Consumer Staples | -3.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.1% last week vs. 1.6% for the iShares MSCI ACWI ex U.S. ETF.
