International IPO Index: International IPO markets underperformed broader global indexes, as the US-China trade war flared up again. The Renaissance International IPO Index slipped -2.1%, while the ACWX ex-US ETF gained +3.0%. Rallying gold prices propelled Hong Kong-listed jewelry maker Laopu Gold to the top spot with an +18.0% gain, while German military equipment maker Renk was the worst performer, off -16.3%.
Big Development: India's big IPO week produced positive results. Of the country's two billion-dollar deals, home appliances maker LG Electronics India ($1.3B) surged +46%, while non-bank lender Tata Capital ($1.7B) inched up +2%.
Latest Listings: Other sizable international listings also fared well. Semiconductor photomask maker Tekscend ($920mm) rose +14% in Tokyo. Construction firm ALEC ($380mm) traded sideways in Dubai. In Hong Kong, biotech Xuanzhu Biopharm ($100mm) popped +192%. Finnish postal service Posti Group ($100mm) rose +13% in Helsinki's largest IPO in nearly four years.
The Week Ahead: Two sizable Hong Kong listings are on the calendar. Wireless communication module maker Fibocom ($360mm) and ERP software provider JST Group ($270mm) are both set to debut.
The Pipeline: India-based eyewear maker Lenskart and auto parts maker Tenneco India are both preparing to launch IPOs. Meanwhile, data center carve-out Sify Infinit Spaces filed for an Indian IPO, and Coca Cola's Indian bottling unit met with banks. Two auto makers advanced Hong Kong IPO plans, as Seres met potential investors, and Afari Technology submitted papers. Two sizable Vietnamese investment banks progressed towards listing: VPS Securities ($460mm) and VPBank Securities ($170mm). Malaysian retailer Mr. D.I.Y. launched a Bangkok IPO of its Thai unit ($170mm). Australian veterinary chain Greencross tapped banks.
In Europe, Czech-based military equipment maker Czechoslovak Group is in talks for an Amsterdam IPO that could come as soon as January, while Romanian meat products maker Cris-Tim ($110mm) launched a Bucharest IPO. Website portfolio Dubizzle Group announced its intent to list in Dubai, while real estate group Dubai Investments Park hired banks.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Oct 17th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Laopu Gold | 6181.HK | 18.0% |
| Amman Mineral Internasional | AMMN.IJ | 8.1% |
| Mao Geping Cosmetics | 1318.HK | 7.3% |
| Kioxia (Toshiba Memory) | 285A.JP | 6.5% |
| Kokusai Electric | 6525.JP | 6.2% |
| Bottom 5 | ||
| Renk | R3NK.GR | -16.3% |
| Lens Technology | 6613.HK | -14.0% |
| Pertamina Geothermal Energy | PGEO.IJ | -13.0% |
| Zhejiang Leapmotor Technology | 9863.HK | -12.7% |
| Horizon Robotics | 9660.HK | -11.1% |
| Sectors | ||
| Consumer Discretionary | 1.6% | |
| Consumer Staples | 1.4% | |
| Materials | -1.1% | |
| Communication Services | -1.5% | |
| Technology | -3.3% | |
| Real Estate | -3.4% | |
| Industrials | -4.7% | |
| Financials | -4.9% | |
| Health Care | -6.0% | |
| Utilities | -13.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.1% last week vs. 3.0% for the iShares MSCI ACWI ex U.S. ETF.
