International IPO Index: Global markets rallied this week, as the International IPO Index jumped +5.2%, and the MSCI ACWI ex-US ETF gained +3.4%. European industrial plays took the top 2 spots, led by German hydrogen company Thyssenkrupp Nucera, up +20.5% on strong fuel cell demand and analyst upgrades. Philippine snack food maker Monde Nissin came in last, off -5.6%.
Big Development: Chinese e-commerce giant Alibaba announced it would not pursue Hong Kong IPOs of its cloud arm Cloud Intelligence Group and grocery unit Freshippo. Alibaba cited US chip curbs and discouraging market conditions.
Latest Listings: Chinese CRO and CDMO Wuxi XDC Cayman ($470mm) priced at the top of the range in Hong Kong and surged +36% on day one, well above HK's 2023 average (+5%). The upsized Abu Dhabi IPO of Investcorp Capital ($450mm) traded flat after pricing at the top. South Korean battery maker EcoPro Materials ($320mm) popped +58% after pricing its downsized IPO at the bottom. Indian auto parts maker ASK Automotive ($100mm) priced and rose +10%. One China A-share also listed, and surged nearly +90%.
The Week Ahead: In Taiwan, electric car and bus developer Foxtron ($200mm) is set to debut. While it's too small for our IPO stats, Russian gold miner UGC ($60mm) is set to list amid frosty IPO conditions in Moscow, which has not hosted a $100mm+ IPO in two years.
The Pipeline: Mexican industrial REIT Fibra Next ($850mm) launched its IPO this week, set to be Mexico's largest in over five years. India had two IPO launches: Tata Motors' digital engineering unit Tata Technologies ($360mm) and state-owned energy financier IREDA ($250mm). In the UAE, crypto data center firm Phoenix Group ($370mm) launched an Abu Dhabi IPO, while taxi company Dubai Taxi filed for a Dubai listing. Chinese autonomous driving startup iMotion is reportedly preparing to launch a Hong Kong IPO this month. Renault's EV unit Ampere hosted a capital markets day this week, ahead of a $1+ billion Paris IPO next spring.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 17th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Thyssenkrupp Nucera | NCH2.GR | 20.5% |
| Industrie De Nora | DNR.IM | 11.8% |
| GQG Partners | GQG.AU | 11.7% |
| Amman Mineral Internasional | AMMN.IJ | 11.0% |
| GoTo Gojek Tokopedia | GOTO.IJ | 10.5% |
| Bottom 5 | ||
| Monde Nissin | MONDE.PM | -5.6% |
| Allegro.eu | ALE.PW | -5.5% |
| Blue Moon Group Holdings | 6993.HK | -4.9% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -3.2% |
| Dr. Martens | DOCS.LN | -3.0% |
| Sectors | ||
| Industrials | 6.3% | |
| Financials | 6.0% | |
| Materials | 5.6% | |
| Technology | 3.6% | |
| Consumer Discretionary | 3.4% | |
| Utilities | 1.1% | |
| Health Care | 0.9% | |
| Real Estate | -0.4% | |
| Energy | -1.1% | |
| Consumer Staples | -1.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 5.2% last week vs. 3.4% for the iShares MSCI ACWI ex U.S. ETF.
