International IPO Index: The index for international new stocks shed -0.2% this week, compared to a +0.5% gain for the ACWX ex-US ETF. Hong Kong-listed fabless chip maker Montage Technology was the week's winner, up +14.9%, while Hong Kong-listed battery giant CATL took the bottom spot with a -12.5% loss.
Big Development: This week’s “Big Development” is made up of 18 small developments: that’s the number of new international listings we added to our IPO pipeline. Hong Kong and India lead the deal count, followed by Australia.
Latest Listings: Hong Kong is still wearing the international IPO crown, with three new listings this week, two of which popped more than +200%. Optical computing company Lightelligence ($320mm) soared +384% in Hong Kong, the best international IPO pop in over 5 years, ex A-shares, while payment terminal maker Sunmi ($135mm) popped 241%. China A-shares are also hot, with industrial Auto Rich ($130mm) up nearly +350%. However, Chinese biotech Mabwell ($165mm) broke issue, a rare sight in Hong Kong lately. Copper miner Lumina Metals ($300mm) traded flat in its Canada-Poland dual listing.
The Week Ahead: A relatively light week ahead, led by Swedish chip foundry Silex Microsystems ($215mm), Stockholm’s first major IPO of the year. Cornerstones are taking down 75% of the deal. It’s joined by Polish fast food franchisee Rex Concepts ($140mm) and two med-tech listings in Hong Kong.
The Pipeline: Danish fish feed producer BioMar Group announced its intention to float as soon as this quarter in a rare Copenhagen IPO. Reuters reports that Canadian pet food company Open Farm is prepping a 2026 IPO. Africa-focused fintech Airtel Money was said to select London as its listing venue, ahead of a possible $2 billion IPO this year.
Hong Kong cross listings are set to continue as Inovance filed for an H-share listing that could raise $2 billion. Brookfield’s Indian tower operator Altius could file draft papers in the coming weeks for a Mumbai IPO. US-based IT services firm Virtusa hired banks for an Indian IPO that could raise $1 billion later this year. Elsewhere in APAC, trading platform BlackBull Markets and jewelry retailer SkinKandy are reportedly gearing up for Australian IPOs.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
May 1st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Montage Technology | 6809.HK | 14.9% |
| Busy Ming Group (Busy For You) | 1768.HK | 8.8% |
| Zhejiang Sanhua Intelligent Controls | 2050.HK | 8.3% |
| Muyuan Foods | 2714.HK | 6.0% |
| Kioxia (Toshiba Memory) | 285A.JP | 5.3% |
| Bottom 5 | ||
| Contemporary Amperex Technology (CATL) | 3750.HK | -12.5% |
| Verisure | VSURE.SS | -8.9% |
| MiniMax Group | 100.HK | -8.3% |
| Chifeng Jilong Gold Mining | 6693.HK | -7.6% |
| CSG (Czechoslovak Group) | CSG.NA | -7.6% |
| Sectors | ||
| Technology | 0.9% | |
| Financials | 0.8% | |
| Consumer Staples | -0.1% | |
| Materials | -1.8% | |
| Health Care | -2.0% | |
| Industrials | -2.2% | |
| Consumer Discretionary | -3.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.2% last week vs. 0.5% for the iShares MSCI ACWI ex U.S. ETF.
