IPO Index: The International IPO Index found some support this week, rising +1.0%, while the MSCI ACWI ex-US ETF was flat. Oslo-listed oil and gas producer Var Energi was this week's biggest winner, up +10.5%. Hong Kong-listed pharma research company Tigermed Consulting took the bottom spot, down -14.0%.
Big Developments: Italian gaming giant Lottomatica priced its $660mm IPO, Europe's largest of 2023 so far, at the bottom of the range. The company is set to begin trading in Milan next week. Asia Pacific also had its largest pricing of 2023: Chinese chip foundry SMEC priced an upsized $1.6B offering in Shanghai (no listing date yet).
Latest Listings: Chinese baijiu liquor maker ZJLD crashed -18% on its first day, a disappointing debut for the largest Hong Kong IPO of the year. It was reported that executives took shots of baijiu at the opening ceremony - wonder if they took a second shot after it began trading. Three China A-shares also listed this week.
The Week Ahead: In addition to Lottomatica, diversified Emirati conglomerate Ethmar ($180mm) will begin trading in Abu Dhabi. Ethmar has holdings in energy, real estate, and technology.
The Pipeline: Indian healthcare company Mankind Pharma ($530mm) priced at the top end, and is set to trade in mid-May. Elsewhere in India, state-owned energy financing company IREDA, logistics company TVS Supply Chain Solutions, and stationery company Doms Industries all moved towards listings. In Malaysia, health supplement provider DXN filed for a listing slated for May. Other activity in APAC came from the Philippines' SM Prime Holdings REIT, and Thailand's Sino Logistics. Two AI developers, XtalPi and 4Paradigm, advanced towards Hong Kong listings.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 28th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Var Energi | VAR.NO | 10.5% |
| GoTo Gojek Tokopedia | GOTO.IJ | 9.5% |
| SenseTime | 20.HK | 7.4% |
| Zhejiang Kuaishou Information Technology | 1024.HK | 5.7% |
| Avia Avian | AVIA.IJ | 5.3% |
| Bottom 5 | ||
| Hangzhou Tigermed Consulting | 3347.HK | -14.0% |
| Tianqi Lithium | 9696.HK | -10.8% |
| Shanghai MicroPort MedBot Group | 2252.HK | -9.6% |
| JOINN Laboratories | 6127.HK | -9.6% |
| China Tourism Group Duty Free | 1880.HK | -5.5% |
| Sectors | ||
| Energy | 10.5% | |
| Technology | 2.6% | |
| Industrials | 2.2% | |
| Real Estate | -0.4% | |
| Consumer Staples | -0.7% | |
| Utilities | -1.2% | |
| Financials | -1.2% | |
| Materials | -1.3% | |
| Consumer Discretionary | -1.3% | |
| Health Care | -4.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.0% last week vs. 0.0% for the iShares MSCI ACWI ex U.S. ETF.
