International IPO Index: Global markets had a mostly positive week amid the backdrop of rate cuts in the US, with the MSCI ACWI ex-US ETF up +1.3%. While most new international stocks traded up, the International IPO Index declined -2.0%, dragged down by large Indonesian power producer Barito Renewables, which sank -25.1% on news that it would no longer be included in the FTSE Global All Cap Index. Hong Kong-listed AI developer SenseTime took the top spot, up +12.5%.
Big Development: Home appliance giant Midea Group ($3.5B) rose +17% after cross-listing in Hong Kong, the city's largest IPO in over three years.
Latest Listings: In India, home lender Bajaj Housing Finance ($780mm) soared +134% in the country's largest IPO of 2024 so far, while jewelry retailer P N Gadgil ($130mm) also posted strong gains.
Indian IPOs have traded extremely well in 2024, amid a whirlwind of investor enthusiasm. All 10 of the largest Indian listings this year have double-digit gains:
The Week Ahead: While no $100mm+ deals are currently scheduled for the week ahead, Indian business lender Northern Arc Capital ($90mm) is scheduled to debut following a significant oversubscription.
The Pipeline: India continues to dominate pipeline news. Sizable new filings this week came from renewable energy producer NTPC Green Energy, real estate developer Casagrand Premier Builder, and pump maker Oswal Pumps. Regulators approved the planned IPO of infrastructure builder Afcons, and food delivery app Swiggy is reportedly near its own IPO filing. LG Electronics' Indian unit reportedly added more banks to its own IPO syndicate, while building material e-retailer Infra.Market is in talks to raise a pre-IPO funding round.
In Japan, two large listings are slated for October, as the Tokyo Metro ($2.2B) and x-ray instrument producer Rigaku ($880mm) both launched IPOs.
Elsewhere, Saudi wheat miller Milling Company Four ($220mm) launched a Tadawul listing this week, Latvia-based airline AirBaltic continues its pre-IPO talks with potential investors, and Swedish real estate company SBB is reportedly set to start marketing a listing of its residential unit soon.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 20th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| SenseTime | 20.HK | 12.5% |
| Onewo | 2602.HK | 12.5% |
| Asymchem Laboratories | 6821.HK | 7.5% |
| Definity Financial | DFY.CN | 6.5% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 5.4% |
| Bottom 5 | ||
| Barito Renewables Energy | BREN.IJ | -25.1% |
| Ionos Group | IOS.GR | -8.1% |
| SCHOTT Pharma | 1SXP.GR | -5.1% |
| Industrie De Nora | DNR.IM | -4.4% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -3.4% |
| Sectors | ||
| Real Estate | 12.5% | |
| Financials | 3.7% | |
| Industrials | 2.2% | |
| Health Care | 2.0% | |
| Technology | 1.5% | |
| Materials | 1.4% | |
| Consumer Staples | 0.8% | |
| Consumer Discretionary | 0.8% | |
| Energy | -0.6% | |
| Utilities | -12.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.0% last week vs. 1.3% for the iShares MSCI ACWI ex U.S. ETF.
