International IPO Index: International new stocks soared this week, as the Renaissance International IPO Index jumped +7.8%, compared to a +1.7% gain for the ACWX ex-US ETF. Several Tokyo-listed names topped the list of winners, led by metals company JX Advanced Metals, which traded up +33.2% on strong earnings. Stockholm-listed security systems provider Verisure fell -13.5% to take the bottom spot.
The Renaissance International IPO Index is now up +17.8% YTD, following a +37.2% rise in 2025.
Big Development: Another Hong Kong chip IPO surged this week, as chip designer Montage Technology ($900mm) popped +73% in its cross-listing. Hong Kong has had six sizable semiconductor debuts this year, five of which have traded up.
Latest Listings: Hong Kong hosted a handful of other notable deals this week. Industrial machinery maker Lead ($630mm) ticked down -1%, chip designer Axera ($380mm) traded flat, and cable maker Woer ($360mm) inched up +3%. Mainland China's A-share market also hosted three sizable IPOs, which all traded up.
The Week Ahead: Two $100mm+ Indian IPOs are set to list next week. Enterprise AI provider Fractal Analytics ($310mm) and non-bank lender Aye Finance ($110mm) are currently on the calendar.
The Pipeline: India's pipeline continues to be active. The NSE of India appointed Rothschild for a planned IPO, while renewable power generator CleanMax raised pre-IPO funding. Leading mobile payments platform PhonePe is reportedly planning to launch its listing in April.
Electronics manufacturer Huaqin is reportedly planning a Hong Kong listing that could come this quarter. In Malaysia, healthcare provider Sunway Healthcare is working with banks to submit new papers. Beverage ingredients provider Prodalim filed for a Tel Aviv IPO. Event planning firm Richard Attias & Associates tapped banks for a Tadawul IPO. Australia-based data center firm Firmus reiterated its intent to go public this year. KTZh, the national rail company of Kazakhstan, is weighing a potential billion-dollar IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Feb 13th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| JX Advanced Metals | 5016.JP | 33.2% |
| Kioxia (Toshiba Memory) | 285A.JP | 19.6% |
| InnoScience Technology Holding | 2577.HK | 17.6% |
| Horizon Robotics | 9660.HK | 11.2% |
| Destek Finans Faktoring | DSTKF.TI | 10.3% |
| Bottom 5 | ||
| Verisure | VSURE.SS | -13.5% |
| Ionos Group | IOS.GR | -10.0% |
| NOBA Bank Group | NOBA.SS | -8.8% |
| Mao Geping Cosmetics | 1318.HK | -4.4% |
| Guming Holdings | 1364.HK | -3.7% |
| Sectors | ||
| Materials | 10.7% | |
| Technology | 7.9% | |
| Financials | 2.7% | |
| Health Care | 2.1% | |
| Consumer Discretionary | 1.8% | |
| Industrials | 1.3% | |
| Consumer Staples | -1.1% | |
| Communication Services | -3.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 7.8% last week vs. 1.7% for the iShares MSCI ACWI ex U.S. ETF.
