IPO Index: The International IPO Index gained +2.2% this week, while the MSCI ACWI ex-US ETF traded up +1.9%. The Int'l IPO Index's best and worst performers both hailed from Hong Kong. Surgical robot developer Microport MedBot was the top performer as it surged +34.1%, while rare earth magnet maker JL Mag Rare-Earth was the worst performer, down -23.2%.
Big Development: Europe's IPO market is finally reopening. Yacht maker Ferretti ($290mm) cross-listed in Milan, trading down 4%. Next week, CAB Payments ($420mm) is scheduled to list in London, Thyssenkrupp Nucera ($580mm) is scheduled to list in Frankfurt, and Hidroelectrica ($1.8B) is set to price in Bucharest. All three deals are set to be the largest in their respective markets so far this year.
Latest Listings: Outside of Europe, oncology biotech Laekna ($100mm) got a solid reception in its Hong Kong debut, and traded up +36%. Nine China A-shares also began trading.
The Week Ahead: Indonesian copper and gold miner Amman Mineral ($720mm) is set to start trading, as is Australian chemicals provider Redox ($270mm). Oncology biotech Kelun-Biotech ($190mm) is scheduled to price its Hong Kong offering.
The Pipeline: As issuers in Europe try to crack open the continent's IPO window, more names are reiterating their intent to list, including Swiss skincare giant Galderma, Scottish craft brewer BrewDog, and Renault's EV carve-out Ampere (exp. 2024). Indian issuers Tata Technologies and SBFC Finance both got approval to list. In Hong Kong, drug discovery biotech Insilico Medicine filed for a listing, and Alibaba spin-off Freshippo may list as soon as November. South Korean electronics manufacturer Fadu filed for a Seoul listing.
2Q Review: Our new 2Q23 Global IPO Recap is titled Global IPO Market Sees Green Shoots as China Props Up Proceeds (IPO Pro exclusive). APAC once again led activity this quarter, while big deals in North America and Europe attempted to reopen local IPO markets.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 30th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Shanghai MicroPort MedBot Group | 2252.HK | 34.1% |
| Wise (TransferWise) | WISE.LN | 24.2% |
| Calb | 3931.HK | 13.8% |
| Simcere Pharmaceutical Group | 2096.HK | 12.8% |
| Zhejiang Leapmotor Technology | 9863.HK | 11.0% |
| Bottom 5 | ||
| JL Mag Rare-Earth | 6680.HK | -23.2% |
| China Tourism Group Duty Free | 1880.HK | -11.3% |
| Socionext | 6526.JP | -7.2% |
| Trimegah Bangun Persada | NCKL.IJ | -6.0% |
| AutoStore Holdings | AUTO.NO | -5.9% |
| Sectors | ||
| Health Care | 8.2% | |
| Energy | 7.3% | |
| Technology | 3.8% | |
| Consumer Staples | 3.1% | |
| Utilities | 2.2% | |
| Consumer Discretionary | 1.5% | |
| Financials | 1.2% | |
| Real Estate | 0.0% | |
| Industrials | -0.2% | |
| Materials | -4.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.2% last week vs. 1.9% for the iShares MSCI ACWI ex U.S. ETF.
