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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,
-Matt Kennedy, Senior Strategist
-Lily McGonagle, Data Analyst
|
Biggest price changes through
Apr 29th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Evergrande Property Services Group | 6666.HK | 33.3% |
| Ming Yuan Cloud | 909.HK | 13.5% |
| Zhejiang Kuaishou Information Technology | 1024.HK | 12.6% |
| JD Health | 6618.HK | 11.2% |
| Pop Mart | 9992.HK | 11.0% |
| Bottom 5 | ||
| AutoStore Holdings | AUTO.NO | -17.0% |
| Asymchem Laboratories | 6821.HK | -16.3% |
| EQT | EQT.SS | -15.6% |
| Allegro.eu | ALE.PW | -14.7% |
| CanSino Biologics | 6185.HK | -13.9% |
| Sectors | ||
| Real Estate | 4.4% | |
| Utilities | 2.8% | |
| Consumer Discretionary | 1.5% | |
| Technology | 0.4% | |
| Consumer Staples | 0.0% | |
| Communication Services | -1.4% | |
| Health Care | -2.7% | |
| Materials | -2.7% | |
| Industrials | -4.8% | |
| Financials | -5.2% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.3% last week vs. -1.9% for the iShares MSCI ACWI ex U.S. ETF.
