International IPO Index: After six weeks of gains, the International IPO Index traded flat, while the MSCI ACWI ex-US ETF gained +1.4%. Hong Kong took the top and bottom spots this week, as oncology biotech Kelun-Biotech traded up +12.7%, and drug development services provider JOINN Laboratories fell -11.2%.
Big Development: After hosting a small flurry of activity last month, European markets appear ready for another batch of large IPOs. Swiss skincare giant Galderma ($2.3B) and German perfume and cosmetics retailer Douglas ($1.2B) both announced plans to list this month. Meanwhile, Luxembourg-based CVC Capital Partners and Spanish fashion company Puig are moving towards listings set for the coming months.
Latest Listings: There were no $100mm+ listings this week, a first for 2024. One deal came close, with Turkey's Mogan Enerji Yatirim Holding raising $95 million in Istanbul.
The Week Ahead: In Dubai, the heavily oversubscribed IPO of parking business Parkin ($420mm) is set to price this coming week. And Japanese discount grocer Trial Holdings ($230mm) is scheduled to price its Tokyo IPO.
The Pipeline: Footwear and apparel retailer Belle refiled for a Hong Kong IPO, two years after it first tried to go public. In India, electric scooter maker Ather Energy tapped banks for a listing that could come in late 2024. Emirati airline Etihad Airways reportedly selected banks for an Abu Dhabi listing.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Mar 8th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 12.7% |
| AutoStore Holdings | AUTO.NO | 11.4% |
| Shanghai MicroPort MedBot Group | 2252.HK | 10.0% |
| Oxford Nanopore Technologies | ONT.LN | 7.6% |
| Thai Life Insurance | TLI.TB | 7.5% |
| Bottom 5 | ||
| JOINN Laboratories | 6127.HK | -11.2% |
| Zhejiang Leapmotor Technology | 9863.HK | -10.0% |
| Onewo | 2602.HK | -9.3% |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi | KLSER.TI | -9.1% |
| Calb | 3931.HK | -8.5% |
| Sectors | ||
| Energy | 3.8% | |
| Health Care | 3.1% | |
| Utilities | 0.4% | |
| Financials | 0.1% | |
| Industrials | -0.5% | |
| Consumer Staples | -0.6% | |
| Technology | -1.6% | |
| Real Estate | -1.7% | |
| Materials | -3.1% | |
| Consumer Discretionary | -5.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.0% last week vs. 1.4% for the iShares MSCI ACWI ex U.S. ETF.
