International IPO Index: International markets slid further this week, as the International IPO Index dropped -4.3%, while the ACWX ex-US ETF traded off -1.8%. Three gold companies made it into the winners list, led by Hong Kong-listed gold miner Zijin Gold International, up +14.2% for the week. Tokyo-listed memory chip maker Kioxia tumbled -36.8% as investors dumped semi stocks.
Big Development: While most global markets dropped amid fears of an AI slowdown, Egypt's bucked the trend, and welcomed its largest IPO in over 20 years. State-owned bank Banque du Caire ($660mm) finished the week up +5%.
Latest Listings: In India, alternative asset manager EAAA India Alternatives ($130mm) ticked up +1%. One China A-share debuted, and surged over +170%.
The Week Ahead: The UAE is set to welcome its first IPO of the year, real estate operator Dubai Investments Park ($530mm). Several names are set to list in Hong Kong, including semi companies such as GPU designer Denglin ($200mm), controller chip designer HOSIN Electronics ($150mm), and chip packaging products maker JSSI Semi ($120mm). Fuel distributor Kwa Nokeng Oil ($120mm) is scheduled to debut in a rare Botswanan IPO.
The Pipeline: In Southeast Asia, retail and hotel REIT IOIPG Malaysia REIT ($520mm) launched a Malaysian IPO, investment bank HD Securities ($180mm) set the price for its Vietnamese listing, and Singaporean real estate firm Mapletree Investments tapped banks. Logistics provider Logisteed invited more banks for its Tokyo IPO. Indian regulators approved the listing plans of coal miner Mahanadi Coalfields, payments platform Razorpay, and CRO and CDMO Encube Ethicals.
In Europe, resort operator Blue Lagoon ($120mm) launched an Icelandic IPO, defense equipment maker WB Electronics invited banks to pitch for its planned Warsaw IPO, and Czech-based online grocery courier Rohlik Group announced it is picking advisers. Israeli food company Tnuva is reportedly drafting a prospectus for a Tel Aviv IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Zijin Gold International | 2259.HK | 14.2% |
| Seres Group (Chongqing Sokon Industrial) | 9927.HK | 13.1% |
| Chifeng Jilong Gold Mining | 6693.HK | 12.5% |
| Contemporary Amperex Technology (CATL) | 3750.HK | 12.2% |
| Laopu Gold | 6181.HK | 10.8% |
| Company | Ticker | Return |
|---|---|---|
| Kioxia (Toshiba Memory) | 285A.JP | -36.8% |
| Destek Finans Faktoring | DSTKF.TI | -27.9% |
| Kokusai Electric | 6525.JP | -26.9% |
| JX Advanced Metals | 5016.JP | -17.6% |
| Zhongji Innolight | 3308.HK | -15.8% |
| Sector | Return |
|---|---|
| Consumer Discretionary | 6.4% |
| Health Care | 4.4% |
| Consumer Staples | 4.2% |
| Industrials | 3.1% |
| Materials | 3.1% |
| Financials | -5.1% |
| Technology | -5.9% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -4.3% last week vs. -1.8% for the iShares MSCI ACWI ex U.S. ETF.
