International IPO Index: International IPO markets were hit by AI valuation fears and profit-taking, as the Renaissance International IPO Index pulled back -2.1%, while the ACWX ex-US ETF rose +1.0%. Oncology biotech Kelun-Biotech was this week's top performer, up +13.7%. Tokyo-listed chip maker Kokusai Electric plunged -29.1% despite an earnings beat, as a shipment delay guided full-year results lower.
Big Development: Japan is gearing up for a blockbuster listing, as SBI Shinsei Bank readies a return to public markets as soon as next month. The deal could raise about $2.6 billion, in the country's largest IPO this year. The Nikkei 225 is up +32% over the last six months.
Latest Listings: India's three big IPOs this week fared well. Eyewear maker Lenskart ($820mm) ticked up +2%, investing platform Groww ($750mm) soared +48%, and payments platform Pine Labs ($440mm) rose +14%. In Hong Kong, Africa-focused hygiene products maker Softcare ($310mm) gained +18%.
The Week Ahead: Another batch of listings are set to hit India's active IPO market, including auto parts maker Tenneco India ($400mm), tutoring services provider Physics Wallah ($380mm), and solar panel maker Emmvee ($320mm). In Hong Kong, battery materials maker CNGR ($460mm) will be the city's latest cross-listing. Japanese consulting firm Northsand ($120mm) is set to debut in Tokyo.
The Pipeline: In Hong Kong, aluminum smelter Chuangxin Industries ($680mm) launched its IPO, medical equipment maker Mindray submitted filings, and logistics marketplace JD Industrials is planning investor meetings. Chinese optical module maker Zhongji Innolight tapped banks.
Natural gas transporter Esentia ($740mm) launched a Mexico IPO, the country's largest in over seven years. In South Africa, mobile telecom Cell C ($330mm) launched an IPO, while security firm Fidelity Services hired banks. Apparel maker HUMAN MADE ($110mm) upped the range for its Tokyo IPO. Indonesian digital bank Superbank tapped underwriters for a Jakarta IPO set for December. In India, e-commerce platform Meesho is close to launching an IPO, while regulators signed off on CleanMax and NephroPlus. Asset manager SBI Funds Management is weighing an Indian IPO that could raise $1.2 billion.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 14th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 13.7% |
| Zabka Group | ZAB.PW | 9.9% |
| Laopu Gold | 6181.HK | 8.8% |
| Mao Geping Cosmetics | 1318.HK | 8.6% |
| Lottomatica Group | LTMC.IM | 6.6% |
| Bottom 5 | ||
| Kokusai Electric | 6525.JP | -29.1% |
| Kioxia (Toshiba Memory) | 285A.JP | -16.7% |
| Zhejiang Sanhua Intelligent Controls | 2050.HK | -10.9% |
| JX Advanced Metals | 5016.JP | -10.5% |
| Ionos Group | IOS.GR | -8.3% |
| Sectors | ||
| Health Care | 6.1% | |
| Consumer Staples | 4.2% | |
| Consumer Discretionary | 4.2% | |
| Real Estate | 0.8% | |
| Materials | -1.5% | |
| Financials | -1.8% | |
| Industrials | -2.2% | |
| Communication Services | -2.8% | |
| Utilities | -7.1% | |
| Technology | -10.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.1% last week vs. 1.0% for the iShares MSCI ACWI ex U.S. ETF.
