International IPO Index: International markets rebounded this week, as the International IPO Index shot up +6.1% and the MSCI ACWI ex-US ETF gained +5.8%. Indonesian super-app GoTo Group soared +25.0%, while Philippine snack food giant Monde Nissin fell -7.2%.
Big Development: Europe's IPO markets got more bad news this week, with rumors that private equity giant CVC Capital Partners is pushing its Amsterdam listing to 2024. It would be the latest in a long line of delayed and cancelled IPOs from Europe this year.
Latest Listings: Saudi logistics firm SAL ($680mm) debuted in Riyadh after pricing in early October, and finished the week up +21%. Indian pharmaceutical intermediates producer Blue Jet ($100mm) finished up +13%. Two China A-shares IPO'd, and both surged over +50%.
The Week Ahead: Four sizable deals are scheduled to list. In India, look out for housewares brand Cello World ($230mm) and cosmetics company Honasa Consumer ($200mm). Telecom Airtel Uganda ($210mm) is set to trade after an apparent delay. Engineering consultancy Norconsult ($180mm) is set to price and trade in Oslo. Alternative asset manager Investcorp Capital ($370mm) plans to price in Abu Dhabi next week, and trade mid-November.
The Pipeline: Hong Kong's IPO pipeline grew as online insurance platform Shouhui Tech and noodle restaurant chain Maliuji both tapped banks for 2024 listings. Portuguese bank novobanco announced it plans to be IPO-ready for early 2024. Indian microfinancier Muthoot Microfin ($160mm) got approval for a listing. In Dubai, taxi company Dubai Taxi ($300mm) is aiming for an IPO this month, while supermarket chain Spinneys is working with banks for a mid-2024 listing. Industrial REIT Fibra Next ($1.5B) hired banks for what could be Mexico's largest IPO in over five years.
In yet another sign of Europe's fragile IPO market, Italian fastener maker SBE-Varvit is set to float less than 3% of its shares in Milan, raising under $30 million at a $1 billion value.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 3rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| GoTo Gojek Tokopedia | GOTO.IJ | 25.0% |
| Deliveroo | ROO.LN | 19.1% |
| AutoStore Holdings | AUTO.NO | 16.0% |
| Allfunds | ALLFG.NA | 12.0% |
| Acciona Global Renewables | ANE.SM | 11.9% |
| Bottom 5 | ||
| Monde Nissin | MONDE.PM | -7.2% |
| Zhejiang Leapmotor Technology | 9863.HK | -6.2% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -5.2% |
| Onewo | 2602.HK | -5.2% |
| Tianqi Lithium | 9696.HK | -4.4% |
| Sectors | ||
| Technology | 7.6% | |
| Utilities | 7.3% | |
| Industrials | 6.9% | |
| Health Care | 4.9% | |
| Financials | 4.6% | |
| Consumer Discretionary | 3.1% | |
| Materials | 1.0% | |
| Energy | 0.2% | |
| Real Estate | -0.4% | |
| Consumer Staples | -0.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 6.1% last week vs. 5.8% for the iShares MSCI ACWI ex U.S. ETF.
