IPO Index: International IPO markets had their best week of 2023 with the Renaissance International IPO Index up +7.1%, as the MSCI ACWI ex-US ETF rose +4.0%. Hong Kong-listed biopharma RemeGen rose +16.8% to take the top spot. Japanese system-on-a-chip maker Socionext was last, off -11.2%.
Big Development: Romanian power producer Hidroelectrica rose +7.2% in Bucharest after pricing the biggest European IPO of 2023 so far. Europe’s IPO forecast is not quite sunny yet, but certainly less cloudy than before.
Latest Listings: Aside from Hidroelectrica, six sizable China A-share IPOs began trading this week, alongside a biotech in Hong Kong (Kelun-Biotech). In addition, China's leading fitness app Keep traded up 2% in Hong Kong; while its $40mm deal size didn't make our cutoff, it was the week's largest China IPO by market cap ($1.9B).
The Week Ahead: Very little on the non-US IPO calendar. Japanese arcade operator Genda aims to price an offering that'll raise close to $100 million. Expect more A-shares as well.
The Pipeline: In Italy, IT services firm Maggioli withdrew an IPO scheduled for this past week, while steelmaker Feralpi Group put its listing on hold. German building monitor firm Techem and French reinsurer XL Re are both considering either a sale or IPO. Seed giant Syngenta took one step closer to its mega Shanghai IPO by meeting with potential cornerstone investors in the Middle East. Indonesia’s active 2023 should continue with an IPO from oil & gas company PHE later this quarter, followed by palm oil producer PalmCo.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 14th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| RemeGen | 9995.HK | 16.8% |
| Nuvei | NVEI.CN | 15.7% |
| Dr. Martens | DOCS.LN | 15.1% |
| Zhejiang Kuaishou Information Technology | 1024.HK | 13.5% |
| Pop Mart | 9992.HK | 13.5% |
| Bottom 5 | ||
| Socionext | 6526.JP | -11.2% |
| Thai Life Insurance | TLI.TB | -5.3% |
| Trimegah Bangun Persada | NCKL.IJ | -3.6% |
| Zhejiang Leapmotor Technology | 9863.HK | -3.2% |
| Avia Avian | AVIA.IJ | -3.0% |
| Sectors | ||
| Health Care | 6.6% | |
| Industrials | 6.3% | |
| Consumer Discretionary | 4.9% | |
| Technology | 4.1% | |
| Financials | 3.4% | |
| Consumer Staples | 3.3% | |
| Utilities | 3.2% | |
| Real Estate | 2.5% | |
| Materials | 2.1% | |
| Energy | -2.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 7.1% last week vs. 4.0% for the iShares MSCI ACWI ex U.S. ETF.
