International IPO Index: Global markets had a choppy week that ended relatively flat, with the International IPO Index unchanged at 0.0%, as the MSCI ACWI ex-US ETF declined -0.5%. Hong Kong-listed companies filled the bottom spots for a second week, with duty-free shop operator China Tourism Group in last place with a -14.8% loss. The weekly winners were dominated by Indonesian companies, led by GoTo Group, up +13.3%.
Big Development: Despite pricing at the top of the range, Polish convenience store chain Zabka traded flat in its Warsaw debut, and fell -0.7% to close out the week. Zabka had raised $1.6B in Poland’s largest IPO since 2020.
Latest Listings: Japanese eyewear retailer Intermestic ($118mm) rose +22.5% after pricing at the high end. On the other hand, Swedish residential real estate company Sveafastigheter ($287mm) traded flat after pricing at the low end.
Korean online lender K Bank postponed its $658mm offering this week, and plans to try again next year.
The Week Ahead: After pricing at the high end of their respective ranges, India’s largest ever IPO, Hyundai Motor ($3.3B), and Japan’s largest IPO in six years, Tokyo Metro ($2.3B), are set to begin trading next week.
The Hong Kong IPO market is waking up amid a rebound in Chinese stocks this week, with CR Beverage ($628mm) and Horizon Robotics ($673mm) expected to finalize offer prices next week.
The Pipeline: Top Mideast grocer LuLu is reportedly set to launch its IPO next week in Abu Dhabi. In India, budget supermarket chain Vishal Mega Mart filed for a $950 million IPO, and edtech company Physics Wallah ($500mm) selected banks for an Indian listing next year. Shanghai-listed soy sauce maker Haitian ($1.5B) is considering a 1H25 Hong Kong IPO. In Southeast Asia, Holywings, owner of Bali’s largest beach club, is exploring a 2025 IPO in Indonesia, and Singaporean immersive entertainment group Neon has reportedly selected banks for a 2025 IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Oct 18th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| GoTo Gojek Tokopedia | GOTO.IJ | 13.3% |
| Barito Renewables Energy | BREN.IJ | 10.4% |
| Amman Mineral Internasional | AMMN.IJ | 7.1% |
| Ionos Group | IOS.GR | 6.0% |
| Rakuten Bank | 5838.JP | 2.9% |
| Bottom 5 | ||
| China Tourism Group Duty Free | 1880.HK | -14.8% |
| Zhejiang Leapmotor Technology | 9863.HK | -9.0% |
| ZJLD Group | 6979.HK | -8.8% |
| Tianqi Lithium | 9696.HK | -8.2% |
| QuantumPharm (XtalPi) | 2228.HK | -7.8% |
| Sectors | ||
| Utilities | 3.5% | |
| Technology | 2.1% | |
| Financials | 1.7% | |
| Materials | 0.1% | |
| Industrials | -0.8% | |
| Health Care | -2.6% | |
| Energy | -2.7% | |
| Consumer Staples | -4.2% | |
| Consumer Discretionary | -5.5% | |
| Real Estate | -5.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.0% last week vs. -0.5% for the iShares MSCI ACWI ex U.S. ETF.
