Note: Because US markets were closed on Friday, June 19, we are sending this newsletter with data as of Thursday, June 18.
International IPO Index: International markets rose again. The Renaissance International IPO Index jumped +8.3%, outperforming the ACWX ex-US ETF's +0.8% gain. Hong Kong-listed names took the top and bottom spots, as memory chip designer GigaDevice soared +43.7% amid continued AI excitement, while snack food retailer Busy Ming fell -12.2%.
Big Development: A flood of names rushed to Hong Kong's IPO market this week, as nine $100mm+ listings launched. The city's red-hot listing activity remains a stark contrast to the broader Hang Seng Index, which is now down -7% YTD.
Latest Listings: Japan's largest listing of 2026 so far, ride-hailing app GO ($550mm) ticked up a modest +3%. In Tel Aviv, real estate developer BST Group ($140mm) rose +20%. Auto-focused SoC designer SENASIC ($130mm) jumped +82% in Hong Kong.
The Week Ahead: Nine sizable listings are on the calendar, all in Hong Kong. Robot develop LY iTECH ($1.1B), integrated circuit designer SG Micro ($590mm), and lithography equipment maker Circuit Fabology ($400mm) are set to lead the pack.
The Pipeline: While India's IPO market has been fairly quiet so far this year, several big names are prepping July listings, including asset manager SBI Funds Management, hospital chain Manipal Hospitals, and non-bank lender Truhome Finance. The country's National Stock Exchange filed for an IPO this week.
More large names are also moving towards Hong Kong listings, including optical module maker Zhongji Innolight, social media app Xiaohongshu, electronics manufacturer Luxshare, and autonomous driving firm Momenta. Intellectual property protection platform PatSnap reportedly confidentially filed for a Hong Kong-Singapore dual listing, while medical clinic operator Foundation Healthcare is readying a Singapore IPO. Philippine payments platform Mynt is planning to file for a Manila IPO. Kazakhstan's national rail transport company Kazakhstan Temir Zholy reiterated plans to list this year.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jun 18th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| GigaDevice Semiconductor | 3986.HK | 43.7% |
| Lens Technology | 6613.HK | 27.4% |
| Montage Technology | 6809.HK | 25.7% |
| MiniMax Group | 100.HK | 25.7% |
| Shenzhen Han’s CNC Technology | 3200.HK | 24.8% |
| Bottom 5 | ||
| Busy Ming Group (Busy For You) | 1768.HK | -12.2% |
| Seres Group (Chongqing Sokon Industrial) | 9927.HK | -10.5% |
| Eastroc Beverage Group | 9980.HK | -10.2% |
| Horizon Robotics | 9660.HK | -10.0% |
| MIXUE Group | 2097.HK | -8.3% |
| Sectors | ||
| Technology | 20.4% | |
| Materials | 10.5% | |
| Financials | 9.1% | |
| Industrials | -0.9% | |
| Health Care | -1.2% | |
| Consumer Discretionary | -4.9% | |
| Consumer Staples | -6.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 8.3% last week vs. 0.8% for the iShares MSCI ACWI ex U.S. ETF.
