International IPO Index: International markets seesawed but ended on a strong note. The Renaissance International IPO Index closed up +1.3%, outpacing the ACWX ex-US ETF's +0.1% gain. Hong Kong-listed gold miner Zijin Gold International took the Int'l IPO Index's top spot, jumping +25.7%. Japanese semiconductor company Kokusai Electric landed at the bottom, off -9.4%.
Big Development: Humanoid robot developer Unitree Robotics ($900mm) dazzled markets in its Shanghai STAR IPO this week, surging +346%. With most A-share IPOs this year notching triple-digit first-day pops, and averaging a return of +281%, Mainland China's IPO market should have more gas in the tank.
Latest Listings: A trio of sizable Indian IPOs also traded up this week. Electric components producer Dhoot Transmission ($320mm) soared +70%. Logistics platform Shiprocket ($170mm) climbed +45%. Dairy products maker Milky Mist ($160mm) rose +35%.
The Week Ahead: In Hong Kong, chip designer Ingenic Semiconductor ($410mm) is set to list. More Indian deals are also on the calendar, including industrial facilities developer Horizon Industrial Parks ($270mm) and jewelry retailer Lalithaa Jewellery Mart ($170mm).
The Pipeline: SHEIN is prepping its long-awaited Hong Kong IPO, expected to target a $26+ billion valuation in a listing expected the week of September 1. Other upcoming HK deals include robotics intelligence firm Mech-Mind ($300mm) and Shenzhen-listed battery materials maker Hunan Yuneng New Energy (est. $750mm). Humanoid robot developers Robotera and LimX Dynamics are also eyeing listings. In India, the NSE is gearing up for a record IPO that could come in late September. Renewables firm Sembcorp, gas distribution carve-out Torrent Gas, and consumer appliance brand Atomberg are also moving towards listings. Beyond that, copper producer cunova (Frankfurt) and job search platform swipejobs (Australia) reportedly picked banks ahead of potential offerings.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Aug 21st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Zijin Gold International | 2259.HK | 25.7% |
| Chifeng Jilong Gold Mining | 6693.HK | 23.9% |
| Laopu Gold | 6181.HK | 19.2% |
| WuXi XDC Cayman | 2268.HK | 15.5% |
| Destek Finans Faktoring | DSTKF.TI | 12.6% |
| Bottom 5 | ||
| Kokusai Electric | 6525.JP | -9.4% |
| InSilico Medicine Cayman TopCo | 3696.HK | -8.8% |
| Jiangsu Hengrui Pharmaceuticals | 1276.HK | -8.7% |
| Delton Technology | 1989.HK | -7.1% |
| Renk | R3NK.GR | -6.6% |
| Sectors | ||
| Materials | 12.4% | |
| Consumer Discretionary | 4.9% | |
| Financials | 2.5% | |
| Consumer Staples | 1.0% | |
| Industrials | 0.5% | |
| Health Care | 0.3% | |
| Technology | -1.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.3% last week vs. 0.1% for the iShares MSCI ACWI ex U.S. ETF.
