International IPO Index: The International IPO Index pulled back sharply after a string of positive weeks, and finished the week down -4.8%, compared to -1.6% for the MSCI ACWI ex-US ETF. Indonesian geothermal power company Barito Renewables was this week's best performer, up +17.3%, while Japanese chip firm Socionext fell -17.8% to take the bottom spot.
Big Development: Europe's IPO market continues to have an active spring. Spanish beauty conglomerate Puig ($2.8B) launched its Madrid listing, set to be the world's largest IPO of 2024. Meanwhile, private equity firm CVC Capital Partners ($1.3B) announced its intention for an Amsterdam IPO. Both are set to debut in the coming weeks.
Latest Listings: After calling off its IPO last fall, French software provider Planisware ($260mm) relaunched its listing and debuted in the largest Parisian IPO since October 2021. The company got a warm welcome, and finished the week up +24%.
The Week Ahead: In South Korea, commercial ship repair provider Hyundai Global Service ($520mm) is scheduled to price its IPO. Chinese tea chain Chabaidao ($330mm) is set to debut in Hong Kong. Norwegian real estate developer Public Property Invest ($200mm) is scheduled to price in Oslo. Gold miner OceanaGold Philippines ($140mm) is set to price its Manila IPO.
The Pipeline: Electricity and natural gas supplier Premier Energy announced its intent for a Romanian IPO. In India, IT outsourcing company Hexaware Technologies tapped banks for a listing, while Indian retail chain Vishal Mega Mart added more banks to its IPO syndicate. Also in India, ridehailing startup Ola Cabs moved closer to submitting IPO paperwork. Vietnamese conglomerate Masan reportedly hired banks for an IPO of its consumer unit. In Dubai, supermarket chain Spinneys announced its intention to float.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 19th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Barito Renewables Energy | BREN.IJ | 17.3% |
| Azelis Holding | AZE.BB | 10.1% |
| Calb | 3931.HK | 3.9% |
| Darktrace | DARK.LN | 3.7% |
| Pertamina Geothermal Energy | PGEO.IJ | 2.5% |
| Bottom 5 | ||
| Socionext | 6526.JP | -17.8% |
| Wise (TransferWise) | WISE.LN | -14.6% |
| Oxford Nanopore Technologies | ONT.LN | -13.3% |
| GoTo Gojek Tokopedia | GOTO.IJ | -13.2% |
| SenseTime | 20.HK | -12.1% |
| Sectors | ||
| Utilities | 5.6% | |
| Real Estate | 0.8% | |
| Materials | -1.3% | |
| Communication Services | -2.3% | |
| Consumer Discretionary | -3.6% | |
| Consumer Staples | -4.5% | |
| Financials | -4.7% | |
| Energy | -5.6% | |
| Industrials | -6.1% | |
| Technology | -6.9% | |
| Health Care | -8.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -4.8% last week vs. -1.6% for the iShares MSCI ACWI ex U.S. ETF.
