International IPO Index: The International IPO Index fell again this week, down -3.0%, as the MSCI ACWI ex-US ETF ticked down -0.7%. Indonesia posted the best and worst performers, as copper and gold miner Amman Mineral rose +14.5%, while geothermal power company Barito Renewables dropped -26.9%.
Big Development: As Europe's IPO market reopens, Italian luxury sneaker maker Golden Goose unveiled its long-awaited listing, expected to raise more than €800 million in June.
Latest Listings: Romanian utility Premier Energy ($130mm) was this week's sole sizable listing, and it traded up +9%. Norwegian food company Jordanes postponed its offering.
The Week Ahead: Japan’s Astroscale ($130mm), a provider of satellite services and space debris cleanup, is scheduled to debut in Tokyo.
The Pipeline: Lots of news this week in India’s IPO pipeline: Renewable energy producer NTPC Green Energy announced plans to file in the coming months, LG Electronics' Indian unit tapped banks for an IPO, Reliance Industries began talks to list telecom business Reliance Jio, and consumer lenders Hero FinCorp and Bajaj Housing Finance moved towards listings.
Swedish real estate developer Prisma Properties ($120mm) launched an IPO expected in June. In the UAE, online education firm Alef Education ($510mm) opened the books for its Abu Dhabi listing, which was quickly oversubscribed, while luxury hotel operator FIVE hired banks for a Dubai IPO. Australia-based Mexican restaurant chain Guzman y Gomez ($160mm) filed and set terms for a Sydney listing. Chinese self-driving car firm Minieye ($150mm) filed for a Hong Kong IPO.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
May 31st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Amman Mineral Internasional | AMMN.IJ | 14.5% |
| Kokusai Electric | 6525.JP | 13.3% |
| Volvo Car Group | VOLCARB.SS | 7.8% |
| Socionext | 6526.JP | 6.6% |
| GQG Partners | GQG.AU | 6.1% |
| Bottom 5 | ||
| Barito Renewables Energy | BREN.IJ | -26.9% |
| China Tourism Group Duty Free | 1880.HK | -9.3% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -7.9% |
| Onewo | 2602.HK | -7.5% |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi | KLSER.TI | -6.9% |
| Sectors | ||
| Energy | 1.7% | |
| Materials | 1.2% | |
| Technology | 0.5% | |
| Consumer Staples | 0.5% | |
| Communication Services | -0.2% | |
| Financials | -0.3% | |
| Health Care | -1.2% | |
| Consumer Discretionary | -1.6% | |
| Industrials | -2.7% | |
| Real Estate | -4.0% | |
| Utilities | -10.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.0% last week vs. -0.7% for the iShares MSCI ACWI ex U.S. ETF.
