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After multiple delays, Life Insurance Corp of India (LIC) has finally set May 17th as the listing date for its long-awaited IPO on India’s NSE. The company further downsized its offering to $2.7 billion, cutting the original deal size by nearly 70% amid volatile global markets and weak investor demand. Even still, it should be India’s largest-ever IPO.
Boosted by LIC, the Asia Pacific region continues to power global IPO markets. Heading into May, three South Korean IPOs are on the calendar, including a $765 million offering from security company SK Shieldus. Several more 2022 Korean IPOs are reportedly gearing up, while news broke of a potential $3 billion IPO from Thailand’s SCG Chemicals and an eventual $10 billion Chinese IPO from seed giant Syngenta.
The Middle East continues to stay red hot, with news of several companies prepping 2022 listings: KFC and Pizza Hut operator Americana Group, Dubai cooling provider Empower, and waste disposal service Averda.
Two large IPOs were halted this week as well. NYSE-listed Full Truck Alliance paused plans to raise $1 billion in a Hong Kong cross listing due to a cybersecurity probe by Chinese regulators. In Europe, BASF delayed plans to list Wintershall DEA due to negative exposure from the Russia-Ukraine war.
The Renaissance International IPO Index declined -1.3% last week, compared to -1.9% for the MSCI ACWI ex US ETF. Hong Kong produced the Index’s top 5 best performers as China’s government pledged to support economic growth. Oslo-listed robotics firm AutoStore was the bottom performer, off -17.0%.
Thanks for reading,
Bill Smith
Co-Founder and CEO
Renaissance Capital
|
Biggest price changes through
Apr 29th
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kanzhun | BZ | 18.7% |
| Full Truck Alliance | YMM | 18.7% |
| KE Holdings | BEKE | 17.0% |
| DiDi Global | DIDIY | 9.3% |
| Procore Technologies | PCOR | 8.5% |
| Bottom 5 | ||
| Chewy | CHWY | -16.1% |
| GoodRx Holdings | GDRX | -15.2% |
| Qualtrics International | XM | -14.9% |
| Coinbase Global | COIN | -14.3% |
| Peloton Interactive | PTON | -13.9% |
| Sectors | ||
| Real Estate | 5.0% | |
| Consumer Staples | -0.2% | |
| Technology | -2.3% | |
| Industrials | -3.9% | |
| Health Care | -4.9% | |
| Consumer Discretionary | -5.6% | |
| Financials | -6.9% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned -3.0% last week vs. -3.3% for the S&P 500.
