International IPO Index: International markets had their third positive week in a row, with the Renaissance International IPO Index up +1.0%, and the ACWI ex-US ETF up +1.2%. Japanese names took the top and bottom spots this week, with metals company JX Advanced Metals up +11.5%, and chip equipment maker Kokusai Electric off -7.7%.
Big Development: While most markets remain nearly silent due to August holidays, India produced more sizable IPOs this week. Leading office REIT Knowledge Realty Trust ($550mm) rose +7%, while jewelry retailer BlueStone Jewellery ($180mm) traded up +6%.
Latest Listings: Outside of India, semiconductor materials supplier SICC ($260mm) ticked up +4% in its Hong Kong cross-listing.
The Week Ahead: India's listing streak is set to continue with solar module maker Vikram Solar ($230mm). Tungsten miner Jiaxin ($150mm) is set for a dual listing in Hong Kong and Kazakhstan. Battery and energy storage systems provider Shuangdeng ($110mm) is scheduled to list in Hong Kong amid significant retail interest.
The Pipeline: Several large Hong Kong filers this week, including electronics manufacturer Luxshare and circuit board maker Victory Giant Technology. Fast fashion giant SHEIN could relocate to China to speed up its own Hong Kong IPO.
Numerous sizable European IPOs are readying for the fall, with pharma company Stada and prosthetics maker Ottobock both reportedly reviving Frankfurt listing plans. Online marketplace portfolio SMG is weighing a Swiss IPO that could come in September. In India, non-bank lender Tata Capital is gearing up to launch an IPO that could raise $2 billion. In South Korea, pharma company Myung In Pharma ($130mm) launched an IPO, while fashion retail platform Musinsa invited banks to pitch for a listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Aug 22nd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| JX Advanced Metals | 5016.JP | 11.5% |
| Zhejiang Leapmotor Technology | 9863.HK | 8.6% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 7.5% |
| Onewo | 2602.HK | 7.3% |
| SCHOTT Pharma | 1SXP.GR | 4.2% |
| Bottom 5 | ||
| Kokusai Electric | 6525.JP | -7.6% |
| WuXi XDC Cayman | 2268.HK | -7.3% |
| Tianqi Lithium | 9696.HK | -7.3% |
| Laopu Gold | 6181.HK | -6.6% |
| Kioxia (Toshiba Memory) | 285A.JP | -6.1% |
| Sectors | ||
| Real Estate | 7.3% | |
| Consumer Staples | 2.6% | |
| Consumer Discretionary | 1.2% | |
| Materials | 0.8% | |
| Industrials | 0.6% | |
| Health Care | 0.1% | |
| Communication Services | -0.4% | |
| Financials | -2.2% | |
| Technology | -3.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.0% last week vs. 1.2% for the iShares MSCI ACWI ex U.S. ETF.
