International IPO markets soared this past week, with the Renaissance International IPO Index up +9.5%, compared to +6.8% for the MSCI ACWI ex US ETF.
The Middle East’s IPO market stayed active as Dubai cooling firm Empower priced at the high end and raised $720 million ahead of its listing next week. A month after pricing, large Saudi oil driller Arabian Drilling began trading on the Tadawul, up +23% on its first day.
Offshore oil producer Ithaca Energy became the UK’s biggest homegrown IPO of the year, raising $300 million in London before sinking -8% on its debut. In Switzerland, two more China A-shares cross-listed.
India is having an IPO resurgence, with five deals pricing next week. The largest are loan provider Five-Star Business Finance and hospital chain Global Health (Medanta). Elsewhere in the APAC region, the owner of Indonesian e-commerce platform Blibli had a solid +8% gain, after raising $500 million in Jakarta. However, South Korea saw some IPO turbulence as two listings postponed this week.
China’s A-share activity remains steady. Five A-share IPOs priced this week, raising almost $900 million, while another four began trading, led by GRINM Semiconductor Materials, which popped +92% on its first day. Next week we'll be releasing a deeper dive into China’s IPO market on IPO Pro.
The week’s international IPO winner was Amsterdam-listed financial firm Allfunds up +26.1%, while the loser was Thai life insurance provider Thai Life Insurance, off -8.1%.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Lily McGonagle, Data Analyst
|
Biggest price changes through
Nov 11th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Allfunds | ALLFG.NA | 26.1% |
| EQT | EQT.SS | 20.4% |
| Pop Mart | 9992.HK | 18.7% |
| Pharmaron Beijing | 3759.HK | 16.8% |
| Poly Property Development | 6049.HK | 16.2% |
| Bottom 5 | ||
| Thai Life Insurance | TLI.TB | -8.1% |
| Wise (TransferWise) | WISE.LN | -4.9% |
| Var Energi | VAR.NO | -3.4% |
| Blue Moon Group Holdings | 6993.HK | -2.6% |
| Acciona Global Renewables | ANE.SM | -1.7% |
| Sectors | ||
| Financials | 9.8% | |
| Real Estate | 9.8% | |
| Technology | 8.8% | |
| Health Care | 7.3% | |
| Consumer Discretionary | 5.1% | |
| Industrials | 4.7% | |
| Materials | 4.1% | |
| Consumer Staples | 2.6% | |
| Utilities | -1.7% | |
| Energy | -3.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 9.5% last week vs. 6.8% for the iShares MSCI ACWI ex U.S. ETF.
