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International IPO Weekly Winners & Losers

July 7, 2024

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International IPO Index: International markets started July on a positive note, as the International IPO Index jumped +3.1%, while the MSCI ACWI ex-US ETF rose +2.2%. Japanese semiconductor equipment maker Kokusai Electric was the top performer, up +19.6%, while Hong Kong-listed EV developer Leapmotor took the bottom spot, down -12.3%.

Big Development: News broke this week that Hyundai Motor India may soon start gauging investor interest for its planned Indian IPO. Rumored to list this fall, the company could raise $3.5 billion in India's largest-ever IPO.

Latest Listings: Indian distiller Allied Blenders ($180mm) rose +22% on its debut. One sizable A-share also listed, and soared more than +130%.

The Week Ahead: As China's IPO market starts to show signs of life, two Hong Kong deals are set to list: American small aircraft maker Cirrus Aircraft ($190mm) and Chinese ride-hailing firm Chenqi Technology ($150mm). In India, drug maker Emcure Pharma ($220mm) is scheduled to debut. Malaysian palm oil producer Johor Plantations Group ($160mm) in set to list in Kuala Lumpur.

The Pipeline: A flurry of Indian names progressed through the pipeline this week. Health insurer Niva Bupa ($360mm) and solar power producer ACME Solar ($360mm) both filed for listings, while the IPOs of online children's retailer FirstCry and retailing software maker Unicommerce won approvals from regulators, and hospital chain Paras Healthcare nears its own filing. Elsewhere, South Korean cloud services provider Megazone tapped banks for a Seoul IPO, and Emirati IT services provider Alpha Data hired banks for an Abu Dhabi listing.

Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst

Weekly International IPO Winners & Losers
Biggest price changes through Jul 5th in the Renaissance International IPO Index
Top 5
Kokusai Electric 6525.JP 19.6%
China Tourism Group Duty Free 1880.HK 13.6%
AutoStore Holdings AUTO.NO 10.8%
Wise (TransferWise) WISE.LN 9.0%
Bridgepoint Advisers BPT.LN 8.6%
Bottom 5
Zhejiang Leapmotor Technology 9863.HK -12.3%
Calb 3931.HK -7.6%
ZJLD Group 6979.HK -5.0%
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret ASTOR.TI -4.4%
Tianqi Lithium 9696.HK -4.2%
Technology 4.4%
Financials 2.2%
Industrials 2.0%
Utilities 1.3%
Materials 1.1%
Consumer Discretionary 0.7%
Health Care 0.3%
Energy -2.1%
Consumer Staples -2.1%
Real Estate -3.8%
Renaissance International IPO Index Performance

Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index

The Renaissance International IPO Index returned 3.1% last week vs. 2.2% for the iShares MSCI ACWI ex U.S. ETF.