International IPO Index: International markets fell this week, with the Renaissance International IPO Index down -1.8%, and the ACWX ex-US ETF off -1.6%. Last week's top and bottom performers swapped spots, with Hong Kong-listed printed circuit board maker Delton Technology up +12.4% (after falling -12.4% last week), and Hong Kong-listed LLM developer MiniMax down -25.3% (vs. +20.3% last week).
Big Development: India is teeing up one of its largest IPOs of all time, with the launch of the National Stock Exchange of India ($2.3B). A bigger float was envisioned, but some shareholders balked at selling at the proposed $45B valuation, down from a rumored $55B target a month earlier (100% of the offering is secondary). The NSE is set to begin trading in late September.
Latest Listings: In Hong Kong, memory chip maker Longsys ($780mm) fell -13%, even after pricing its cross-listing at a steep discount to its mainland A-shares. Several China A-share IPOs began trading, most notably GPU developer Enflame ($910mm), which surged nearly +180%.
The Week Ahead: India is set for several IPOs, including furniture rental platform Rentomojo ($130mm) and electrical transformer manufacturer Kanohar ($110mm). In Japan, furniture and installations firm Oliver ($150mm) is scheduled to debut.
The Pipeline: Petroleum refiner Dangote Refinery ($1.6B) launched in Nigeria, in what is set to be Africa's largest-ever IPO. Europe could see some sizable listings soon, as Poland-based defense electronics maker WB Electronics and UK-based vehicle glass repair firm Belron both weigh IPOs.
China-based Moonshot AI, maker of the KIMI chatbot, is weighing a Hong Kong-Shanghai dual listing. Another Chinese LLM developer, DeepSeek, was reported to have tapped banks for an A-share IPO that could land as soon as this year. India is readying for more listings, as motorcycle parts maker Hero Motors ($100mm) launched, gas distributor Torrent Gas updated papers, and hotel chain OYO reaffirmed listing plans. In the Philippines, payments platform Mynt began gauging interest for its Manila IPO set for this fall. Australia-based data center provider Firmus is preparing investor meetings.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Delton Technology | 1989.HK | 12.4% |
| Amman Mineral Internasional | AMMN.IJ | 10.7% |
| Destek Finans Faktoring | DSTKF.TI | 8.8% |
| InSilico Medicine Cayman TopCo | 3696.HK | 3.6% |
| Shenzhen Han’s CNC Technology | 3200.HK | 2.8% |
| Company | Ticker | Return |
|---|---|---|
| MiniMax Group | 100.HK | -25.3% |
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -18.8% |
| Shanghai Biren Intelligent Technology | 6082.HK | -14.8% |
| Busy Ming Group (Busy For You) | 1768.HK | -10.3% |
| Guming Holdings | 1364.HK | -8.5% |
| Sector | Return |
|---|---|
| Financials | 2.4% |
| Materials | 1.0% |
| Health Care | -2.1% |
| Consumer Discretionary | -3.5% |
| Industrials | -3.6% |
| Technology | -4.7% |
| Consumer Staples | -5.1% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.8% last week vs. -1.6% for the iShares MSCI ACWI ex U.S. ETF.
