International IPO Index: International markets continued to trade up this week, with the International IPO Index up +1.9% and the MSCI ACWI ex-US ETF up +2.4%. Milan-listed heating product manufacturer Ariston Holding was the top performer, up +7.3%. Hong Kong took the bottom five spots this week, with property manager Onewo being the worst performer, down -10.2%.
Big Development: While much of the world's IPO markets have gone all but silent this August, India's IPO hopefuls are continuing to file listing papers and hire banks.
Latest Listings: There were no $100mm+ listings this week.
The Week Ahead: There are also no $100mm+ listings scheduled for the final week of August, though we expect the international IPO calendar to pick up next month.
The Pipeline: Once again, India produced a barrage of IPO news this week. Solar cell manufacturer Premier Energies ($330mm) launched an IPO scheduled for early September. New filings came from gemstone certifier IGI ($480mm), plastic packaging maker Manjushree Technopack ($360mm), and ethanol producer TruAlt Bioenergy, while small business lender Aye Finance and investment bank DAM Capital both reportedly hired banks for listings. Food delivery app Swiggy is nearing its own filings for an IPO that could value it at a whopping $15 billion.
Outside of India, Japan had an eventful week, as the owners of the Tokyo Metro and memory chip maker Kioxia both plan for IPOs that could come as soon as October. In Australia, payments and banking services provider Cuscal reportedly restarted its listing plans. British digital bank Starling Group garnered attention this week as it searches for an IR head to work on its upcoming London IPO. Scandinavian lender NOBA reportedly hired banks for a 2025 listing.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Aug 23rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Barito Renewables Energy | BREN.IJ | 8.0% |
| Ariston Holding | ARIS.IM | 7.3% |
| Azelis Holding | AZE.BB | 6.5% |
| Thai Life Insurance | TLI.TB | 6.1% |
| Puig Brands | PUIG.SM | 5.3% |
| Bottom 5 | ||
| Onewo | 2602.HK | -10.2% |
| Asymchem Laboratories | 6821.HK | -8.8% |
| J&T Global Express | 1519.HK | -8.4% |
| Zhejiang Leapmotor Technology | 9863.HK | -7.9% |
| HUTCHMED | 13.HK | -7.7% |
| Sectors | ||
| Consumer Staples | 2.1% | |
| Utilities | 1.9% | |
| Materials | 0.2% | |
| Consumer Discretionary | 0.0% | |
| Industrials | -0.1% | |
| Financials | -0.4% | |
| Energy | -0.7% | |
| Technology | -2.0% | |
| Health Care | -4.9% | |
| Real Estate | -10.2% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.9% last week vs. 2.4% for the iShares MSCI ACWI ex U.S. ETF.
