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International IPO Weekly Winners & Losers

October 27, 2024

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International IPO Index: Global markets had another tough week, with the International IPO Index off -1.4%, and the MSCI ACWI ex-US ETF down -2.2%. Turkish electrical components provider Astor Enerji was the top performer, up +14.1%. Several Japanese names traded off, with online bank Rakuten Bank down -11.0% to take the bottom spot.

Big Development: Asia Pacific's IPO markets hosted new listings that had raised $8 billion in proceeds in an exceptionally busy week. Multi-billion dollar offerings from India and Japan led the charge, while Hong Kong saw its two largest IPOs of the year (excluding cross-listings).

Latest Listings: Hyundai Motor India ($3.3B) fell -6% in its debut, a disappointing outcome for India's largest-ever IPO. Weak grey market trading had flashed an early warning sign in the prior week. Tokyo Metro ($2.3B), Japan's largest listing in nearly six years, soared +34%, while Carlyle-backed medical equipment seller Rigaku ($750mm) fell -10% in its Tokyo IPO despite pricing at the high-end.

In Hong Kong, AI/auto chip developer Horizon Robotics ($700mm) traded flat, while soft drink maker CR Beverage ($650mm) inched up +4%. Emirati catering company ADNH Catering ($240mm) traded flat in Abu Dhabi. London's third sizable IPO this year, workout supplement brand Applied Nutrition ($200mm) traded down -4% in its debut. Taiwan-based airline Starlux Airlines ($250mm) soared +54% in its uplisting.

The Week Ahead: Omani energy E&P OQEP ($2.0B) is set to list in Muscat in the country's largest-ever IPO. Solar panel manufacturer Waaree Energies ($530mm) is scheduled to list in India, while Taiwan-based shipping company T.S. Lines ($130mm) plans to trade in Hong Kong.

The Pipeline: In India, construction firm Afcons ($650mm) launched its IPO, ammunition maker SMPP filed for a listing, while health insurer Niva Bupa and non-bank lender HDB Financial Services both moved towards listings. Further out, LG Electronics India submitted an IPO application to regulators. Delivery firm SF is preparing for a November IPO in Hong Kong, while automobile producer Chery tapped banks for a 2025 listing in the city. Emirati website portfolio Dubizzle Group updated underwriters ahead of its planned 2025 listing.

Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst

Weekly International IPO Winners & Losers
Biggest price changes through Oct 25th in the Renaissance International IPO Index
Top 5
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret ASTOR.TI 14.1%
JL Mag Rare-Earth 6680.HK 9.0%
Tianqi Lithium 9696.HK 8.7%
Ionos Group IOS.GR 5.7%
QuantumPharm (XtalPi) 2228.HK 5.6%
Bottom 5
Rakuten Bank 5838.JP -11.0%
Kokusai Electric 6525.JP -6.2%
Amman Mineral Internasional AMMN.IJ -5.9%
SBI Sumishin Net Bank 7163.JP -5.5%
Socionext 6526.JP -5.2%
Sectors
Energy 4.5%
Industrials 3.4%
Consumer Staples 2.8%
Materials 2.6%
Health Care 2.1%
Consumer Discretionary 1.2%
Utilities -0.2%
Technology -1.0%
Real Estate -2.7%
Financials -3.7%
Renaissance International IPO Index Performance

Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index

The Renaissance International IPO Index returned -1.4% last week vs. -2.2% for the iShares MSCI ACWI ex U.S. ETF.