International IPO Index: International new stocks outperformed this week. The Renaissance International IPO Index rose +0.4%, while the ACWX ex-US ETF tumbled -2.7%. Hong Kong-listed battery maker CATL took the top spot, up +12.4%, and Stockholm-listed bank NOBA was the worst performer, down -9.0%.
Big Development: Despite geopolitical volatility, international IPO activity continues to roll. All three sizable listings this week traded up, and several deals launched.
Latest Listings: In Malaysia, healthcare provider Sunway Healthcare ($720mm) gained +31%. PCB maker Delton ($420mm) popped +34% in Hong Kong. Germany's latest military equipment IPO VINCORION ($350mm) rose +10% in Frankfurt.
The Week Ahead: An active Hong Kong IPO market will see listings from networking equipment provider FS.COM ($200mm) and chip designer NSING ($130mm). Highway investment trust Raajmarg Infra Trust ($650mm) is scheduled to debut in India. Two smaller deals are set to list in Kuwait and Norway - see their names on the IPO Pro version of this newsletter.
The Pipeline: Several companies launched Hong Kong listings, including epitaxy foundry Epiworld ($210mm), industrial robot maker Huayan Robotics ($180mm), traditional Chinese medicine provider Beijing TRT Healthcare ($110mm), and medical imaging equipment provider Diagens ($110mm). Industrial AI agent provider SmartMore filed for an IPO, while auto platform Dongchedi tapped banks.
In India, mobile telecom Reliance Jio grabbed headlines, tapping 17 banks for a potential $4.5 billion listing. Launches in India came from mining consultancy CMPDI ($190mm) and generator provider Powerica ($120mm). Several large European names are also preparing IPOs, including Franco-German tank maker KNDS and Danish pharma company Leo Pharma. In Australia, nursing home chain Estia Health began investor meetings, while data center firm Firmus added to its syndicate.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Mar 20th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Contemporary Amperex Technology (CATL) | 3750.HK | 12.4% |
| Guming Holdings | 1364.HK | 6.8% |
| Kioxia (Toshiba Memory) | 285A.JP | 6.1% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 5.8% |
| Destek Finans Faktoring | DSTKF.TI | 5.4% |
| Bottom 5 | ||
| NOBA Bank Group | NOBA.SS | -9.0% |
| SANY Heavy Industry | 6031.HK | -8.1% |
| Amman Mineral Internasional | AMMN.IJ | -6.5% |
| JX Advanced Metals | 5016.JP | -6.5% |
| Zijin Gold International | 2259.HK | -6.4% |
| Sectors | ||
| Consumer Staples | 2.4% | |
| Health Care | 1.6% | |
| Technology | 0.9% | |
| Industrials | -0.8% | |
| Consumer Discretionary | -0.9% | |
| Financials | -1.6% | |
| Materials | -3.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.4% last week vs. -2.7% for the iShares MSCI ACWI ex U.S. ETF.
