The Renaissance International IPO Index continued to post strong gains, up +4.9% this past week as Chinese IPOs rallied, even as the MSCI ACWI ex US ETF lost -1.4%.
For the second straight week, Hong Kong produced each of the Int'l IPO index's top five performers, as China took additional steps to ease Covid-19 restrictions. Toy retailer Pop Mart (+26.0%) and vape maker Smoore International (+20.1%) took the top spots, while Canadian specialty payment processor Nuvei (-8.1%) finished last.
China had an active week, led by Sunshine Insurance, which raised $860 million in Hong Kong and traded flat. However, the largest pricing came from Saudi Aramco refinery spin-off Luberef, which raised $1.3 billion.
Thai pet food producer i-Tail began trading this week after raising $590 million, and declined slightly on day one. Despite the year’s volatility, Thailand’s IPO market has remained active in 2022.
After years of rumblings, Kazakhstan’s KazMunayGas debuted on the country’s stock exchange with a +6% gain. Once rumored to raise as much as $6.5 billion, the company floated a mere 3% of its total shares to raise $330 million as part of the country’s privatization drive.
In the coming week, Middle Eastern restaurant operator Americana Group will dual-list in the UAE and Saudi Arabia after a $1.8 billion capital raise. Two Tokyo IPOs, Skymark Airlines and Daiei Kankyo, are expected to begin trading, both of which priced at the high end of the range. We should also see pricings from South Korean diagnostics company BioNote ($180mm), Indian wine producer Sula Vineyards ($110mm), and Morocco hospital company Akdital ($110mm).
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Dec 9th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Pop Mart | 9992.HK | 26.0% |
| Smoore International | 6969.HK | 20.1% |
| China Feihe | 6186.HK | 19.9% |
| JD Health | 6618.HK | 18.4% |
| Zhejiang Kuaishou Information Technology | 1024.HK | 16.8% |
| Bottom 5 | ||
| Nuvei | NVEI.CN | -8.1% |
| Allfunds | ALLFG.NA | -5.9% |
| Var Energi | VAR.NO | -5.7% |
| Monde Nissin | MONDE.PM | -5.5% |
| JOINN Laboratories | 6127.HK | -5.3% |
| Sectors | ||
| Consumer Discretionary | 7.4% | |
| Industrials | 5.8% | |
| Real Estate | 5.3% | |
| Health Care | 4.8% | |
| Consumer Staples | 3.0% | |
| Technology | 1.9% | |
| Materials | 1.4% | |
| Utilities | -1.9% | |
| Financials | -2.5% | |
| Energy | -5.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 4.9% last week vs. -1.4% for the iShares MSCI ACWI ex U.S. ETF.
