International IPO Index: International markets fell this week, with chips and AI infrastructure stocks taking the brunt of the hit. The International IPO Index declined -7.1%, while the ACWX ex-US ETF shed -1.7%. Sweden-listed security services firm Verisure led the IPO Index's winners, up +13.8%, while Japanese chip companies Kioxia (-23.6%) and Kokusai Electric (-21.4%) were the biggest drag on performance.
Big Development: Hong Kong’s securities regulator stepped up scrutiny of its IPO market, freezing certain brokerage assets over suspicious IPO subscription practices, suspending Chabaidao’s shares, and warning banks against inflating demand for new listings.
Latest Listings: The "smartphone king of Africa" Transsion slid -1.9% in its Hong Kong cross-listing after raising $390m at a $5.6B valuation. Two China A-shares soared in Shenzhen, led by chip foundry CanSemi which raised more than $900mm.
The Week Ahead: Philippine fintech Mynt (Globe Fintech Innovations) leads with the country's largest IPO since 2021; it will trade in Manila on Tuesday after pricing a more than $800mm deal. Indian manufacturing services marketplace Zetwerk ($500mm) and gearmaker Bonfiglioli Transmissions ($260mm) plan to list in Mumbai.
The Pipeline: In Hong Kong, PCB maker Dongshan Precision ($2.5B) began gauging demand for a possible cross-listing. Japanese news aggregator SmartNews and luxury villa operator NOTA are both said to be targeting December IPOs in Tokyo. Australian gold producer AIM Mining hired brokers for a $1B-plus float. Data center operator AirTrunk is delaying a $1.5B Singapore IPO for its REIT to next year.
In India, Jio Platforms drew more than $20B in bids ahead of a listing this month that could mark the country’s largest-ever IPO, while Paras Healthcare ($150mm) set an October 21 launch, and utility MSETCL ($800mm) picked banks. Elsewhere, Dangote Cement added Goldman and UBS for a $1B London listing in November, and Banque du Caire announced a 30% stake sale in Egypt.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Verisure | VSURE.SS | 13.8% |
| Renk | R3NK.GR | 13.0% |
| CSG (Czechoslovak Group) | CSG.NA | 11.7% |
| Puig Brands | PUIG.SM | 8.2% |
| Galderma | GALD.SW | 6.7% |
| Company | Ticker | Return |
|---|---|---|
| Destek Finans Faktoring | DSTKF.TI | -40.9% |
| Wuxi Lead Intelligent Equipment | 470.HK | -24.5% |
| Shenzhen Han's CNC Technology | 3200.HK | -24.2% |
| Kioxia (Toshiba Memory) | 285A.JP | -23.6% |
| Kokusai Electric | 6525.JP | -21.4% |
| Sector | Return |
|---|---|
| Consumer Discretionary | 0.3% |
| Industrials | 0.0% |
| Consumer Staples | -0.6% |
| Health Care | -5.1% |
| Materials | -5.4% |
| Financials | -12.7% |
| Technology | -14.9% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -7.1% last week vs. -1.7% for the iShares MSCI ACWI ex U.S. ETF.
