IPO Index: The International IPO Index traded off -2.6% this week, as the MSCI ACWI ex-US ETF fell -1.5%. The top performer was Hong Kong-listed drug services provider Asymchem Laboratories, which traded up +8.8%. Last week's best performer was this week's worst, with Hong Kong-listed surgical robot developer Microport MedBot off -16.5%.
Big Development: After going virtually silent for months, Europe's IPO market had a busy week. Hydrogen machinery maker Thyssenkrupp Nucera ($570mm) popped more than +20% in its Frankfurt debut. In London, cross-border payments provider CAB Payments ($420mm) got a frosty reception, and slid -7%. Meanwhile, Romanian power producer Hidroelectrica ($1.8B) priced slightly above the midpoint ahead of its Bucharest listing next week.
Latest Listings: Also in Europe, Chinese cobalt miner Huayou Cobalt ($580mm) traded flat after upsizing its Swiss cross-listing. Indonesian copper and gold miner Amman Mineral ($720mm) traded up +4% in the country's largest debut in over a year. Australian chemicals provider Redox ($270mm) traded down -6%. Five China A-shares also debuted.
The Week Ahead: In addition to Hidroelectrica's blockbuster Bucharest listing, Italian IT services provider Maggioli ($150mm) is scheduled to debut. China-based oncology biotech Kelun-Biotech ($170mm) is set to list in Hong Kong. In Japan, HR services provider TRYT ($330mm) is scheduled to price its IPO.
The Pipeline: Indonesian cinema chain Nusantara Sejahtera Raya ($150mm) filed for a Jakarta IPO. Japanese e-commerce giant Rakuten applied to list its securities unit Rakuten Securities. In India, small loan provider Muthoot Microfin refiled for a listing. Leading MENA broadcaster MBC Group began talks with investors ahead of a possible Tadawul IPO. Chinese auto giant GAC Group said it is close to filing for a Shanghai IPO of its EV brand Aion.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 7th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Asymchem Laboratories | 6821.HK | 8.8% |
| RemeGen | 9995.HK | 8.3% |
| GQG Partners | GQG.AU | 5.8% |
| Industrie De Nora | DNR.IM | 5.3% |
| Trimegah Bangun Persada | NCKL.IJ | 3.2% |
| Bottom 5 | ||
| Shanghai MicroPort MedBot Group | 2252.HK | -16.5% |
| Socionext | 6526.JP | -16.2% |
| SenseTime | 20.HK | -9.7% |
| Onewo | 2602.HK | -9.5% |
| Acciona Global Renewables | ANE.SM | -8.5% |
| Sectors | ||
| Energy | 1.3% | |
| Health Care | 0.1% | |
| Consumer Staples | -0.1% | |
| Materials | -1.7% | |
| Financials | -2.4% | |
| Consumer Discretionary | -3.2% | |
| Technology | -3.5% | |
| Real Estate | -4.3% | |
| Industrials | -5.1% | |
| Utilities | -8.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.6% last week vs. -1.5% for the iShares MSCI ACWI ex U.S. ETF.
