International IPO Index: International new stocks once again outperformed this week, with the Renaissance International IPO Index up +1.8%, while the ACWX ex-US ETF inched up +0.3%. Japanese memory chip maker Kioxia took the top spot, up +23.2%. Hong Kong-listed chip company InnoScience Technology dropped -9.1% to take the bottom spot.
The Int'l IPO Index finished January up +13.7%, an impressive start to the year after 2025's gain of +37.2%. Deal flow follows performance, so expect international markets to pick up steam for an active 2026.
Big Development: Hong Kong's IPO market continues to lead international activity. Six sizable deals launched in the city this week, including two raising over $1 billion. The city's most recent debut, snack food retailer Busy Ming ($470mm), was more than 1,500 times oversubscribed, and soared +74%.
Latest Listings: Other listings included Indian e-commerce logistics firm Shadowfax ($210mm) which dropped -14% in its debut. Austria-based electrical equipment maker ASTA Energy Solutions ($200mm) jumped +36% in Frankfurt. China's A-share market hosted a pair of sizable deals, which both soared.
The Week Ahead: Four $100mm+ listings are scheduled to start trading in Hong Kong. Pork producer Muyuan Foods ($1.4B) is set to lead, followed by energy drink maker Eastroc Beverage ($1.3B). PCB equipment maker Han's CNC ($620mm) and chemicals producer Gon ($150mm) are also on the calendar.
The Pipeline: In India, industrial parts maker Indo-MIM is preparing for an IPO launch, while regulators approved another batch of listings, including real estate developer Eldeco. Enterprise AI provider Fractal Analytics and insurtech Turtlemint are preparing for IPOs in the coming months. Regulators also gave a preliminary nod for the NSE of India to list.
In the UK, travel agency Loveholidays is gearing up for a listing that could come in March, while auto services firm RAC tapped banks for a listing. Spain-based renewable energy firm Ignis tapped Citi for a potential IPO. Australian veterinary chain Greencross began meeting investors for a listing. JD's logistics arm JD Property refiled for a Hong Kong IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jan 30th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 23.2% |
| Destek Finans Faktoring | DSTKF.TI | 14.3% |
| Zijin Gold International | 2259.HK | 6.2% |
| Amman Mineral Internasional | AMMN.IJ | 5.6% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 4.2% |
| Bottom 5 | ||
| InnoScience Technology Holding | 2577.HK | -9.1% |
| Horizon Robotics | 9660.HK | -9.1% |
| Renk | R3NK.GR | -8.7% |
| WuXi XDC Cayman | 2268.HK | -8.5% |
| Seres Group (Chongqing Sokon Industrial) | 9927.HK | -8.3% |
| Sectors | ||
| Financials | 3.3% | |
| Materials | 1.9% | |
| Technology | -1.3% | |
| Consumer Discretionary | -2.3% | |
| Industrials | -3.4% | |
| Consumer Staples | -4.2% | |
| Communication Services | -4.4% | |
| Health Care | -6.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.8% last week vs. 0.3% for the iShares MSCI ACWI ex U.S. ETF.
