International IPO Index: International new stocks continued to outperform this week, with the Renaissance International IPO Index up +2.3%, while the ACWX ex-US ETF ticked up +1.0%. Mining companies took this week's top and bottom spots, as Hong Kong-listed gold miner Zijin Gold International jumped +24.0%, while Jakarta-listed copper and gold miner Amman Mineral dropped -10.3%.
Big Development: Against the backdrop of heightened geopolitical volatility surrounding Greenland, Europe hosted a blockbuster defense IPO this week. Ammunition maker CSG ($3.9B) soared +31% on Amsterdam's bourse in Europe's largest listing in over three years.
Latest Listings: India hosted a pair of sizable IPOs this week, as ad platform Amagi ($200mm) ticked up +4%, and coal coke producer BCCL ($120mm) surged +59%. Consumer electronics maker Longcheer ($210mm) traded flat in its Hong Kong cross-listing.
The Week Ahead: Chinese snack food store chain Busy Ming ($420mm) is set to debut in Hong Kong, while Indian e-commerce logistics firm Shadowfax ($210mm) is scheduled to list in Mumbai.
The Pipeline: In India, mobile payments platform PhonePe, seed supplier Advanta Enterprises, and alternative asset manager EAAA India Alternatives all filed for IPOs. Regulators in the country approved a slew of listings, including building material market Infra.Market and data center carve-out Sify Infinit Spaces.
Europe may host another blockbuster defense IPO that could come this summer, as tank maker KNDS tapped banks for a Frankfurt-Paris dual listing.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jan 23rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Zijin Gold International | 2259.HK | 24.0% |
| Chifeng Jilong Gold Mining | 6693.HK | 23.7% |
| Laopu Gold | 6181.HK | 20.5% |
| Kioxia (Toshiba Memory) | 285A.JP | 17.5% |
| SANY Heavy Industry | 6031.HK | 10.5% |
| Bottom 5 | ||
| Amman Mineral Internasional | AMMN.IJ | -10.3% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -9.3% |
| InnoScience Technology Holding | 2577.HK | -8.5% |
| Galderma | GALD.SW | -5.8% |
| J&T Global Express | 1519.HK | -5.6% |
| Sectors | ||
| Materials | 9.8% | |
| Technology | 3.6% | |
| Consumer Discretionary | 3.1% | |
| Consumer Staples | 2.1% | |
| Financials | 1.9% | |
| Industrials | -1.3% | |
| Communication Services | -2.0% | |
| Health Care | -5.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.3% last week vs. 1.0% for the iShares MSCI ACWI ex U.S. ETF.
