International IPO Index: International markets posted mixed results this week, with the Renaissance International IPO Index down -0.9%, and the ACWS ex-US ETF up +0.4%. The International IPO Index is still near a three year high. Tokyo-listed names took the top and bottom spots, with metals company JX Advanced Metals trading up +22.7%, and digital bank Rakuten Bank falling -29.0%.
Big Development: After a brief pause for the Lunar New Year, Hong Kong's IPO market is back, and three deals are now set to list in early March: Gearbox maker Zhaowei ($250mm), industrial robot maker ESTUN ($210mm), and communication module maker MeiG ($130mm).
Latest Listings: No major international IPOs debuted this past week.
The Week Ahead: At least four IPOs are scheduled, including South Korean online bank K Bank ($340mm), Indian renewable power generator Clean Max ($330mm) which has seen a weak bookbuild, Kuwaiti convenience store chain Trolley ($190mm), and Romanian electrical equipment maker Electro-Alfa ($140mm).
The Pipeline: India's recent IPO activity has underwhelmed, but more companies are now lining up to list. The NSE of India invited banks to pitch for its planned blockbuster IPO, while Carlsberg India hired banks for its own listing. Electronic control unit manufacturer SEDEMAC ($120mm) launched an IPO, while office REIT Bagmane REIT and data center carve-out Sify Infinit Spaces are also targeting March listings.
Singapore's Boustead launched an IPO for its logistics and industrial REIT ($770mm), while healthcare provider Sunway Healthcare ($740mm) launched a Malaysian IPO. Submarine equipment maker Gabler Group ($130mm) launched a Frankfurt listing. In Hong Kong, agrochemical giant Syngenta is closer to a potential $10 billion IPO. Canada-based drugmaker Apotex hired banks for a listing. Oil well pump maker AlKhorayef Petroleum tapped banks for a Tadawul IPO. Brazil's Cosan said it is weighing a listing of Compass Gas.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Feb 27th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| JX Advanced Metals | 5016.JP | 22.7% |
| Destek Finans Faktoring | DSTKF.TI | 17.4% |
| InnoScience Technology Holding | 2577.HK | 10.9% |
| Zijin Gold International | 2259.HK | 9.2% |
| Chifeng Jilong Gold Mining | 6693.HK | 7.4% |
| Bottom 5 | ||
| Rakuten Bank | 5838.JP | -29.0% |
| Zhejiang Sanhua Intelligent Controls | 2050.HK | -9.8% |
| MIXUE Group | 2097.HK | -9.1% |
| Mao Geping Cosmetics | 1318.HK | -8.3% |
| Horizon Robotics | 9660.HK | -7.8% |
| Sectors | ||
| Materials | 9.0% | |
| Communication Services | 2.7% | |
| Technology | 1.0% | |
| Consumer Discretionary | -0.8% | |
| Consumer Staples | -3.3% | |
| Industrials | -3.9% | |
| Financials | -4.8% | |
| Health Care | -5.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.9% last week vs. 0.4% for the iShares MSCI ACWI ex U.S. ETF.
