IPO Index: The International IPO Index tumbled -4.1% this week, while the MSCI ACWI ex-US ETF declined -0.2%. Milan-listed heating product manufacturer Ariston Holding took this week's top spot, up +7.2%. Hong Kong-listed AI developer SenseTime landed at the bottom for the second straight week, down -17.4%.
Big Development: Chinese baijiu maker ZJLD priced its blockbuster Hong Kong offering near the bottom of the range to raise about $680mm, the city's largest IPO of 2023. ZJLD is set to begin trading next Thursday.
Latest Listings: Rakuten Bank, Japan's biggest IPO in over four years in terms of yen raised, popped +38% on its Tokyo debut. Another large Indonesian nickel miner, Merdeka Battery Minerals, IPO'd and finished the week up +11%. India's first sizable IPO of 2023, Avalon Technologies, traded down -9%. Europe saw one Turkish IPO and three cross-listings from China. Seven China A-shares also began trading.
The Pipeline: Italian gaming company Lottomatica set a range for its upcoming Milan listing in May, which could raise $660mm in Europe's largest offering of the year. In India, health products company Mankind Pharma set terms for a $510mm listing to debut in May. China's pipeline saw some early IPO signs from chipmaker CXMT, EV brand Aion, and Alibaba's grocery arm Freshippo.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 21st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Ariston Holding | ARIS.IM | 7.2% |
| Dr. Martens | DOCS.LN | 6.5% |
| Allegro.eu | ALE.PW | 5.6% |
| InPost | INPST.NA | 4.9% |
| Sunshine Insurance | 6963.HK | 3.5% |
| Bottom 5 | ||
| SenseTime | 20.HK | -17.4% |
| JL Mag Rare-Earth | 6680.HK | -11.7% |
| Zhejiang Kuaishou Information Technology | 1024.HK | -10.2% |
| Akesobio | 9926.HK | -10.0% |
| JD Logistics | 2618.HK | -9.8% |
| Sectors | ||
| Industrials | -0.4% | |
| Consumer Staples | -0.8% | |
| Consumer Discretionary | -1.5% | |
| Energy | -1.9% | |
| Technology | -2.0% | |
| Financials | -2.0% | |
| Utilities | -3.1% | |
| Materials | -4.7% | |
| Real Estate | -4.9% | |
| Health Care | -6.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -4.1% last week vs. -0.2% for the iShares MSCI ACWI ex U.S. ETF.
