International IPO Index: International markets rose again this week, with the Renaissance International IPO Index gaining +2.1%, and the ACWX ex-US ETF rising +1.9%. Japanese memory chip maker Kioxia led the pack again, surging +44.9% this week amid an upgrade from Morgan Stanley. Hong Kong-listed lithium producer Tianqi Lithium was the worst performer, off -10.7%.
Measured by the index, international IPO markets have returned +37.5% year-to-date, compared to +23.3% for the ACWX.
Big Development: Europe's IPO market is gearing up its first fall test with Swiss online marketplace company SMG ($1.1B) listing in the week ahead.
Latest Listings: Saudi real estate developer Dar AlMajed ($340mm) slipped -9% in its Tadawul debut. In Taiwan, nutritional supplement maker Daiken Biomedical ($110mm) rose +32% in its uplisting.
The Week Ahead: SMG's Swiss IPO is set to lead. Oncology biotech GenFleet ($200mm) US-listed lidar provider Hesai Group ($500mm) and are scheduled to begin trading in Hong Kong. Home services platform Urban Company ($210mm) is set to list in India amid a significant oversubscription. Taiwan is scheduled to host a pair of uplistings: oncology equipment maker Heron Neutron ($280mm) and machine tool controller maker Syntec Technology ($120mm).
The Pipeline: India's pipeline is preparing for some big listings, including non-bank lender Tata Capital and appliance carve-out LG Electronics India, both of which could come next month. Hotel company Prestige Hospitality could also launch an IPO in October.
In Hong Kong, gold mining carve-out Zijin Gold International could launch a $3 billion IPO as soon as next week. Singapore's Centurion Accomodation REIT ($600mm) set terms for an IPO this week. Development-stage gold miner Merdeka Gold ($240mm) launched an Indonesian IPO. Japan-based brewery Orion Breweries ($150mm) upped the size of its Tokyo IPO. Travel agency Loveholidays confirmed it is weighing a London IPO while UK-based beauty device maker Beauty Tech Group announced an intention to float. Elsewhere in Europe, Nordic bank NOBA joined our IPO pipeline. Middle Eastern confectionary Bateel hired Morgan Stanley for a Tadawul listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 12th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 44.9% |
| Kokusai Electric | 6525.JP | 28.6% |
| Chifeng Jilong Gold Mining | 6693.HK | 15.5% |
| JX Advanced Metals | 5016.JP | 11.2% |
| Onewo | 2602.HK | 7.9% |
| Bottom 5 | ||
| Tianqi Lithium | 9696.HK | -10.7% |
| Puig Brands | PUIG.SM | -9.0% |
| Laopu Gold | 6181.HK | -5.1% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -3.3% |
| Rakuten Bank | 5838.JP | -3.3% |
| Sectors | ||
| Technology | 20.9% | |
| Real Estate | 7.9% | |
| Materials | 3.1% | |
| Communication Services | 0.4% | |
| Industrials | 0.2% | |
| Health Care | -0.1% | |
| Financials | -0.3% | |
| Consumer Discretionary | -1.4% | |
| Consumer Staples | -1.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.1% last week vs. 1.9% for the iShares MSCI ACWI ex U.S. ETF.
