International IPO Index: International markets pulled back this week, as the International IPO Index fell -3.2%, and the MSCI ACWI ex-US ETF dropped -2.9%. UK-based private equity firm Bridgepoint Advisers was the Int'l IPO Index's top performer, up +8.5%, while Japanese chip firm Socionext came in last, down -11.6%.
Big Development: Luxembourg's bourse hosted a pair of Taiwanese tech cross-listings. Data center server producer Wiwynn ($840mm) listed in Luxembourg's largest-ever IPO, as did motherboard and computer maker Gigabyte Technology ($300mm). Both traded flat amid low volume.
Latest Listings: International markets didn't host any other $100mm+ listings elsewhere.
The Week Ahead: Japanese digital job marketplace Timee ($300mm) is set to debut in Tokyo after pricing at the top of the range. Other issuers may join the calendar throughout the week.
The Pipeline: India continues to dominates IPO pipeline news. Retail chain Vishal Mega Mart filed confidentially for a possible billion-dollar offering, CRO and CDMO Sai Life Sciences filed publicly, and port terminal operator Aegis Vopak Terminals is said to be close to its own filing. Further along, non-bank commercial lender Northern Arc received regulatory approval for a listing, and electric scooter maker Ola Electric is reportedly eyeing an IPO valuation of $4.5 billion. Mobile ad tech firm InMobi plans to redomicile to India ahead of a 2025 IPO that could value it at $10 billion.
In the Middle East, holding company Amanat approved a Dubai listing of its education company, while Abu Dhabi National Hotels hired banks for an Abi Dhabi IPO of its catering business, and Saudi healthcare procurer Nupco tapped banks for a Tadawul IPO. In Hong Kong, life science software provider Taimei received regulatory approval for a listing, restaurant chain Xiaocaiyuan re-filed for an IPO, and architectural design software maker Manycore Tech tapped banks for a listing. Philippine hotel and casino operator Hann Resorts reportedly began working with banks for a Manila IPO.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 19th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Bridgepoint Advisers | BPT.LN | 8.4% |
| Wise (TransferWise) | WISE.LN | 3.3% |
| Rakuten Bank | 5838.JP | 2.4% |
| China Tourism Group Duty Free | 1880.HK | 1.7% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 1.7% |
| Bottom 5 | ||
| Socionext | 6526.JP | -11.6% |
| Onewo | 2602.HK | -8.6% |
| Barito Renewables Energy | BREN.IJ | -7.7% |
| Ionos Group | IOS.GR | -6.3% |
| SenseTime | 20.HK | -5.8% |
| Sectors | ||
| Financials | 0.2% | |
| Health Care | -1.1% | |
| Energy | -1.2% | |
| Consumer Discretionary | -1.4% | |
| Industrials | -1.5% | |
| Consumer Staples | -1.6% | |
| Materials | -2.4% | |
| Utilities | -3.4% | |
| Technology | -3.7% | |
| Real Estate | -8.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.2% last week vs. -2.9% for the iShares MSCI ACWI ex U.S. ETF.
