International IPO Index: International markets fell this week, as the International IPO Index dropped -2.7%, while the MSCI ACWI slipped -2.1%. Japanese online bank Rakuten Bank took the top spot, up +17.8%. Hong Kong-listed EV developer Leapmotor fell -11.6% to take the bottom spot.
Big Development: Germany's sluggish IPO market is set for its biggest listing of 2023, after medical products supplier SCHOTT Pharma ($980mm) launched an IPO scheduled to price and trade next week. Other potential German issuers, like military supplier Renk, beauty retailer Douglas, and bus service Flix, will be watching closely.
Latest Listings: Three Indian IPOs debuted: wire and cable maker RR Kabel ($240mm), hotel operator Samhi Hotels ($160mm), and hospital operator Jupiter Hospital ($100mm). All three traded up. Japanese PE firm Integral ($120mm) priced at the high end, but finished the week down -3%. Three China A-shares also listed.
The Week Ahead: Aside from SCHOTT in Frankfurt, Hong Kong will see auto services platform TUHU Cars ($150mm) and enterprise AI provider Fourth Paradigm ($150mm) start trading.
The Pipeline: It's building. In Hong Kong, Alibaba’s Cainiao, home appliance maker Midea, and delivery firm J&T Express are nearing filings. Japanese semiconductor equipment maker Kokusai Electric ($750mm) launched what could be Japan's largest IPO in five years, set for October. Commercial ship repairer Hyundai Global Service tapped banks for a potential Seoul listing. In India, electric scooter maker Ola Electric is nearing a possible October IPO. In Europe, PE firm CVC Capital Partners is approaching an Amsterdam listing, while airline Volotea hired banks for a Madrid IPO. In Oman, pipeline company OQ Gas Networks ($750mm) launched its IPO.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 22nd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Rakuten Bank | 5838.JP | 17.8% |
| Pertamina Geothermal Energy | PGEO.IJ | 11.3% |
| Monde Nissin | MONDE.PM | 10.5% |
| Asymchem Laboratories | 6821.HK | 6.0% |
| SCG Packaging | SCGP.TB | 5.1% |
| Bottom 5 | ||
| Zhejiang Leapmotor Technology | 9863.HK | -11.6% |
| Deliveroo | ROO.LN | -10.6% |
| Var Energi | VAR.NO | -10.3% |
| Ariston Holding | ARIS.IM | -9.9% |
| AutoStore Holdings | AUTO.NO | -8.1% |
| Sectors | ||
| Utilities | 3.8% | |
| Consumer Staples | 1.8% | |
| Financials | 1.2% | |
| Health Care | 0.9% | |
| Materials | 0.4% | |
| Real Estate | -2.8% | |
| Technology | -3.2% | |
| Consumer Discretionary | -4.2% | |
| Industrials | -5.8% | |
| Energy | -6.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.7% last week vs. -2.1% for the iShares MSCI ACWI ex U.S. ETF.
