International IPO Index: International markets pulled back this week, as the Renaissance International IPO Index dropped -5.1%, and the ACWX ex-US ETF fell -3.3%. Hong Kong-listed names took the top and bottom spots, with tea chain Guming up +14.8%, and CRO Wuxi XDC Cayman down -15.6%.
Big Development: Europe's IPO markets scored two big wins. Security systems provider Verisure ($3.7B) rose +22% in Stockholm, Europe's largest IPO since 2022. German prosthetics maker Ottobock ($820mm) traded up +5% in Frankfurt's largest listing of the year.
Latest Listings: Outside of Europe, gas storage firm Rockpoint Gas Storage ($500mm) rose +16% in Toronto, and workspace provider WeWork India ($340mm) slipped -3% in India.
The Week Ahead: A huge week for India, with five sizable Indian IPOs on the calendar, led by non-bank lender Tata Capital ($1.7B) and home appliance maker LG Electronics India ($1.3B).
Semiconductor photomask maker Tekscend ($920mm) is set to list in Tokyo. Construction firm ALEC ($380mm) is scheduled to debut in Dubai. Finnish postal service Posti ($100mm) is set to float in Helsinki, while biotech Xuanzhu Biopharm ($100mm) is set to trade in Hong Kong.
The Pipeline: In Hong Kong, construction machinery maker SANY is set to launch a potential $1.5 billion offering.
In India, retail investing platform Groww, renewable power generator CleanMax, and food products maker Orkla India are all teed up to launch IPOs that could come as soon as November. Regulators also approved listings for eyewear maker Lenskart, auto parts maker Tenneco India, and mattress maker Wakefit.
European tank maker KNDS and German online auto marketplace Mobile.de tapped banks or advisors ahead of possible 2026 listings. British bank Shawbrook announced its intent for a London IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Oct 10th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Guming Holdings | 1364.HK | 14.8% |
| Amman Mineral Internasional | AMMN.IJ | 6.9% |
| Pertamina Geothermal Energy | PGEO.IJ | 4.3% |
| S.F. Holding | 6936.HK | 3.9% |
| Chifeng Jilong Gold Mining | 6693.HK | 2.9% |
| Bottom 5 | ||
| WuXi XDC Cayman | 2268.HK | -15.6% |
| InnoScience Technology Holding | 2577.HK | -15.1% |
| Renk | R3NK.GR | -13.7% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -13.0% |
| Contemporary Amperex Technology (CATL) | 3750.HK | -11.1% |
| Sectors | ||
| Utilities | 4.3% | |
| Communication Services | 2.6% | |
| Consumer Staples | 1.3% | |
| Materials | 1.0% | |
| Real Estate | -1.3% | |
| Consumer Discretionary | -2.0% | |
| Financials | -3.4% | |
| Industrials | -5.8% | |
| Technology | -7.1% | |
| Health Care | -12.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -5.1% last week vs. -3.3% for the iShares MSCI ACWI ex U.S. ETF.
