The Renaissance International IPO Index gave back some gains this week, off -2.7% compared to the MSCI ACWI ex-US ETF’s gain of +0.7%.
Hong Kong-listed lithium producer Tianqi Lithium was the Int’l IPO Index’s top performer, up +13.5%. Meanwhile, UK-based bootmaker Dr. Martens tumbled -32.4% after it cut its earnings forecast amid supply chain issues.
Two $100mm+ IPOs began trading this week. In Hong Kong, beauty services clinic Beauty Farm popped +54%, the best debut for a sizable Hong Kong IPO in over a year. Turkish electrical components provider Astor Enerji priced a $140 million IPO in Istanbul and popped +10%, then traded up from there. Additionally, two $100mm+ China A-share IPOs began trading this week.
The non-US IPO calendar remains relatively empty outside of China A-share deals, but further down the line, we see dozens of large companies moving closer to listing.
After a quiet 2022, Europe is gearing up to reopen its markets, including potential IPOs in Germany (Ionos Group, Wintershall Dea), Italy (Lottomatica, Euro Group), Greece (Athens International Airport), and Spain (Cosentino).
In Hong Kong, liquor producer ZJLD filed for a potential $300mm offering, while Black Sesame and a unit of Tsinghua Unigroup are both chipmakers weighing IPOs. News from India indicated potential 2023 listings from payment giant PhonePe, IT solutions firm Tata Technologies, and hotel chain Oyo Hotels. In Southeast Asia, Thai supermarket Big C and Indonesia’s Bank DKI are both prepping possible 2023 IPOs as well.
A number of deal announcements have come out of the Middle East in the past month, and this week at Davos a major shareholder of Emirates Global Aluminium teased an IPO that could happen later this year.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jan 20th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Tianqi Lithium | 9696.HK | 13.5% |
| Asymchem Laboratories | 6821.HK | 12.9% |
| Pop Mart | 9992.HK | 7.3% |
| China Tourism Group Duty Free | 1880.HK | 6.7% |
| Avia Avian | AVIA.IJ | 6.3% |
| Bottom 5 | ||
| Dr. Martens | DOCS.LN | -32.4% |
| Simcere Pharmaceutical Group | 2096.HK | -22.0% |
| Wise (TransferWise) | WISE.LN | -14.4% |
| Shanghai MicroPort MedBot Group | 2252.HK | -11.3% |
| AutoStore Holdings | AUTO.NO | -10.5% |
| Sectors | ||
| Materials | 4.7% | |
| Utilities | 0.7% | |
| Consumer Staples | 0.4% | |
| Real Estate | -1.6% | |
| Energy | -1.7% | |
| Financials | -1.9% | |
| Health Care | -2.7% | |
| Industrials | -3.2% | |
| Consumer Discretionary | -3.3% | |
| Technology | -3.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.7% last week vs. 0.7% for the iShares MSCI ACWI ex U.S. ETF.
