International IPO Index: The International IPO Index started April on a strong note, and traded up +2.2% this week. Meanwhile, the MSCI ACWI ex-US ETF fell -0.5%. Indonesian geothermal power company Barito Renewables was this week's best performer, soaring +28.8%, while German military vehicle equipment maker Renk dropped -17.7% to take the bottom spot.
Big Development: Despite the threat of a regulatory crackdown on India's red-hot IPO market, a flurry of companies are pushing full speed ahead with sizable listings. The largest, home financing services provider Aadhar Housing Finance ($600mm), won regulatory approval for an IPO that could value it at over $3 billion.
Latest Listings: In Turkey, renewable energy producer IC Enterra ($120mm) debuted and traded up +10%. One China A-share also listed, and traded up +189%.
The Week Ahead: In India, Bharti Airtel spin-off Bharti Hexacom ($500mm) is set to price and trade.
The Pipeline: Norwegian real estate developer and operator Public Property Invest ($160mm) filed for an Oslo IPO. Commercial real estate developer Ronesans Gayrimenkul ($140mm) filed and set terms for an Istanbul IPO. In India, agrochemical company UPL hired banks for an IPO of its seed supplier business Advanta Enterprises, and Blackstone reportedly hired banks for a listing of gemstone certifier IGI. Also in India, Aditya Birla's fashion arm announced its plans to spin off apparel retailer Madura Fashion, the country's National Stock Exchange said it's waiting for regulatory approval ready to restart its own IPO process, and electric scooter maker Ola Electric raised a new found of debt financing ahead of a potential listing. Philippine solar power producer Citicore Renewable Energy ($140mm) lowered the deal size for its upcoming Manila IPO.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 5th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Barito Renewables Energy | BREN.IJ | 28.8% |
| Kokusai Electric | 6525.JP | 16.6% |
| Ionos Group | IOS.GR | 12.9% |
| Socionext | 6526.JP | 12.6% |
| Deliveroo | ROO.LN | 8.6% |
| Bottom 5 | ||
| Renk | R3NK.GR | -17.7% |
| Calb | 3931.HK | -11.3% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -10.8% |
| Onewo | 2602.HK | -10.7% |
| Zhejiang Leapmotor Technology | 9863.HK | -9.1% |
| Sectors | ||
| Utilities | 9.0% | |
| Energy | 4.8% | |
| Technology | 2.8% | |
| Materials | 0.2% | |
| Financials | -0.6% | |
| Consumer Staples | -0.8% | |
| Communication Services | -1.0% | |
| Consumer Discretionary | -3.6% | |
| Industrials | -4.8% | |
| Real Estate | -5.0% | |
| Health Care | -5.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.2% last week vs. -0.5% for the iShares MSCI ACWI ex U.S. ETF.
