IPO Index: The International IPO Index dipped -1.2% this week, with the MSCI ACWI ex-US ETF off -1.0%. Hong Kong produced the week's best and worst performers, as EV developer Leapmotor posted a +14.6% gain, while pharma research company Tigermed Consulting fell -14.7%.
Big Development: News hit that Australian chemicals company Redox priced its $270 million IPO near the low end of the range. The deal would be the country's largest since late 2021, and serves as a bellwether for other Aussie deals in the wings, like ECA Group and Virgin Australia.
Latest Listings: International IPO markets were largely quiet this week, though China's A-share market continued to hum along with 6 new listings.
The Week Ahead: The calendar remains quiet, though Dongwei Technology, a Chinese maker of machinery for printed circuit boards, is set to debut its Swiss cross-listing. The company upsized to raise just over $100 million at pricing.
The Pipeline: Leading soda ash producer WE Soda reiterated its plans for a $800 million London listing, while Kazakhstani airline Air Astana disclosed plans for a dual listing in London and Kazakhstan. Romanian hydropower producer Hidroelectrica confirmed its plans for an imminent Bucharest IPO. A filing disclosed that the Shanghai Stock Exchange will review the IPO application of agrichemical giant Syngenta in the week ahead.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 9th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Zhejiang Leapmotor Technology | 9863.HK | 14.6% |
| GQG Partners | GQG.AU | 12.1% |
| Var Energi | VAR.NO | 7.9% |
| Industrie De Nora | DNR.IM | 6.6% |
| Avia Avian | AVIA.IJ | 6.6% |
| Bottom 5 | ||
| Hangzhou Tigermed Consulting | 3347.HK | -14.7% |
| GoTo Gojek Tokopedia | GOTO.IJ | -13.6% |
| Dr. Martens | DOCS.LN | -8.8% |
| Azelis Holding | AZE.BB | -7.5% |
| Pop Mart | 9992.HK | -7.3% |
| Sectors | ||
| Energy | 7.9% | |
| Real Estate | 2.2% | |
| Consumer Staples | 1.7% | |
| Financials | 1.3% | |
| Utilities | 0.9% | |
| Materials | -1.2% | |
| Industrials | -1.4% | |
| Consumer Discretionary | -1.6% | |
| Health Care | -2.0% | |
| Technology | -2.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.2% last week vs. -1.0% for the iShares MSCI ACWI ex U.S. ETF.
