International IPO Index: International new stocks outperformed again this week, as the Renaissance International IPO Index rose +1.3%, while the ACWX ex-US ETF fell -3.4%. AI-related names took the top and bottom spots this week, as Tokyo-listed memory chip maker Kioxia rose +18.7%, while Hong Kong-listed LLM developer MiniMax plunged -34.2% amid news it would pursue a Mainland China listing.
Big Development: While the world's eyes are all on SpaceX, Hong Kong's active listing market continues to chug ahead. Wind turbine engineering firm Dajin Heavy Industry ($850mm) led the city this week, but traded flat after an upsized listing.
Latest Listings: Also in Hong Kong, autoimmune disease biotech LongBio ($170mm) rose +37%. Military simulation provider Bagira Systems ($300mm) inched up +3% in Tel Aviv's largest IPO in over seven years.
The Week Ahead: Europe's IPO markets have been mostly dormant this year, but the continent is set for a trio of sizable listings. SMR developer Emerald Horizon ($230mm) is scheduled to list in Vienna. In Copenhagen, electrical systems installer InstallatørGruppen ($160mm) is set to debut. Industrial company portfolio Tången ($110mm) is scheduled to list in Stockholm.
The Pipeline: Canada-based drugmaker Apotex ($730mm) launched what is set to be the country's largest IPO since 2021. In India, regulators approved the IPOs of hotel chain OYO and non-bank home lender Truhome Finance, while audiobook platform Kuku FM confidentially filed for a listing. Oman-based fertilizer maker OMIFCO announced its intention for a Muscat IPO set for next month. Global logistics facility producer GLP is working on a multi-billion dollar Hong Kong IPO that could come this fall.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jun 5th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 18.7% |
| Lens Technology | 6613.HK | 13.6% |
| Destek Finans Faktoring | DSTKF.TI | 10.5% |
| Mao Geping Cosmetics | 1318.HK | 6.6% |
| Rakuten Bank | 5838.JP | 6.4% |
| Bottom 5 | ||
| MiniMax Group | 100.HK | -34.2% |
| Wuxi Lead Intelligent Equipment | 470.HK | -17.9% |
| CSG (Czechoslovak Group) | CSG.NA | -17.2% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -14.8% |
| Renk | R3NK.GR | -10.9% |
| Sectors | ||
| Financials | 1.6% | |
| Consumer Staples | -1.6% | |
| Consumer Discretionary | -1.6% | |
| Technology | -3.6% | |
| Materials | -5.0% | |
| Industrials | -6.0% | |
| Health Care | -11.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.3% last week vs. -3.4% for the iShares MSCI ACWI ex U.S. ETF.
