International IPO Index: International markets had a mixed week, as the International IPO Index inched down -0.9%, while the MSCI ACWI ex-US ETF ticked up +0.3%. Indonesian power producer Barito Renewables was the top performer again, up +15.9%, while Norwegian robotics firm AutoStore Holdings sunk -12.5% to take the bottom spot.
Big Development: Europe's IPO recovery hit a bump in the road this week as luxury sneaker maker Golden Goose postponed its planned Milan IPO ($570mm), despite reports that the deal was oversubscribed near the low end. The halt came amid a backdrop of poor trading from luxury peers and some political uncertainty in the EU.
Latest Listings: Australia-based Mexican restaurant chain Guzman y Gomez ($220mm) soared in its debut, Sydney's largest in over a year. It finished up +32%. In Stockholm, real estate developer Prisma Properties ($150mm) traded sideways.
The Week Ahead: Currently the week's only sizable international listing, gold jewelry maker Laopu Gold ($100mm) plans to IPO in Hong Kong. While it's now below our tracking threshold, the "Lyft of China" Dida aims to raise $35 million in a scaled-down Hong Kong listing, after years of IPO attempts.
The Pipeline: In India, distiller Allied Blenders ($180mm) launched an IPO that should begin trading in early July, while student lender Avanse Financial Services ($420mm) submitted IPO paperwork, and hospital operator Paras Healthcare tapped banks. British fintechs Atom Bank and Zilch hinted at potential London listings. Spanish baked goods maker Europastry ($240mm) announced its intention for a Madrid IPO, while Polish convenience store chain Zabka hired banks for a Warsaw IPO. American small aircraft maker Cirrus Aircraft refiled for a Hong Kong IPO.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 21st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Barito Renewables Energy | BREN.IJ | 15.9% |
| Renk | R3NK.GR | 14.1% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 9.6% |
| Pertamina Geothermal Energy | PGEO.IJ | 9.0% |
| Bridgepoint Advisers | BPT.LN | 8.6% |
| Bottom 5 | ||
| AutoStore Holdings | AUTO.NO | -12.5% |
| Zhejiang Leapmotor Technology | 9863.HK | -9.5% |
| Amman Mineral Internasional | AMMN.IJ | -9.1% |
| Socionext | 6526.JP | -8.4% |
| Tianqi Lithium | 9696.HK | -7.6% |
| Sectors | ||
| Utilities | 6.5% | |
| Energy | 6.1% | |
| Financials | 2.5% | |
| Industrials | 2.1% | |
| Health Care | 0.0% | |
| Technology | -1.0% | |
| Consumer Discretionary | -2.9% | |
| Materials | -3.6% | |
| Consumer Staples | -3.7% | |
| Real Estate | -6.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.9% last week vs. 0.3% for the iShares MSCI ACWI ex U.S. ETF.
