IPO Index: The International IPO Index dropped -7.8% this week amid a selloff in both Asian and European markets, while the MSCI ACWI ex-US ETF was off -3.5%. The Int'l IPO Index's best performer was Amsterdam-listed parcel locker provider InPost, up a mere +0.9%. Hong Kong produced all five worst performers, including drug development services provider JOINN Laboratories, down -21.0% to take the bottom spot.
Big Development: Europe's IPO markets are poised for a big test in the coming weeks, with three new and notable launches. Italian luxury yacht maker Ferretti is set to cross-list in Milan next week after raising $290 million, while German hydrogen machinery maker Thyssenkrupp Nucera ($580mm; Frankfurt) and Romanian hydropower producer Hidroelectrica ($1.8B; Bucharest) are targeting early July.
Latest Listings: Two Saudi deals debuted this week. Drugmaker Jamjoom Pharma ($340mm) and wheat miller First Milling ($270mm) both traded up in the country's two largest IPOs this year. Four China A-shares listed, though markets took two days off to observe the Dragon Boat Festival.
The Week Ahead: In addition to Ferretti, the only other listing scheduled next week is oncology biotech Laekna ($100mm) in Hong Kong.
The Pipeline: Europe's IPO pipeline got a jolt of encouraging news this week. German transportation company Flix invited banks to pitch for a Frankfurt IPO, Italian orthopedic device maker LimaCorporate tapped banks for a Milan IPO, and Renault's EV carve-out Ampere moved closer to a Paris listing. In the Middle East, Emirati oil driller ADES International got approval for a $1 billion Tadawul IPO, and Amanat Healthcare's parent confirmed an Abu Dhabi IPO is in the works. Alibaba spin-off Cainiao swapped underwriters ahead of its $2 billion Hong Kong listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 23rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| InPost | INPST.NA | 0.9% |
| Majorel Group Luxembourg | MAJ.NA | 0.9% |
| Avia Avian | AVIA.IJ | 0.7% |
| PTT Oil and Retail (PTTOR) | OR.TB | -0.5% |
| Oxford Nanopore Technologies | ONT.LN | -1.5% |
| Bottom 5 | ||
| JOINN Laboratories | 6127.HK | -21.0% |
| Hangzhou Tigermed Consulting | 3347.HK | -18.7% |
| Blue Moon Group Holdings | 6993.HK | -16.5% |
| RemeGen | 9995.HK | -16.0% |
| Asymchem Laboratories | 6821.HK | -14.6% |
| Sectors | ||
| Energy | -2.7% | |
| Industrials | -4.7% | |
| Materials | -5.2% | |
| Technology | -6.2% | |
| Utilities | -6.4% | |
| Consumer Discretionary | -7.5% | |
| Financials | -7.8% | |
| Real Estate | -8.1% | |
| Consumer Staples | -9.1% | |
| Health Care | -13.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -7.8% last week vs. -3.5% for the iShares MSCI ACWI ex U.S. ETF.
