International IPO Index: International markets pulled back this week, as the Renaissance International IPO Index tumbled -5.0%, while the ACWX ex-US ETF fell -2.8%. Hong Kong-listed chip developer Montage Technology took the top spot for the third straight week, up +19.4%, while Tokyo-listed metals company JX Advanced Metals was the worst performer, down -22.9%.
Big Development: Brazil's IPO market ended its nearly five year drought, as natural gas spin-off Compass ($510mm) tested the waters. It fell -8% in a disappointing debut.
Worth mentioning that the explosive US debut of AI chipmaker Cerebras will likely have ripple effects in global IPO markets.
Latest Listings: Three sizable IPOs soared in Hong Kong. Drug delivery nanotech developer MetisTechBio ($270mm) jumped +107%, robot developer Ldrobot ($110mm) traded up +75%, and oncology biotech IMPACT Therapeutics ($110mm) surged +99%. In India, office REIT Bagmane REIT ($360mm) traded up +4%. Spain-based renewables construction firm TSK ($180mm) ticked up +5%. Two China A-shares also had hot IPOs.
The Week Ahead: In Hong Kong, CNC machinery maker TopNC ($220mm) and autonomous vehicle developer UISEE ($110mm) are set to list. Australia-based piercings studio SkinKandy ($110mm) is scheduled to debut in Sydney.
The Pipeline: Japan's leading ride-hailing app GO ($550mm) launched a Tokyo IPO. In Hong Kong, fresh paperwork came from SSD maker BIWIN, electronics components maker EWPT, and optical connectivity products maker ADTEK. Convenience store chain KK Mart is planning meetings for its Malaysian IPO. Payments platform Mynt is preparing a Manila IPO filing. South Korean grocery delivery platform Kurly is accelerating listing plans. In India, hospital operator Manipal Hospitals is prepping a launch.
Gold and jewelry dealer Gens Aurea tapped banks for a Milan IPO, while European tank maker KNDS is pressing ahead with its listing. In Saudi Arabia, grocery delivery platform Ninja hired banks. In Tel Aviv, real estate developer Tidhar is planning a launch, while military simulation maker Bagira Systems submitted filings. Omani fertilizer producer OMIFCO is weighing a launch in the coming weeks.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
May 15th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Montage Technology | 6809.HK | 19.4% |
| InnoScience Technology Holding | 2577.HK | 17.3% |
| Shenzhen Han’s CNC Technology | 3200.HK | 13.8% |
| Lens Technology | 6613.HK | 12.7% |
| GigaDevice Semiconductor | 3986.HK | 11.0% |
| Bottom 5 | ||
| JX Advanced Metals | 5016.JP | -22.9% |
| Destek Finans Faktoring | DSTKF.TI | -21.1% |
| Chifeng Jilong Gold Mining | 6693.HK | -17.6% |
| Shanghai Biren Intelligent Technology | 6082.HK | -15.6% |
| Mao Geping Cosmetics | 1318.HK | -14.8% |
| Sectors | ||
| Technology | 4.4% | |
| Health Care | -0.9% | |
| Industrials | -1.2% | |
| Consumer Discretionary | -1.5% | |
| Consumer Staples | -5.1% | |
| Financials | -6.8% | |
| Materials | -16.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -5.0% last week vs. -2.8% for the iShares MSCI ACWI ex U.S. ETF.
