International IPO Index: International markets tumbled this week, as the Iran war sent shockwaves across the globe. The Renaissance International IPO Index fell -3.8%, while the ACWX ex-US ETF plunged -6.9%. Italian gaming company Lottomatica was this week's biggest winner, jumping +21.3%, while Jakarta-listed copper and gold miner Amman Mineral traded off -19.9% to take the bottom spot.
Big Development: Food ingredient producer AGT Foods ($330mm) fell -7% in an underwhelming Canadian debut. The country's IPO market has been relatively quiet recently, even as the S&P/TSX Composite Index has outperformed over the past year.
Latest Listings: Digital bank K Bank ($340mm) slipped -7% in its South Korean debut. Renewable power generator CleanMax ($340mm) dropped -16% in India. Electrical equipment maker Electro-Alfa ($140mm) jumped +30% in a rare Bucharest IPO. One China A-share debut, and soared over +115%.
The Week Ahead: Seven sizable listings are currently scheduled for the week ahead.
Oil pipeline company KPC ($820mm), in Nairobi, will be Kenya's largest IPO ever
Industrial and logistics REIT UI Boustead REIT ($770mm), in Singapore
Gearbox maker Zhaowei ($240mm), in Hong Kong
Industrial robot maker ESTUN AUTOMATION ($190mm), in Hong Kong
IoT supplier MeiG ($150mm), in Hong Kong
Submarine systems maker Gabler Group ($130mm), in Frankfurt
Electronic control firm SEDEMAC ($120mm), in India
The Pipeline: Even more companies are planning Hong Kong listings. Autonomous driving startup Momenta confidentially filed, while networking equipment provider FS.COM passed its listing hearing, and battery materials maker Canmax announced IPO plans. In South Korea, chip developer Rebellions hired JPMorgan to lead a listing. German military equipment maker VINCORION announced its intention to float. Insurance group Utmost Group tapped banks for a London IPO. Brazilian natural gas spin-off Compass announced it had filed papers.
In India, payments giant PhonePe is gearing up for an IPO that could come next month, while regulators approved the listing of gear maker Milestone. Personal finance platform Moneyview filed for an IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Mar 6th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Lottomatica Group | LTMC.IM | 21.3% |
| Destek Finans Faktoring | DSTKF.TI | 15.6% |
| Galderma | GALD.SW | 6.9% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 3.4% |
| Ionos Group | IOS.GR | 2.2% |
| Bottom 5 | ||
| Amman Mineral Internasional | AMMN.IJ | -19.9% |
| Lens Technology | 6613.HK | -14.9% |
| Zijin Gold International | 2259.HK | -10.3% |
| Laopu Gold | 6181.HK | -8.5% |
| MIXUE Group | 2097.HK | -8.5% |
| Sectors | ||
| Financials | 0.0% | |
| Consumer Discretionary | -1.4% | |
| Consumer Staples | -2.0% | |
| Communication Services | -2.5% | |
| Health Care | -2.6% | |
| Industrials | -3.3% | |
| Technology | -5.6% | |
| Materials | -8.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.8% last week vs. -6.9% for the iShares MSCI ACWI ex U.S. ETF.
