International IPO Index: Global markets retreated this week, with the International IPO Index off -3.1%, and the MSCI ACWI ex-US ETF down -3.6%. Bangkok-listed life insurer Thai Life Insurance was the best performer, up +11.5%. Norwegian robotics firm AutoStore took the bottom spot, down -19.0%.
Big Development: Global IPO markets started September with more India activity. Solar cell manufacturer Premier Energies ($340mm) priced at the top, and soared +143%.
Latest Listings: While it just missed our $100mm deal size cutoff, a second Indian company listed this week. Apparel retailer Baazar Style Retail rose a modest +3% in its Mumbai debut.
The Week Ahead: Energy-focused construction firm NMDC Energy ($880mm) is scheduled to list in the Middle East's largest IPO of 2024 so far. Mini-mart chain 99 Speed Mart ($540mm) is also set to list in Malaysia's largest IPO in seven years.
The Pipeline: September will see more Indian IPOs, as home lender Bajaj Housing Finance ($760mm) and jewelry retailer P N Gadgil ($130mm) both launched offerings. Also in India, investment bank DAM Capital filed, with electric scooter maker Ather Energy and coworking space operator IndiQube both reportedly near IPO filings.
In Hong Kong, home appliance giant Midea Group is close to launching an IPO that could raise $3 billion, the city's largest listing in over three years. Also in Hong Kong, kitchenware products maker Carote launched its pre-IPO roadshow, while hydrogen fuel cell maker REFIRE refiled papers. Saudi fragrance maker Al Majed for Oud ($190mm) priced its Tadawul IPO, and wheat miller Arabian Mills ($260mm) launched its own Tadawul IPO.
Some European names are also moving towards fall listings, including German academic publisher Springer Nature, Spanish baked goods maker Europastry, and Latvia-based airline AirBaltic.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 6th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Thai Life Insurance | TLI.TB | 11.5% |
| Zhejiang Leapmotor Technology | 9863.HK | 9.3% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 8.8% |
| Onewo | 2602.HK | 7.7% |
| J&T Global Express | 1519.HK | 5.0% |
| Bottom 5 | ||
| AutoStore Holdings | AUTO.NO | -19.0% |
| Kokusai Electric | 6525.JP | -17.1% |
| Puig Brands | PUIG.SM | -16.4% |
| Volvo Car Group | VOLCARB.SS | -14.6% |
| Socionext | 6526.JP | -13.3% |
| Sectors | ||
| Real Estate | 7.7% | |
| Utilities | 0.8% | |
| Health Care | 0.3% | |
| Financials | -0.6% | |
| Materials | -2.0% | |
| Industrials | -3.8% | |
| Consumer Discretionary | -4.6% | |
| Energy | -6.0% | |
| Technology | -7.6% | |
| Consumer Staples | -9.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.1% last week vs. -3.6% for the iShares MSCI ACWI ex U.S. ETF.
