International IPO Index: International markets posted another volatile week as geopolitical uncertainty continued. The Renaissance International IPO Index fell -2.9%, while the ACWX ex-US ETF ticked down -0.1%. Spain's Puig Brands jumped +13.8% amid a takeover bid from Estee Lauder. Amsterdam-listed ammunition maker CSG was the worst performer, off -15.7%, as its first post-IPO earnings disappointed.
Big Development: Hong Kong's IPO market remains active, but not all listings are coasting through the gates. Traditional Chinese medicine provider Beijing TRT Healthcare ($110mm) postponed its planned IPO, citing market conditions.
Latest Listings: In Hong Kong, networking equipment provider FS.COM ($210mm) rose +11%, and chip designer NSING ($130mm) traded up +19%. Highway investment trust Raajmarg Infra Trust ($640mm) traded up +10% in India. In Kuwait, convenience store chain Trolley ($190mm) rose +22%. Norwegian maritime instruments maker General Oceans ($110mm) traded up +21%.
The Week Ahead: Five sizable listings are expected next week. In Hong Kong, semiconductor foundry Epiworld ($210mm), industrial robot maker Huayan Robotics ($200mm), and medical imaging equipment provider Diagens ($100mm) are all scheduled to trade. In India, mining consultancy CMPDI ($190mm) and generator provider Powerica ($120mm) are set to list.
The Pipeline: Marine shipping firm MTT Shipping ($160mm) launched its Malaysian IPO. In London, auto services firm RAC held investor meetings for an IPO, while auto insurer 1st Central tapped banks for a listing. Data center provider Firmus is readying an Australian roadshow. News agglomeration app SmartNews is preparing a Tokyo IPO for this fall.
In Hong Kong, digital marketing firm eclicktech filed papers, and electronics manufacturer Huaqin updated its filings. Manipal Hospitals filed for an Indian IPO that could raise $1.2 billion, while the country's regulators approved listings for renewable energy producer SAEL Industries and water infrastructure developer Vishvaraj Environment.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Mar 27th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Puig Brands | PUIG.SM | 13.8% |
| WuXi XDC Cayman | 2268.HK | 11.2% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 9.6% |
| Wuxi Lead Intelligent Equipment | 470.HK | 5.5% |
| Galderma | GALD.SW | 5.3% |
| Bottom 5 | ||
| CSG (Czechoslovak Group) | CSG.NA | -15.7% |
| MIXUE Group | 2097.HK | -15.3% |
| GigaDevice Semiconductor | 3986.HK | -12.9% |
| InnoScience Technology Holding | 2577.HK | -12.7% |
| Shenzhen Han’s CNC Technology | 3200.HK | -11.9% |
| Sectors | ||
| Health Care | 7.6% | |
| Financials | 0.3% | |
| Consumer Discretionary | -0.4% | |
| Consumer Staples | -1.7% | |
| Materials | -3.1% | |
| Industrials | -3.3% | |
| Technology | -7.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.9% last week vs. -0.1% for the iShares MSCI ACWI ex U.S. ETF.
