International IPO Index: International stocks had a mixed week, as the Renaissance International IPO Index traded flat, while the ACWX ex-US ETF fell -1.6%. Turkey-listed factoring services provider Destek Faktoring traded up +15.7% to take the top spot, while Jakarta-listed copper and gold miner Amman Mineral was the worst performer, off -9.9%.
Big Development: Another semiconductor name had a hot Hong Kong debut this week. Circuit board maker Victory Giant ($2.6B) soared +50% in the city's largest listing in nearly seven months.
Latest Listings: Also in Hong Kong, electronics manufacturer Huaqin ($580mm) rose +14% in its listing. Marine shipper MTT Shipping ($160mm) ticked down -8% in its Malaysian IPO. Three China A-shares also debuted, and all traded up.
The Week Ahead: Hong Kong's hot IPO market is set to host a trio of sizable listings. Computing card maker Lightelligence ($310mm), diversified biotech Mabwell ($170mm), and payment terminal maker Sunmi ($140mm) are all on the calendar to debut. Copper miner Lumina Metals ($300mm) is set for a Toronto-Warsaw dual listing. In India, highway investment trust Citius TransNet ($120mm) is scheduled to debut.
The Pipeline: More big names are moving to list in Hong Kong, including optical module makers Zhongji Innolight, which reportedly upped its prospective deal size to $5 billion, and Eoptolink, which could raise $3 billion. Also in the city, surgical implant maker Star Sports Med ($110mm) set terms, battery components maker Yangzhou Nanopore confidentially filed, and AI video generator PixVerse tapped banks.
India's IPO pipeline also remains active, as asset manager SBI Funds Management moves towards listing, payments platform Razorpay is preparing to confidentially file, and electric utility Mahavitaran tapped banks for a listing that could raise up to $1 billion. In Finland, defense communication equipment maker Savox is working on an IPO. Spain-based engineering firm TSK confirmed its intent for a listing.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Apr 24th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Destek Finans Faktoring | DSTKF.TI | 15.7% |
| Kioxia (Toshiba Memory) | 285A.JP | 13.3% |
| Wuxi Lead Intelligent Equipment | 470.HK | 10.8% |
| InnoScience Technology Holding | 2577.HK | 10.7% |
| Montage Technology | 6809.HK | 8.8% |
| Bottom 5 | ||
| Amman Mineral Internasional | AMMN.IJ | -9.9% |
| Zijin Gold International | 2259.HK | -9.7% |
| MiniMax Group | 100.HK | -9.5% |
| Laopu Gold | 6181.HK | -8.3% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -8.1% |
| Sectors | ||
| Technology | 1.6% | |
| Consumer Staples | 0.6% | |
| Industrials | 0.3% | |
| Financials | -0.2% | |
| Health Care | -2.7% | |
| Consumer Discretionary | -3.7% | |
| Materials | -7.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.0% last week vs. -1.6% for the iShares MSCI ACWI ex U.S. ETF.
