International IPO Index: A selloff in China dragged down international indexes this week, with the International IPO Index off -3.8%, as the MSCI ACWI ex-US ETF declined -0.6%. In a reversal from last week, Hong Kong-listed companies dominated the bottom spots, and last week's top performer, AI developer SenseTime, was in last place with a -18.4% loss. Other APAC markets made up most of the weekly winners, led by Thai Life Insurance, up +9.8%.
Big Development: The international IPO calendar now has four billion-dollar deals scheduled to trade in October.
Oct. 17: Polish convenience store chain Zabka, raising $1.6B and listing in Warsaw.
Oct. 22: Hyundai's India unit Hyundai Motor India, raising ~$3.2B and listing in Mumbai.
Oct. 23: Tokyo's primary rail operator Tokyo Metro, raising ~$2.3B and listing in Tokyo.
Oct. 28: Oman-based energy E&P OQ Exploration and Production, raising ~$2.0B and listing in Muscat.
Latest Listings: Two Saudi companies began trading on the Tadawul this week. Fragrance company Al Majed for Oud ($190mm) priced at the high end and soared 79%. Arabian Mills ($270mm) priced at the high end, but ended the week off -7%.
Spanish bakery Europastry would have been the week's largest IPO, but the company postponed its €500mm Madrid offering for the second time this year.
The Week Ahead: Poland's largest IPO since 2020, Zabka should get a lot of attention next week after pricing at the high end. Two more sizable listings should come late in the week, Swedish real estate firm Sveafastigheter ($310mm) and Japanese eyeglasses retailer Intermestic ($120mm). The month's other three billion-dollar deals should finalize their offer prices as well.
The Pipeline: Carlyle-backed Japanese medical equipment seller Rigaku set its range for a late October listing. In Hong Kong, CR Beverage ($700mm) is reportedly set to launch its IPO, Horizon Robotics hinted at an imminent launch with an updated prospectus, and Chery Automobile began exploring a HK listing. India's largest depository, NSDL, was cleared to launch its offering. Malaysian ports operator MMC Ports is again rumored to be considering an IPO, potentially Malaysia's largest-ever, in 2025.
Spanish utility Cox (€300mm) announced plans for a Madrid IPO. Swedish online pharmacy Apotea ($300mm) is said to be weighing a Q4 IPO. The German unit of electric grid operator Tennet reportedly selected banks, while German drugmaker Stada began running a dual track process.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| Thai Life Insurance | TLI.TB | 9.8% |
| Rakuten Bank | 5838.JP | 5.2% |
| GQG Partners | GQG.AU | 4.7% |
| Petershill Partners | PHLL.LN | 4.6% |
| Pertamina Geothermal Energy | PGEO.IJ | 3.5% |
| Company | Ticker | Return |
|---|---|---|
| SenseTime | 20.HK | -18.4% |
| Asymchem Laboratories | 6821.HK | -18.3% |
| China Tourism Group Duty Free | 1880.HK | -17.7% |
| JL Mag Rare-Earth | 6680.HK | -16.3% |
| ZJLD Group | 6979.HK | -13.7% |
| Sector | Return |
|---|---|
| Financials | 3.5% |
| Energy | -1.5% |
| Utilities | -1.5% |
| Real Estate | -3.1% |
| Consumer Staples | -4.6% |
| Technology | -4.7% |
| Materials | -5.5% |
| Consumer Discretionary | -6.5% |
| Industrials | -7.2% |
| Health Care | -13.1% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.8% last week vs. -0.6% for the iShares MSCI ACWI ex U.S. ETF.
