International IPO Index: Fallout from the Iran war continued to dampen international markets. The Renaissance International IPO Index dropped -2.9%, while the ACWX ex-US ETF fell -1.6%. Hong Kong-listed battery maker CATL jumped +21.1% on earnings to take the top spot, while the biggest loser was Jakarta-listed copper and gold miner Amman Mineral, down -19.2%.
Big Development: Investor caution resulted in middling returns for this week's international IPOs, which averaged a -2% loss.
Latest Listings: There were seven $100mm+ listings this week.
Oil pipeline company KPC ($820mm); +1% in Kenya's largest IPO ever
Industrial and logistics REIT UI Boustead REIT ($770mm); -8% in Singapore
Gearbox maker Zhaowei ($240mm); +8% in Hong Kong
Industrial robot maker ESTUN AUTOMATION ($190mm); -16% in Hong Kong
IoT supplier MeiG ($150mm); -9% in Hong Kong
Submarine systems maker Gabler Group ($130mm); +3% in Frankfurt
Electronic control firm SEDEMAC ($120mm); +8% in India
The Week Ahead: Healthcare provider Sunway Healthcare ($720mm) is set for Malaysia's largest IPO in nearly nine years. Printed circuit board (PCB) maker Delton Technology ($420mm) is scheduled to debut in Hong Kong. In Frankfurt, military equipment maker VINCORION ($350mm) is set to trade.
The Pipeline: Despite rough conditions, several large names are preparing Indian IPOs. The NSE of India tapped a record 20 banks for a listing, while leading online retailer Flipkart prepping its bake-off, and payments giant PhonePe filed updated papers.
More companies are gearing up for Hong Kong listings. Networking equipment provider FS.COM ($200mm) and chip designer NSING ($130mm) both launched, while PCB maker Victory Giant Technology, AI drug discovery platform Earendil Labs, and semiconductor display panel maker Everdisplay all advanced towards listings in the city. In Malaysia, shipping company MTT Shipping tapped banks. Singaporean industrial real estate developer GLP and Nigeria's Dangote Refinery also tapped banks.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Mar 13th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Contemporary Amperex Technology (CATL) | 3750.HK | 21.1% |
| Kioxia (Toshiba Memory) | 285A.JP | 5.5% |
| Seres Group (Chongqing Sokon Industrial) | 9927.HK | 2.8% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 2.2% |
| MIXUE Group | 2097.HK | 2.1% |
| Bottom 5 | ||
| Amman Mineral Internasional | AMMN.IJ | -19.2% |
| Kokusai Electric | 6525.JP | -14.5% |
| Zijin Gold International | 2259.HK | -10.3% |
| WuXi XDC Cayman | 2268.HK | -9.2% |
| Galderma | GALD.SW | -7.8% |
| Sectors | ||
| Industrials | 0.8% | |
| Communication Services | -0.4% | |
| Consumer Discretionary | -0.6% | |
| Financials | -1.7% | |
| Consumer Staples | -2.2% | |
| Health Care | -3.0% | |
| Technology | -4.4% | |
| Materials | -7.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.9% last week vs. -1.6% for the iShares MSCI ACWI ex U.S. ETF.
