International IPO Index: International new stocks underperformed this week, as the Renaissance International IPO Index slid -2.9%, while the ACWX ex-US ETF ticked up +0.8%. Hong Kong-listed printed circuit board maker Delton Technology rose +12.6% to take the top spot, while Istanbul-listed factoring services provider Destek Faktoring appeared at the bottom, off -40.8% after Destek Holding's chairman was arrested last week.
Big Development: The National Stock Exchange of India ($2.4B) traded flat in India's largest debut of 2026 so far. The listing comes amid a recent rise in IPO activity in India, with more big names, possibly including telecom giant Jio, slated for the remainder of the year.
Latest Listings: Also in India, motorcycle parts maker Hero Motors ($100mm) surged +69% in its IPO. In Hong Kong, optical equipment maker Ligent ($720mm) traded up +11%. Semiconductor testing firm Hermes Testing Solutions ($370mm) popped +105% in its Taiwan uplisting. Norwegian retailer Outlet Group ($140mm) rose +14% in Oslo. Côte d'Ivoire-based bank Bridge Bank Group ($120mm) traded up +16% in a rare West African IPO.
The Week Ahead: Hong Kong is slated for a flurry of listings, including PV equipment maker RoboTechnik ($660mm), PCB maker Kinwong ($650mm), chemicals producer Red Avenue ($380mm), and robotics developer Direct Drive Tech ($140mm). In India, student dorm operator Elevate Campuses ($210mm) and personal finance platform Moneyview ($110mm) are set to debut.
The Pipeline: A number of listings are gearing up in Hong Kong, including smartphone maker Transsion, biofuel maker EcoCeres, and RISC-V products maker ESWIN Computing.
Philippine payments platform Mynt ($1.3B) began taking orders for its Manila IPO. In India, solar panel manufacturer Avaada Electro started its roadshow, power plant services provider INOX Clean Energy is readying its IPO filing, and construction platform JSW One submitted its own papers. In Europe, Africa-focused fintech Airtel Money announced its intent to float in London, drone detection systems maker Sensofusion announced its intent to list in Helsinki, and tungsten mine developer Abenojar Tungsten tapped banks for a London IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Delton Technology | 1989.HK | 12.5% |
| Victory Giant Technology | 2476.HK | 8.3% |
| Montage Technology | 6809.HK | 6.2% |
| Puig Brands | PUIG.SM | 5.8% |
| WuXi XDC Cayman | 2268.HK | 5.2% |
| Company | Ticker | Return |
|---|---|---|
| Destek Finans Faktoring | DSTKF.TI | -40.8% |
| Knowledge Atlas Technology (Zhipu AI) | 2513.HK | -18.8% |
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -12.4% |
| Laopu Gold | 6181.HK | -11.2% |
| InnoScience Technology Holding | 2577.HK | -10.8% |
| Sector | Return |
|---|---|
| Health Care | 1.4% |
| Consumer Staples | -0.5% |
| Technology | -3.2% |
| Industrials | -4.1% |
| Consumer Discretionary | -5.5% |
| Materials | -6.1% |
| Financials | -14.7% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.9% last week vs. 0.8% for the iShares MSCI ACWI ex U.S. ETF.
