International IPO Index: International markets inched up further this week, as the Renaissance International IPO Index rose +0.3%, while the ACWX ex-US ETF ticked up +0.6%. Chip names took the top and bottom spots this week: Tokyo-listed foundry supplier Kokusai Electric traded up +12.9%, while Hong Kong-listed GPU developer Iluvatar CoreX fell -13.9%.
Big Development: After years of back-and-forth, fast fashion giant SHEIN seems to be shoring up plans to list in Hong Kong later this month. The company, which has faced slowing revenue growth amid fierce competition, is likely to face a major valuation haircut from its $100 billion peak back in 2022. SHEIN could launch as soon as next week.
Latest Listings: Warehouse equipment provider Leap India ($260mm) fell -9% in its Indian debut. Two China A-shares also debuted, and both soared several hundred percent. Even with a first-day pop of +662%, Chinese chip equipment components maker UPAM isn't in the year's top 5 best A-share debuts.
The Week Ahead: More Indian IPOs are on the calendar, including electric components producer Dhoot Transmission ($320mm), logistics platform Shiprocket ($170mm), and dairy products maker Milky Mist ($160mm).
The Pipeline: While most markets are quiet amid the August lull, India is staying active. New launches this past week included industrial facilities developer Horizon Industrial Parks ($270mm) and jewelry retailer Lalithaa Jewellery Mart ($170mm). Several names submitted IPO filings, including contract manufacturing marketplace Zetwerk, non-bank lender Muthoot FinCorp, microfinance lender Svatantra Microfin, and office space provider Table Space.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Aug 14th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kokusai Electric | 6525.JP | 12.9% |
| Kioxia (Toshiba Memory) | 285A.JP | 12.6% |
| Delton Technology | 1989.HK | 11.3% |
| CSG (Czechoslovak Group) | CSG.NA | 10.2% |
| Busy Ming Group (Busy For You) | 1768.HK | 8.4% |
| Bottom 5 | ||
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -13.9% |
| SANY Heavy Industry | 6031.HK | -9.8% |
| Jiangsu Hengrui Pharmaceuticals | 1276.HK | -9.7% |
| Shanghai Biren Intelligent Technology | 6082.HK | -8.9% |
| Zijin Gold International | 2259.HK | -7.0% |
| Sectors | ||
| Financials | 3.4% | |
| Technology | 1.7% | |
| Consumer Staples | 1.5% | |
| Industrials | -0.3% | |
| Consumer Discretionary | -2.0% | |
| Materials | -3.5% | |
| Health Care | -3.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.3% last week vs. 0.6% for the iShares MSCI ACWI ex U.S. ETF.
