International IPO Index: International IPOs outperformed again this week, as US-China trade relations struck an optimistic note: The Renaissance International IPO Index rose +1.3%, while the ACWX ex-US ETF slipped -0.3%. Japanese memory chip maker Kioxia topped the charts again, as it surged an additional +23.3%. Indonesian copper and gold miner Amman Mineral was the worst performer, off -7.5%.
The Renaissance International IPO Index is now up +41.6% for 2025, so far one of its best years on record.
Big Development: A pair of IPOs in London raised a combined $930mm, the most in a single week in over four years. Food products maker Princes Group ($470mm) finished flat, while bank Shawbrook ($460mm) rose +6%.
Latest Listings: In addition, there were two sizable Hong Kong cross-listings: Chinese construction machinery maker SANY ($1.7B) rose +10%, and wireless communication equipment maker CIG Shanghai ($590mm) traded up +19%. Three China A-share IPOs also began trading, all of which soared over +90%.
The Week Ahead: At least nine sizable ($100mm+) international deals are set to debut, including four auto-related cross-listings in Hong Kong. Below are the six raising at least $300mm (full Non-US Calendar only on IPO Intelligence).
Auto maker Seres ($1.1B), Hong Kong
Autonomous driving firm Pony AI ($970mm), Hong Kong
Water utility Maynilad Water Services ($570mm), Manila
Auto parts maker Joyson Electronic ($470mm), Hong Kong
Autonomous driving firm WeRide ($400mm), Hong Kong
Microlender servicer Optasia ($380mm), Johannesburg
The Pipeline: Eyewear maker Lenskart ($810mm) and online investing platform Groww ($730mm) both launched Indian IPOs, while enterprise AI provider Fractal Analytics, tutoring services provider Physics Wallah, and power producer Juniper Green Energy are all approaching launches. India's regulators approved the listings of cloud kitchen operator Curefoods and dairy products maker Milky Mist.
In Hong Kong, hygiene products maker Softcare ($290mm) launched, while fresh filings came from logistics marketplace Lalatech and battery maker Hithium. European telecom Digi Communications hired banks for an IPO of its Spanish unit.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Oct 31st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 23.3% |
| Kokusai Electric | 6525.JP | 16.3% |
| InnoScience Technology Holding | 2577.HK | 11.6% |
| WuXi XDC Cayman | 2268.HK | 6.5% |
| Puig Brands | PUIG.SM | 6.3% |
| Bottom 5 | ||
| Amman Mineral Internasional | AMMN.IJ | -7.5% |
| Mao Geping Cosmetics | 1318.HK | -6.4% |
| Ionos Group | IOS.GR | -5.8% |
| J&T Global Express | 1519.HK | -4.3% |
| Onewo | 2602.HK | -3.5% |
| Sectors | ||
| Technology | 7.2% | |
| Health Care | 2.3% | |
| Consumer Staples | 0.7% | |
| Financials | 0.5% | |
| Industrials | -0.7% | |
| Consumer Discretionary | -1.0% | |
| Materials | -1.8% | |
| Utilities | -1.9% | |
| Communication Services | -3.1% | |
| Real Estate | -3.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.3% last week vs. -0.3% for the iShares MSCI ACWI ex U.S. ETF.
