International IPO Index: International markets had an underwhelming week, with the International IPO Index off -1.0%, while the ACWX ex-US ETF ticked down -0.1%. Sweden-listed security services firm rose Verisure +6.3% to take the top spot for a third straight week, while the continued woes of Istanbul-listed factoring services provider Destek Faktoring tanked the stock another -34.3%.
Big Development: Indian mobile telecom giant Jio Platforms ($3.2B) debuted in the country's largest-ever IPO. India's stock market has struggled in 2026, and most $1 billion+ Indian IPOs had modest or negative first day trading. However, Jio Platforms attracted a record bookbuild, and finished the week up +28%.
Latest Listings: The week's other IPOs posted weaker trading. PCB manufacturer Dongshan Precision ($1.3B) slipped -10% in Hong Kong. In London, tungsten miner developer Abenojar Tungsten ($170mm) slumped -7%. Hospital operator Paras Healthcare ($150mm) traded up +6% in India. In Singapore, semiconductor components spin-off Mi Material ($110mm) dropped -16%.
The Week Ahead: Two $100mm+ deals are on the calendar for the week ahead, although more may join throughout the week. In Egypt, state-owned bank Banque du Caire ($660mm) is set to debut in the country's largest IPO in over 20 years. Alternative asset manager EAAA India Alternatives ($130mm) is scheduled to list in India.
The Pipeline: Several Hong Kong IPOs launched this week, including GPU designer Denglin ($200mm), controller chip designer HOSIN Electronics ($150mm), chip packaging maker JSSI Semi ($120mm), and small molecule biotech Hemay ($120mm). Global agrochemical giant Syngenta is reportedly also preparing for a Hong Kong IPO that could raise up to $10 billion.
In Malaysia, pharmacy chain Big Caring ($500mm) launched, while hospital operator Asia OneHealthcare filed papers. Emirati real estate operator Dubai Investment Parks ($530mm) set terms for Dubai's first listing of 2026. In Morocco, pharmaceuticals producer Laprophan ($230mm) launched a Casablanca IPO. In India, brewery Carlsberg India filed papers, while renewable energy firm Sembcorp Green Infra held investor meetings.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Verisure | VSURE.SS | 6.3% |
| Jiangsu Hengrui Pharmaceuticals | 1276.HK | 6.2% |
| CVC Capital Partners | CVC.NA | 5.9% |
| Kioxia (Toshiba Memory) | 285A.JP | 5.6% |
| S.F. Holding | 6936.HK | 4.9% |
| Company | Ticker | Return |
|---|---|---|
| Destek Finans Faktoring | DSTKF.TI | -34.3% |
| Delton Technology | 1989.HK | -21.0% |
| Lens Technology | 6613.HK | -20.3% |
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -18.9% |
| Guangdong Dtech Technology | 1377.HK | -18.4% |
| Sector | Return |
|---|---|
| Industrials | 0.5% |
| Consumer Staples | 0.2% |
| Health Care | -0.2% |
| Materials | -1.6% |
| Consumer Discretionary | -1.7% |
| Financials | -8.4% |
| Technology | -10.0% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.0% last week vs. -0.1% for the iShares MSCI ACWI ex U.S. ETF.
