This week’s International IPO winners were Hong Kong-listed healthcare platform JD Health (+17.6%) and video app Kuaishou (+13.4%). Both constituents of the Renaissance International IPO Index rallied after news that they may soon be added to Hong Kong's Hang Seng Index.
The week's IPO loser, Oslo-listed robotics firm AutoStore, traded off -14.8%. The International IPO Index finished up +1.7%, beating the MSCI ACWI ex US ETF, down -0.6%.
India’s IPO market sprung back to life after a slow start to the 3Q. Four companies priced deals this week, three of which began trading. Hospital operator Global Health (Medanta) led the pack, raising $270 million and jumping +23% on its first day. Coming up, Indian loan provider Five Star Business Finance ($330mm) prices next week.
The Middle East remains red hot. Dubai cooling firm Empower ($720mm) rose +2% on its debut, while both Saudi cable manufacturer Riyadh Cables ($380mm) and Dubai school operator Taaleem ($205mm) priced deals at the high end. Next week, the Middle East's KFC and Pizza Hut operator Americana Group is expected to price its $1.7 billion deal.
China’s A-share market continues to see activity, with two pricings and seven listings this week. The seven deals averaged a first-day return of +26.2%; for a deeper dive into China’s IPO market, check out our recent blog on IPO Pro, China A-share IPOs deliver lower returns amid record activity.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Lily McGonagle, Data Analyst
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| JD Health | 6618.HK | 17.6% |
| Zhejiang Kuaishou Information Technology | 1024.HK | 13.4% |
| Pepco Group | PCO.PW | 13.0% |
| Budweiser Brewing Company APAC | 1876.HK | 12.0% |
| Hangzhou Tigermed Consulting | 3347.HK | 10.7% |
| Company | Ticker | Return |
|---|---|---|
| AutoStore Holdings | AUTO.NO | -14.8% |
| Tianqi Lithium | 9696.HK | -12.2% |
| Nuvei | NVEI.CN | -10.7% |
| EQT | EQT.SS | -7.9% |
| Wise (TransferWise) | WISE.LN | -7.8% |
| Sector | Return |
|---|---|
| Health Care | 7.9% |
| Consumer Staples | 4.2% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.0% |
| Technology | -2.7% |
| Financials | -2.9% |
| Utilities | -3.2% |
| Industrials | -3.4% |
| Energy | -4.5% |
| Materials | -5.0% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.7% last week vs. -0.6% for the iShares MSCI ACWI ex U.S. ETF.
