International IPO Index: International markets traded sideways this week, as the Renaissance International IPO Index ticked down -1.4%, while the ACWX ex-US ETF inched inched down -0.4%. Hong Kong-listed names took the top and bottom spots. Drug discovery biotech InSilico rose +14.0%. LLM developer Minimax traded down -13.5%.
Big Development: After years of deliberations, global fast fashion giant SHEIN ($1.7B) launched its Hong Kong IPO. SHEIN is coming public at a $26B market cap (well below its $100B peak), promising to pay early investors about $3.5B to compensate for their massive losses. Despite the valuation cut, and posting slowing revenue growth, it remains one of the largest fast fashion companies in the world, boasting about 273 million active customers across about 160 markets. It starts trading on September 1st.
Latest Listings: India's two sizable listings traded in opposite directions. Industrial facilities developer Horizon Industrial Parks ($270mm) fell -3%, while jewelry retailer Lalithaa Jewellery Mart ($180mm) jumped +32%. In Hong Kong, chip designer Ingenic Semiconductor ($400mm) ticked down -1%. One sizable China A-share debuted, and soared over +330%.
The Week Ahead: Robotics software developer Mech-Mind Robotics ($290mm) is set to list in Hong Kong alongside SHEIN. In India, API CDMO Symbiotec Pharmalab ($180mm) is scheduled to debut.
The Pipeline: More names are advancing through India's long IPO backlog. Telecom giant Jio Platforms won approval for what could be the country's largest ever IPO. The National Stock Exchange of India is also nearing a blockbuster IPO. Solar panel maker Avaada Electro, renewable energy firm Sembcorp Green Infra, and CRO and CDMO Aragen Life Sciences all filed papers. Meanwhile, contract manufacturing marketplace Zetwerk began its Indian IPO roadshow.
In the Philippines, payments platform Mynt is penciling in late October for its IPO, likely to be the country's largest-ever. Private jet firm Vista Global tapped banks for a European IPO. Canada-based geothermal developer Eavor hired Morgan Stanley to explore an IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| InSilico Medicine Cayman TopCo | 3696.HK | 14.0% |
| Busy Ming Group (Busy For You) | 1768.HK | 8.7% |
| Lens Technology | 6613.HK | 8.0% |
| Kokusai Electric | 6525.JP | 7.1% |
| Puig Brands | PUIG.SM | 7.0% |
| Company | Ticker | Return |
|---|---|---|
| MiniMax Group | 100.HK | -13.5% |
| Kioxia (Toshiba Memory) | 285A.JP | -11.8% |
| Foshan Haitian Flavouring and Food | 3288.HK | -10.5% |
| MIXUE Group | 2097.HK | -9.0% |
| Destek Finans Faktoring | DSTKF.TI | -8.6% |
| Sector | Return |
|---|---|
| Health Care | 2.9% |
| Consumer Staples | 0.6% |
| Materials | 0.2% |
| Consumer Discretionary | 0.1% |
| Technology | -1.5% |
| Industrials | -2.7% |
| Financials | -3.4% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.4% last week vs. -0.4% for the iShares MSCI ACWI ex U.S. ETF.
