International IPO Index: The International IPO Index bounced back +3.6% this week, compared to +2.5% for the MSCI ACWI ex-US ETF. Hong Kong-listed AI developer SenseTime rebounded +105.2% after unveiling its latest large language model. Darktrace took the #2 spot, up +26.4% after agreeing to a PE buyout. Sweden's Volvo Car came in last, down -17.9% after an earnings miss.
Big Development: It's the theme of the quarter: Europe's IPO markets are reopening. Private equity firm CVC Capital Partners ($2.2B) upsized its blockbuster Amsterdam IPO, and traded up +17%.
Latest Listings: Hong Kong's largest IPO of 2024, Chinese tea chain Chabaidao ($330mm) dropped -33% in the city's worst debut in almost a year. In Turkey, commercial real estate firm Ronesans traded up +10%.
The Week Ahead: Spanish beauty company Puig ($2.8B) is scheduled to list in Madrid in 2024's largest global IPO so far. Europe is also set to host the Oslo IPO of Norwegian real estate developer Public Property Invest ($140mm).
The Pipeline: Middle Eastern supermarket chain Spinneys ($360mm) launched its Dubai IPO, set to list in early May. Saudi hospital operator Fakeeh Care Group filed for a Tadawul IPO, while Saudi budget airline Flynas announced plans to IPO later this year. India, food delivery app Swiggy ($1.2B) confidentially filed for an IPO, Aadhar Housing Finance moved closer to a May listing, and Indian solar cell manufacturer Premier Energies ($180mm) filed for an IPO. Vietnam's Masan Group confirmed plans to list its consumer unit as soon as this year. In South Korea, SK's battery unit SK on reiterated IPO plans.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 26th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| SenseTime | 20.HK | 105.2% |
| Darktrace | DARK.LN | 26.4% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 23.2% |
| HUTCHMED | 13.HK | 16.7% |
| Shanghai MicroPort MedBot Group | 2252.HK | 12.5% |
| Bottom 5 | ||
| Volvo Car Group | VOLCARB.SS | -17.9% |
| Tianqi Lithium | 9696.HK | -17.5% |
| Hemnet Group | HEM.SS | -11.4% |
| Allfunds | ALLFG.NA | -8.6% |
| Rakuten Bank | 5838.JP | -3.8% |
| Sectors | ||
| Technology | 15.0% | |
| Health Care | 13.4% | |
| Consumer Staples | 7.7% | |
| Real Estate | 4.6% | |
| Industrials | 2.6% | |
| Materials | 1.7% | |
| Financials | 1.3% | |
| Utilities | 1.1% | |
| Energy | 0.5% | |
| Consumer Discretionary | 0.2% | |
| Communication Services | -11.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 3.6% last week vs. 2.7% for the iShares MSCI ACWI ex U.S. ETF.
