International IPO Index: International markets tumbled this week, with the Renaissance International IPO Index off -2.4%, and the ACWX ex-US ETF down -0.6%. For a third straight week, Japanese memory chip maker Kioxia was the index's biggest winner, up another +11.2%. Hong Kong-listed gold jewelry retailer Laopu Gold took the bottom spot, down -10.9%.
Big Development: Hong Kong hosted a flurry of sizable listings, which struggled as global markets fell. That said, most recent debuts in Hong Kong are still above issue, and the city's active pipeline remains large.
Latest Listings: Nearly a dozen sizable listings hit international markets this week. The largest included four Hong Kong cross-listings with double-digit declines:
Auto maker Seres ($1.8B) fell -13% in Hong Kong
Autonomous driving firm Pony AI ($860mm) dropped -20% in Hong Kong
Water utility Maynilad Water Services ($570mm) traded flat in Manila
Auto parts maker Joyson Electronic ($440mm) slipped -16% in Hong Kong
Microlender servicer Optasia ($380mm) inched up +3% in Johannesburg
Autonomous driving firm WeRide ($310mm) dropped -22% in Hong Kong
The Week Ahead: India is set for three sizable IPOs: eyewear maker Lenskart ($820mm), investing platform Groww ($730mm), and payments platform Pine Labs ($430mm). Africa-focused hygiene products maker Softcare ($310mm) is scheduled to debut in Hong.
The Pipeline: India's IPO market churned out more launches, including auto parts maker Tenneco India ($400mm), tutoring services provider Physics Wallah ($380mm), and solar panel maker Emmvee ($320mm). Regulators approved the listings of e-commerce platform Meesho, and logistics platform Shiprocket. Renewable energy producer SAEL Industries filed for an IPO.
In Hong Kong, launches came from battery materials maker CNGR ($480mm) and pharmaceuticals maker Biokin Pharma ($410mm). Mobile telecom Cell C announced its intent for a Johannesburg IPO. In Singapore, medical imaging products provider UltraGreen.ai began investor meetings for a possible December IPO. Malaysian healthcare provider Sunway Healthcare is eyeing a January IPO. Swedish construction firm Eleda hired banks.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 7th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 11.2% |
| Midea Group | 300.HK | 2.6% |
| Kokusai Electric | 6525.JP | 2.3% |
| Foshan Haitian Flavouring and Food | 3288.HK | 2.0% |
| Onewo | 2602.HK | 1.3% |
| Bottom 5 | ||
| Laopu Gold | 6181.HK | -10.9% |
| Lottomatica Group | LTMC.IM | -10.2% |
| WuXi XDC Cayman | 2268.HK | -9.4% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -8.7% |
| Zhejiang Sanhua Intelligent Controls | 2050.HK | -7.8% |
| Sectors | ||
| Real Estate | 1.3% | |
| Communication Services | 0.0% | |
| Technology | -0.5% | |
| Industrials | -2.0% | |
| Utilities | -2.7% | |
| Consumer Staples | -3.0% | |
| Consumer Discretionary | -3.2% | |
| Materials | -3.5% | |
| Financials | -5.1% | |
| Health Care | -8.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.4% last week vs. -0.6% for the iShares MSCI ACWI ex U.S. ETF.
