International IPO Index: International new stocks continued their hot streak. The Renaissance International IPO Index jumped +5.3%, while the ACWX ex-US ETF rose +2.8%. Japanese memory chip maker Kioxia surged +40.6% to take the top spot, as global chip demand continues to soar. German web hosting service Ionos Group slipped -12.0% to take the bottom spot.
Big Development: Hong Kong's IPO market had another big win this week. Gold mining carve-out Zijin Gold International ($3.2B) surged +90% in its blockbuster debut, the second-largest deal of the year, and the largest excluding cross-listings.
Latest Listings: Another Hong Kong IPO, auto connectivity firm PATEO ($140mm), jumped +51%. A world away, Angolan bank BFA ($240mm) surged +102% in the country's largest-ever IPO. In London, beauty device maker Beauty Tech Group ($140mm) rose +6%. Pharma company Myung In Pharm ($140mm) soared +100% in South Korea. Scrap metal recycler Jain Resource Recycling ($140mm) rose +31% in India.
The Week Ahead: Security alarm provider Verisure ($3.7B) is set to debut in Stockholm in Europe's largest listing since 2022. Also in Europe, prosthetics maker Ottobock ($800mm) is scheduled to debut in Frankfurt. In India, office space provider WeWork India ($330mm) is on the calendar to list.
The Pipeline: Two billion-dollar deals in India joined the IPO calendar: non-bank lender Tata Capital ($1.7B) and home appliance maker LG Electronics India ($1.3B). Indian life insurer Canara HSBC Life kicked off its roadshow, while regulators greenlit asset manager Canara Robeco AMC and marketing software provider Capillary Technologies. 11 more companies also filed to raise $100mm or more.
More encouraging news out of Europe this week. Finland's national postal service Posti ($100mm) launched a Helsinki IPO. In the UK, food products maker Princes Group and Shawbrook Bank are preparing offerings. Germany's TK Elevator tapped advisers for a possible Frankfurt listing.
In Hong Kong, logistics marketplace JD Industrials is set to launch its IPO, while EV brand VOYAH submitted filings. Emirati real estate developer Binghatti is working with banks for a listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Oct 3rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 40.6% |
| Zhejiang Sanhua Intelligent Controls | 2050.HK | 18.6% |
| JX Advanced Metals | 5016.JP | 18.1% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 15.5% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 15.1% |
| Bottom 5 | ||
| Ionos Group | IOS.GR | -12.0% |
| Tokyo Metro | 9023.JP | -5.9% |
| Guming Holdings | 1364.HK | -3.2% |
| Zabka Group | ZAB.PW | -3.1% |
| J&T Global Express | 1519.HK | -2.4% |
| Sectors | ||
| Health Care | 12.4% | |
| Technology | 10.3% | |
| Materials | 7.5% | |
| Industrials | 6.0% | |
| Financials | 5.0% | |
| Utilities | 4.1% | |
| Consumer Discretionary | 0.0% | |
| Consumer Staples | -0.5% | |
| Real Estate | -1.1% | |
| Communication Services | -1.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 5.3% last week vs. 2.8% for the iShares MSCI ACWI ex U.S. ETF.
