International IPO Index: International stocks continued their winning streak this week, with the Renaissance International IPO Index up +1.8%, while the ACWX ex-US ETF ticked up +0.6%. Tokyo-listed semiconductor company Kokusai Electric rose +23.1% this week to take the top spot, while Hong Kong-listed gold miner Chifeng Jilong Gold Mining was the worst performer, off -10.5%.
Big Development: Europe's IPO market is beginning to thaw. In Switzerland, online marketplace company SMG ($1.1B) rose +7% in its debut, Europe's largest in nearly a year. Several other large issuers announced listing plans this week, led by security systems provider Verisure, which could raise $3.7 billion in a Stockholm listing.
Latest Listings: US-listed lidar company Hesai ($530mm) rose +7% in its Hong Kong debut, while oncology biotech GenFleet ($230mm) surged +107%. Taiwan hosted a pair of hot uplistings: oncology equipment maker Hero Neutron ($280mm; +19%) and machine tool controller maker Syntec Technology ($120mm; +45%). Home services platform Urban Company ($220mm) soared +80% in India.
The Week Ahead: There are several sizable deals on the calendar for next week.
Auto giant Chery ($1.1B), Hong Kong
Bank NOBA ($810mm), Stockholm
Centurion Accommodation REIT ($600mm), Singapore
Gold mine developer Merdeka Gold ($280mm), Jakarta
Brewery Orion Breweries ($160mm), Tokyo
Solar panel firm Saatvik Green Energy ($100mm), Mumbai
The Pipeline: In Hong Kong, gold mining carve-out Zijin Gold International ($3.2B) an IPO set for later this month, 2025's second largest so far. Wireless communication module maker Fibocom got the regulatory nod for its Hong Kong listing, while medical equipment maker Mindray tapped banks for a possible $1 billion listing.
In India, scrap metal recycler Jain Resource Recycling ($140mm) launched an IPO, while digital payments platform Pine Labs began its roadshow. Regulators approved a slew of listings, including solar panel maker Emmvee and asset management firm Canara Robeco AMC. Retail investing platform Groww filed for an IPO.
Malaysia-based port operator MMC Ports is gauging investor interest for an IPO. Leading prosthetics maker Ottobock announced its intent for a Frankfurt IPO, while Emirati construction firm ALEC announced its intent for a Dubai IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 19th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kokusai Electric | 6525.JP | 23.1% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 19.1% |
| Mao Geping Cosmetics | 1318.HK | 10.0% |
| Ionos Group | IOS.GR | 8.0% |
| Zhejiang Leapmotor Technology | 9863.HK | 6.6% |
| Bottom 5 | ||
| Chifeng Jilong Gold Mining | 6693.HK | -10.5% |
| Amman Mineral Internasional | AMMN.IJ | -6.1% |
| Springer Nature | SPG.GR | -5.8% |
| Onewo | 2602.HK | -4.2% |
| Porsche AG | P911.GR | -2.2% |
| Sectors | ||
| Technology | 8.8% | |
| Industrials | 3.7% | |
| Health Care | 2.5% | |
| Consumer Staples | 1.1% | |
| Consumer Discretionary | 0.8% | |
| Financials | -0.7% | |
| Materials | -4.0% | |
| Real Estate | -4.2% | |
| Communication Services | -5.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.8% last week vs. 0.6% for the iShares MSCI ACWI ex U.S. ETF.
