The Renaissance International IPO Index finished November up +24.7% for the month, driven by strong returns in both Europe and China, compared to +13.4% for the MSCI ACWI ex-US ETF. The international IPO market also outperformed this past week, +6.8% vs. +2.3%.
The IPO Index is the tracker for the International IPO ETF (NYSE: IPOS).
The international IPO market’s five best performers this week are all listed in Hong Kong, rallying off of easing lockdown restrictions in China. Restaurant operator Jiumaojiu International took the top spot, up +36.7%. The week's IPO loser was Polish e-commerce platform Allegro.eu, which traded off -7.3%.
Chinese IPOs continue to loom large. Semiconductor foundry SMEC received approval for a Shanghai IPO that could raise $1.7 billion, and insurer Sunshine Insurance set terms for a $900+ million Hong Kong IPO. Four A-shares and one Hong Kong deal began trading this past week.
Dubai school operator Taaleem Holdings had an unusually poor debut for a Middle East deal, down -15% on day one.
Japan has had just one sizable IPO this year, but two more are expected to price on Monday and trade in Tokyo the following week: discount airline Skymark and waste services firm Daiei Kankyo.
Russia may see its first IPO in over a year. Scooter sharing service Whoosh announced it would pursue a Moscow IPO as early as this month, and jeweler Sokolov reiterated plans to list in 2023. Russian IPOs are not eligible for inclusion in the Renaissance International IPO ETF, and a number of other global funds.
Telecom spinoff Orange Cote d’Ivoire filed for a $220 million IPO on West Africa’s regional BRVM exchange. It and upcoming Morocco listing Akdital should be the year’s only African IPOs to raise at least $100 million.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Dec 2nd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Jiumaojiu International | 9922.HK | 36.7% |
| JS Global Lifestyle | 1691.HK | 32.1% |
| Pop Mart | 9992.HK | 28.7% |
| Topsports International | 6110.HK | 22.7% |
| JOINN Laboratories | 6127.HK | 20.4% |
| Bottom 5 | ||
| Allegro.eu | ALE.PW | -7.3% |
| Pepco Group | PCO.PW | -6.9% |
| AutoStore Holdings | AUTO.NO | -6.0% |
| Monde Nissin | MONDE.PM | -5.6% |
| GQG Partners | GQG.AU | -3.6% |
| Sectors | ||
| Consumer Discretionary | 14.0% | |
| Health Care | 10.7% | |
| Consumer Staples | 6.0% | |
| Technology | 4.6% | |
| Industrials | 2.6% | |
| Energy | 1.4% | |
| Materials | 0.6% | |
| Real Estate | 0.1% | |
| Financials | -0.2% | |
| Utilities | -1.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 6.8% last week vs. 2.3% for the iShares MSCI ACWI ex U.S. ETF.
