International IPO Index: International markets traded off further this week, amid global AI worries. The International IPO Index plunged -4.1%, while the ACWX ex-US ETF traded down -1.0%. Sweden-listed security services firm Verisure was the best performer again, up +10.9% on reports that CVC is considering a buyout. Istanbul-listed factoring services provider Destek Faktoring dropped -40.9% amid a rout in Turkey's stock market.
Big Development: Indian mobile telecom giant Jio Platforms ($3.1B) saw its bookbuild oversubscribed more than 20 times, despite recent weakness in Indian stocks. Jio is set to start trading next week, with the gray market suggesting a first-day pop.
Latest Listings: Eight listings raised $100mm plus this week, including several notable deals.
Fintech Mynt ($880mm) slipped -5% in the Philippines' largest IPO in over five years
Greek shipping company Capital Maritime Finance ($340mm) traded flat in Athens' largest listing since early 2024
South Korean AI company Elice ($150mm) frightened markets after plunging -32% in its Seoul debut, before surging back to finish the week up +4%
Digital lender MNT-Halan ($150mm) rose +2% in the Egypt's first sizable IPO in over five years
The Week Ahead: Jio Platforms isn't the only billion-dollar deal on the calendar, with PCB manufacturer Dongshan Precision ($1.4B) scheduled to cross-list in Hong Kong. Tungsten mine developer Abenojar Tungsten ($200mm) is set to trade in London. Hospital operator Paras Healthcare ($150mm) is scheduled to debut in India. In Singapore, semiconductor components spin-off Mi Material ($110mm) is set to list.
The Pipeline: More names marched towards Indian IPOs. Hotel operator OYO and alternative asset manager EAAA India Alternatives both lodged updated papers. Brewery Carlsberg India and highway investment trust Vertis InvIT are also preparing to file.
In Hong Kong, humanoid robot maker Noetix Robotics confidentially filed, while PCB maker Aoshikang Technology announced listing plans. Egyptian state-owned bank Banque du Caire ($630mm) set terms and then upsized its proposed IPO. In the UAE, real estate operator Dubai Investment Parks announced plans for what could be the country's first IPO of the year. OLED display materials manufacturer SFC ($130mm) set terms for a South Korean IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Verisure | VSURE.SS | 10.9% |
| Galderma | GALD.SW | 8.5% |
| Luxshare Precision Industry | 2475.HK | 7.1% |
| CVC Capital Partners | CVC.NA | 4.5% |
| Muyuan Foods | 2714.HK | 4.3% |
| Company | Ticker | Return |
|---|---|---|
| Destek Finans Faktoring | DSTKF.TI | -40.9% |
| Contemporary Amperex Technology (CATL) | 3750.HK | -19.1% |
| Zijin Gold International | 2259.HK | -18.3% |
| Chaozhou Three-Circle | 6951.HK | -16.1% |
| Kokusai Electric | 6525.JP | -14.0% |
| Sector | Return |
|---|---|
| Consumer Staples | -0.6% |
| Health Care | -2.0% |
| Industrials | -3.1% |
| Technology | -4.0% |
| Consumer Discretionary | -5.1% |
| Financials | -11.5% |
| Materials | -12.7% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -4.1% last week vs. -1.0% for the iShares MSCI ACWI ex U.S. ETF.
