International IPO Index: International markets ticked up this week, as the International IPO Index gained +0.8%, while the MSCI ACWI rose +1.5%. Hong Kong-listed pharmaceuticals maker RemeGen was this week's top performer, up +17.7%, while Warsaw-listed discount store operator Pepco Group took the bottom spot, down -11.9%.
Big Development: The Middle East's IPO markets have slowed significantly in recent months, but Saudi oil and gas driller ADES Holding appears to be turning heads ahead of its $1.2 billion Tadawul listing. Set to be Saudi Arabia's largest IPO of 2023 so far, it will price next week, reportedly at the high end. This follows the recent pricing of rental car provider Lumi ($290mm). Meanwhile, Saudi logistics firm SAL is set for early October.
Latest Listings: Four China A-shares debuted this week, and all traded up more than +25%.
The Week Ahead: After pricing at the high end, Japanese private equity firm Integral ($120mm) is set to begin trading next week. In South Korea, Doosan Robotics ($280mm) is scheduled to price. Chinese auto services platform Tuhu ($150mm) is set to price in Hong Kong.
The Pipeline: The pipeline is building ahead of an active fall. In India, energy financier IREDA filed for an IPO, while hotel operator Samhi Hotels ($160mm) set terms. German defense supplier Renk announced its intent for a float next month. Elsewhere in Europe, Spanish fashion group Puig tapped banks for a potential IPO. In South Korea, Seoul Guarantee Insurance ($240mm) set terms for a listing. Emirati supermarket operator LuLu Group International announced plans for an IPO in the first half of 2024. In Hong Kong, iMotion re-filed for a listing. Indonesia's Barito Renewables Energy ($210mm) also set terms for a Jakarta listing.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 15th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| RemeGen | 9995.HK | 17.7% |
| Trimegah Bangun Persada | NCKL.IJ | 13.1% |
| Calb | 3931.HK | 11.9% |
| Asymchem Laboratories | 6821.HK | 9.0% |
| Wise (TransferWise) | WISE.LN | 8.2% |
| Bottom 5 | ||
| Pepco Group | PCO.PW | -11.9% |
| Blue Moon Group Holdings | 6993.HK | -9.0% |
| Onewo | 2602.HK | -5.2% |
| Ariston Holding | ARIS.IM | -4.8% |
| Pop Mart | 9992.HK | -4.8% |
| Sectors | ||
| Health Care | 5.2% | |
| Energy | 3.5% | |
| Financials | 3.3% | |
| Materials | 2.1% | |
| Technology | 1.7% | |
| Consumer Staples | 0.9% | |
| Utilities | -0.2% | |
| Real Estate | -0.9% | |
| Industrials | -1.6% | |
| Consumer Discretionary | -1.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.8% last week vs. 1.5% for the iShares MSCI ACWI ex U.S. ETF.
