International IPO Index: International stocks continued to trade down this week, as the International IPO Index fell -1.9%, while the ACWX ex-US ETF slipped -1.1%. Hong Kong-listed auto maker Seres Group was the top performer, up +14.8%. Istanbul-listed factoring services provider Destek Faktoring plunged another -40.9% to take the bottom spot for a third straight week amid legal woes,
Big Development: London's quiet IPO market is teeing up for its biggest listing in over five years, as Africa-focused fintech Airtel Money ($700mm) launched. A carve-out of Airtel Africa, it is set to begin trading next week.
Latest Listings: An active week in international markets with eight new listings. Four new stocks began trading in Hong Kong: PV equipment maker RoboTechnik ($660mm; -9%), PCB maker Kinwong ($650mm; +7%), chemicals producer Red Avenue ($380mm; -8%), and robotics developer Direct Drive Tech ($140mm; +13%). In India, student dorm operator Elevate Campuses ($210mm) traded down -5%, while personal finance platform Moneyview ($110mm) surged +59%. Two China A-shares also listed, and both soared over +200%.
The Week Ahead: Europe is set for a pair of IPOs, with Airtel Money (see above) set to list in London, and drone detection systems maker Sensofusion ($310mm) scheduled to debut in Helsinki. RISC-V products maker ESWIN Computing ($310mm) is set to trade in Hong Kong.
The Pipeline: In Australia, data center provider Firmus ($3.5B) launched a blockbuster IPO scheduled to list the week of October 19. Philippine payments platform Mynt ($840mm) priced a Manila IPO set to trade the same week. Copper products maker cunova announced it is working on a Frankfurt IPO that could come in November. In Hong Kong, PCB manufacturer Dongshan Precision received regulatory approval, while AI software provider Infinigence AI confidentially filed.
In India, power plant services provider INOX Clean Energy and industrial gas producer INOX Air Products both submitted filings, while regulators gave the nod to beer maker Carlsberg India. IT outsourcing firm Virtusa and Hindustan Coca-Cola both hired more banks, while seed supplier Advanta Enterprises kicked off investor meetings.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Seres Group (Chongqing Sokon Industrial) | 9927.HK | 14.8% |
| Jiangsu Hengrui Pharmaceuticals | 1276.HK | 9.9% |
| Kokusai Electric | 6525.JP | 8.1% |
| Wuxi Lead Intelligent Equipment | 470.HK | 4.4% |
| Guming Holdings | 1364.HK | 3.1% |
| Company | Ticker | Return |
|---|---|---|
| Kioxia (Toshiba Memory) | 285A.JP | -65.4% |
| Destek Finans Faktoring | DSTKF.TI | -40.9% |
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -19.6% |
| MiniMax Group | 100.HK | -11.8% |
| Victory Giant Technology | 2476.HK | -9.7% |
| Sector | Return |
|---|---|
| Health Care | 4.7% |
| Consumer Discretionary | 1.0% |
| Materials | 0.2% |
| Consumer Staples | -1.1% |
| Industrials | -1.9% |
| Technology | -8.0% |
| Financials | -16.4% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.9% last week vs. -1.1% for the iShares MSCI ACWI ex U.S. ETF.
