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
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 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.