International IPO Index: International markets continued to back pedal this week. The International IPO Index declined -1.8%, while the ACWX ex-US ETF shed -0.7%. Hong Kong-listed condiment maker Foshan Haitian was the top performer, up +7.7%, while Istanbul-listed factoring services provider Destek Faktoring continued to plummet (-40.9%) from its earlier heights amid ongoing legal woes.
Big Development: AI data center developer Firmus pulled its Australian IPO, set to be one of the country's largest ever. The move sent shockwaves through international IPO markets, as investors reportedly balked at a proposed valuation built on capex-driven hyper growth. The company is now exploring private funding, and is considering an eventual US listing.
Latest Listings: Africa-focused fintech Airtel Africa ($700mm) completed London's largest IPO since 2021, but broke issue on its debut. Chinese RISC-V chip company ESWIN Computing ($320mm) also had a muted debut in Hong Kong. Finnish drone developer Sensofusion ($310mm) fared better, rising 10% in Helsinki.
The Week Ahead: China-based Transsion, a leading supplier of smartphones in Africa, leads the week ahead. The company plans to raise more than $400 million in a Hong Kong IPO that could value it at $5.8 billion.
The Pipeline: In Hong Kong, Chinese AI startup Moonshot is reportedly eyeing an early 2027 IPO after its valuation hit $50B, while Kuaishou’s AI video startup Kling picked banks for a $1B-plus offering. Elsewhere in China, AI developer DeepSeek is set to raise more than $12B in a funding round ahead of a potential 2027 listing. In Korea, Elice Group’s IPO drew $7.2B in retail bids, and in Japan, Bain and GIC are exploring an IPO or sale of WHI Holdings at a valuation of about $3.2B.
In India, Zetwerk ($525mm) is said to plan a launch next week, targeting an October 23 listing, while Avaada Electro ($786mm) is reportedly lining up an IPO in November. In Europe, windshield repair group Belron picked banks for an IPO, Nordic data center group ASP is said to be weighing an Oslo listing, and Abenojar Tungsten is targeting a London IPO by the end of 2026.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Foshan Haitian Flavouring and Food | 3288.HK | 7.7% |
| J&T Global Express | 1519.HK | 6.2% |
| Guming Holdings | 1364.HK | 6.1% |
| Busy Ming Group (Busy For You) | 1768.HK | 5.2% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 3.1% |
| Company | Ticker | Return |
|---|---|---|
| Destek Finans Faktoring | DSTKF.TI | -40.9% |
| Shanghai Biren Intelligent Technology | 6082.HK | -13.6% |
| GigaDevice Semiconductor | 3986.HK | -13.2% |
| Guangdong Dtech Technology | 1377.HK | -12.5% |
| Delton Technology | 1989.HK | -12.4% |
| Sector | Return |
|---|---|
| Consumer Staples | 2.6% |
| Materials | 1.7% |
| Industrials | -0.6% |
| Health Care | -0.7% |
| Consumer Discretionary | -1.3% |
| Technology | -7.7% |
| Financials | -15.2% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.8% last week vs. -0.7% for the iShares MSCI ACWI ex U.S. ETF.
