International IPO Index: International markets tumbled this week, amid heightened fears of an AI bubble. The Renaissance International IPO Index fell -6.4%, while the ACWX ex-US ETF pulled back -2.8%. German names took this week's top and bottom spots. The biggest winner was web hosting service Ionos Group, which rose just +4.0%, while defense contractor Renk took the bottom spot, down -22.7% on disappointing guidance.
Big Development: Despite a market sell-off, this week's international IPOs fared well. Of the nine sizable listings, eight rose. Five soared +20% or more.
Latest Listings: Natural gas transporter Esentia ($550mm) ticked up +4% in its Mexican debut, the country's largest IPO in over seven years. A trio of sizable Indian IPOs traded up: Tenneco India ($410mm) jumped +21%, Physicswallah ($390mm) soared +29%, and Emmvee ($330mm) rose +7%. Turkish conglomerate Pasifik Holding ($140mm) gained +10% in Istanbul, while consulting firm Northsand ($120mm) popped +31% in Japan. Battery materials maker CNGR ($460mm) was the sole $100mm+ international IPO to fall this week, off -16%.
The Week Ahead: In Hong Kong, aluminum smelter Chuangxin Industries ($710mm) is scheduled to debut. South African mobile telecom Cell C ($330mm) is set to begin trading in Johannesburg. Apparel maker HUMAN MADE ($110mm) is scheduled to list in Tokyo. In Romania, meat products maker Cris-Tim ($100mm) is set to start trading.
The Pipeline: Construction firm SGTM ($540mm) launched an IPO in Morocco, while medical imaging products maker UltraGreen.ai ($400mm) launched an IPO in Singapore. Restaurant chain Xiao Noodles is nearing its own launch in Hong Kong. Insurance giant Chubb's Malaysian arm filed for a local IPO.
In India, e-commerce platform Meesho is nearing a launch, while regulators signed off on Silver and Snapdeal. Asset manager ICICI Prudential AMC is reportedly close to winning approval for its own IPO. Filings came from grocery chain More Retail and tractor parts maker Milestone.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 21st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Ionos Group | IOS.GR | 4.0% |
| Zabka Group | ZAB.PW | 3.5% |
| Pertamina Geothermal Energy | PGEO.IJ | 2.5% |
| Tokyo Metro | 9023.JP | 1.0% |
| Lottomatica Group | LTMC.IM | 0.9% |
| Bottom 5 | ||
| Renk | R3NK.GR | -22.7% |
| Zhejiang Leapmotor Technology | 9863.HK | -14.9% |
| Contemporary Amperex Technology (CATL) | 3750.HK | -14.2% |
| Horizon Robotics | 9660.HK | -12.2% |
| Rakuten Bank | 5838.JP | -11.1% |
| Sectors | ||
| Utilities | 2.5% | |
| Consumer Staples | -2.4% | |
| Consumer Discretionary | -3.8% | |
| Technology | -4.7% | |
| Real Estate | -5.1% | |
| Communication Services | -5.3% | |
| Materials | -5.6% | |
| Financials | -6.2% | |
| Health Care | -6.9% | |
| Industrials | -8.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -6.4% last week vs. -2.8% for the iShares MSCI ACWI ex U.S. ETF.
