IPO Index: The International IPO Index inched down -0.2% this week, while the MSCI ACWI ex-US ETF ticked up +0.5%. Filipino snack food giant Monde Nissin was the Int'l IPO Index's biggest winner, up +9.1%. Sweden's Volvo Cars dropped -8.6% this week to take last place.
Big Development: Italian gaming giant Lottomatica didn't hit the lottery and fell -6.2% in its market debut this week. Its $660mm IPO, Europe's largest of 2023 so far, marks the latest attempt to unfreeze the continent's largely dormant listings market. Its middling debut follows earlier efforts to re-open the IPO window from EuroGroup and Ionos Group, both of which have traded down.
Latest Listings: Apart from Lottomatica, the only sizable listings this week were two China A-shares. One of the two, Nextchip Semiconductor, raised $1.4 billion in one of the world's largest IPOs this year. It traded up just +0.1% on its debut.
The Week Ahead: India's largest IPO of 2023 so far, healthcare products maker Mankind Pharma, is scheduled to begin trading after raising $530mm.
The Pipeline: Another large Indian deal, commercial REIT Nexus Select Trust, is set to list later this month. Two Saudi Arabian companies, financial services provider Morabaha Marina Financing and drugmaker Jamjoom Pharma, announced domestic IPOs. In Hong Kong, courier giant SF Holding chose banks for a listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
May 5th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Monde Nissin | MONDE.PM | 9.1% |
| JOINN Laboratories | 6127.HK | 6.3% |
| Avia Avian | AVIA.IJ | 5.0% |
| Pop Mart | 9992.HK | 4.6% |
| Akesobio | 9926.HK | 4.3% |
| Bottom 5 | ||
| China Tourism Group Duty Free | 1880.HK | -7.8% |
| RemeGen | 9995.HK | -7.6% |
| AutoStore Holdings | AUTO.NO | -5.3% |
| Antin Infrastructure Partners | ANTIN.FP | -5.0% |
| Var Energi | VAR.NO | -4.8% |
| Sectors | ||
| Consumer Staples | 2.0% | |
| Materials | 1.2% | |
| Health Care | 0.8% | |
| Utilities | 0.5% | |
| Technology | 0.3% | |
| Consumer Discretionary | -0.1% | |
| Real Estate | -0.1% | |
| Financials | -1.5% | |
| Industrials | -3.0% | |
| Energy | -4.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.2% last week vs. 0.5% for the iShares MSCI ACWI ex U.S. ETF.
