International IPO Index: International new stocks outperformed this week, as the Renaissance International IPO Index surged +5.6%, while the ACWX ex-US ETF rose +2.9%. Hong Kong-listed chip designer Montage Technology soared another +43.5% to take the top spot again. Jakarta-listed copper and gold miner Amman Mineral was the worst performer, off -17.5%.
Big Development: Europe hasn't had many AI-related IPOs, but one in Sweden this week showed that there's demand for them. MEMS foundry Silex ($220mm) jumped an astounding +247%.
Latest Listings: Also in Europe, fast food franchisee Rex Concepts ($140mm) ticked down -6% in Warsaw. In Hong Kong, medical device provider Cofoe ($140mm) fell -8%, while surgical implant maker Star Sports Med ($110mm) jumped +104%.
The Week Ahead: Brazil is scheduled to host its largest IPO in nearly five years, as natural gas spin-off Compass ($510mm) comes to market. In India, office REIT Bagmane REIT ($350mm) is set to debut. Hong Kong's hot IPO market is teed up for more listings, including drug delivery nanotech developer Metis TechBio ($270mm), robot developer Ldrobot ($110mm), and oncology biotech IMPACT Therapeutics ($110mm). In Spain, renewables construction firm TSK ($180mm) is scheduled to debut.
The Pipeline: Agrochemical giant Syngenta is plotting a blockbuster Hong Kong listing this year. Ceramic components maker Three-Circle and kidney biotech Alebund are set to launch in the coming weeks. Electric truck maker DeepWay submitted filings. Baidu's chipmaking unit Kunlunxin lodged papers for a dual listing in Shanghai and Hong Kong.
In India, merchant bank InCred filed for an IPO, while data center operator Yotta Data Services and eye hospital chain ASG Hospital are both working with banks. Denmark-based hearing aid maker WS Audiology also hired banks. Ridehailing app GO is working on a Tokyo listing. In Egypt, life insurer Misr Life hired EFG Hermes for an IPO. Booksellers Barnes & Noble and Waterstones hired banks for a London listing.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
May 8th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Montage Technology | 6809.HK | 43.5% |
| Chifeng Jilong Gold Mining | 6693.HK | 26.9% |
| Kioxia (Toshiba Memory) | 285A.JP | 22.2% |
| Shanghai Biren Intelligent Technology | 6082.HK | 21.6% |
| Lens Technology | 6613.HK | 16.2% |
| Bottom 5 | ||
| Amman Mineral Internasional | AMMN.IJ | -17.5% |
| Eastroc Beverage Group | 9980.HK | -16.7% |
| CSG (Czechoslovak Group) | CSG.NA | -14.3% |
| Renk | R3NK.GR | -9.2% |
| Destek Finans Faktoring | DSTKF.TI | -8.5% |
| Sectors | ||
| Technology | 12.6% | |
| Materials | 9.4% | |
| Consumer Discretionary | 1.1% | |
| Industrials | -1.2% | |
| Consumer Staples | -2.0% | |
| Financials | -2.2% | |
| Health Care | -3.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 5.6% last week vs. 2.9% for the iShares MSCI ACWI ex U.S. ETF.
