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International IPO Weekly Winners & Losers

February 2, 2025

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International IPO Index: International markets had a mixed week, as the Renaissance International IPO Index ticked up +0.1%, while the MSCWI ex-US ETF slipped -0.3%. Tokyo-listed online bank SBI Sumishin Net Bank was the top index performer this week, up +22.8% on strong earnings. Indonesian copper and gold miner Amman Mineral took the bottom spot, down -11.0%.

Big Development: Europe's frosty IPO markets are set for another big test, as Spain-based B2B travel firm HBX Group launched its €750 million Madrid IPO this week. Early signs look positive for the "Hotelbeds" operator, as books were covered within hours. It is set to list in mid-February.

Latest Listings: One China A-share listed this past Monday, and surged over +200%. Several major Asian stock markets were closed for the rest of the week to observe the Lunar New Year. Happy Year of the Snake.

The Week Ahead: International markets are set to start February with a handful of sizable IPOs. In South Korea, IT services provider LG CNS ($820mm) is set to start trading. Polish diagnostics services provider Diagnostyka ($420mm) priced at the high end, and is scheduled to debut in Warsaw. Indian eye care hospital chain Dr. Agarwal's Health Care ($340mm) is set to list in Mumbai.

The Pipeline: India produced more IPO news this week. Chemical producer Doft-Ketal filed for an IPO, while regulators approved the listing of construction firm VCL Group. Material procurement platform OfBusiness restructured ahead of its listing, while customer data management software provider Capillary Technologies tapped banks for an IPO. Eyewear producer Lenskart is close to hiring banks for a possible $1 billion listing.

UK-based luxury logistics firm Ferrari Group announced its intention to float in Amsterdam. The Thai unit of Malaysia-based home improvement retailer Mr. D.I.Y. received approval for a Bangkok IPO. Lufthansa took a stake in Latvian state-owned airline AirBaltic ahead of its planned IPO.

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

Weekly International IPO Winners & Losers
Biggest price changes through Jan 31st in the Renaissance International IPO Index
Top 5
SBI Sumishin Net Bank 7163.JP 22.8%
Laopu Gold 6181.HK 13.2%
Rakuten Bank 5838.JP 7.8%
CVC Capital Partners CVC.NA 6.6%
SenseTime 20.HK 5.9%
Bottom 5
Amman Mineral Internasional AMMN.IJ -10.9%
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret ASTOR.TI -8.1%
Socionext 6526.JP -7.2%
Sichuan Kelun-Biotech Biopharmaceutical 6990.HK -5.6%
Pertamina Geothermal Energy PGEO.IJ -5.0%
Sectors
Financials 8.4%
Consumer Discretionary 2.7%
Consumer Staples 2.0%
Communication Services 1.6%
Real Estate 1.6%
Technology 0.9%
Industrials -1.2%
Materials -2.6%
Energy -4.6%
Health Care -4.8%
Utilities -5.0%
Renaissance International IPO Index Performance

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

The Renaissance International IPO Index returned 0.1% last week vs. -0.3% for the iShares MSCI ACWI ex U.S. ETF.