International IPO Index: International markets dipped again this week, as the Renaissance International IPO Index ticked down -1.3%, while the ACWX ex-US ETF also fell -1.3%. Hong Kong-listed memory chip designer GigaDevice rose +13.2% to take the top spot, while Istanbul-listed factoring services provider Destek Faktoring tumbled -21.4% on news of the arrest Destek Holding's Chairman.
Big Development: Two billion-dollar IPOs in emerging markets began taking orders. The National Stock Exchange of India ($2.3B) covered its books ahead of its planned listing next week. In Nigeria, petroleum refiner Dangote Refinery ($1.6B) also started taking orders for its November listing, demand for which crashed multiple Nigerian trading apps.
Latest Listings: In India, furniture rental platform Rentomojo ($130mm) jumped +27%, while electrical transformer manufacturer Kanohar Engineering ($110mm) rose +25%. Furniture and installations firm Oliver ($150mm) traded up +8% in Tokyo. Two China A-shares also debuted.
The Week Ahead: In addition to the NSE (see above), Indian motorcycle parts maker Hero Motors ($100mm) is also set to list in the coming week. In Hong Kong, optical equipment maker Ligent ($720mm) is scheduled to debut. Semiconductor testing firm Hermes Testing Solutions ($370mm) is set to uplist in Taiwan. Norwegian retailer Outlet Group ($140mm) is scheduled to list in Oslo. Cote d'Ivoire-based bank Bridge Bank Group ($120mm), a rare West African IPO, is also on the calendar.
The Pipeline: Several names are planning European listings. Power plant developer Ignis and copper wire manufacturer Cunext Group are both exploring Madrid IPOs. BASF's Agricultural Solutions announced plans for a Frankfurt IPO. In London, Africa-focused fintech Airtel Money, movie theater operator Vue, and Uzbekistan-based freight airline Centrum Holding all moved forwards listings. Luxembourg-based data center developer LIAN Group is said to be readying for an IPO.
In Hong Kong, battery material maker Tinci is planning to launch soon, while agrochemical giant Syngenta is said to have confidentially filed. Australian data center developer Firmus is targeting a blockbuster listing next month, while job search platform swipejobs is arranging investor meetings for its own Sydney IPO. In India, student dorm operator Elevate Campuses ($210mm) launched.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| GigaDevice Semiconductor | 3986.HK | 13.2% |
| MiniMax Group | 100.HK | 12.2% |
| Shenzhen Han’s CNC Technology | 3200.HK | 9.8% |
| Montage Technology | 6809.HK | 9.7% |
| Kokusai Electric | 6525.JP | 8.8% |
| Company | Ticker | Return |
|---|---|---|
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -54.9% |
| Destek Finans Faktoring | DSTKF.TI | -21.4% |
| Delton Technology | 1989.HK | -13.8% |
| SANY Heavy Industry | 6031.HK | -7.9% |
| Contemporary Amperex Technology (CATL) | 3750.HK | -7.4% |
| Sector | Return |
|---|---|
| Health Care | 6.3% |
| Consumer Discretionary | 1.2% |
| Technology | -0.5% |
| Industrials | -0.9% |
| Materials | -1.7% |
| Consumer Staples | -1.9% |
| Financials | -8.2% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.3% last week vs. -1.3% for the iShares MSCI ACWI ex U.S. ETF.
