International IPO Index: International markets began the week jolted by the prospects of a combative US trade policy, but recovered by Friday. The Renaissance International IPO Index finished up +0.1%, while the MSCWI ex-US ETF inched up +0.8%. Hong Kong-listed names took the week's five top spots, led by assisted-driving chip developer Horizon Robotics, which surged +34.2% on a new partnership with automaker BYD. Another chip company, Japan's Socionext, was the week's worst performer, off -12.9%.
Big Development: The biggest South Korean IPO in three years had a disappointing debut, as LG's IT services carve-out LG CNS ($820mm) slipped -8% in Seoul.
Latest Listings: Polish diagnostics services provider Diagnostyka ($420mm) rose +24% in Warsaw. Eye care hospital chain Dr. Agarwal's Health Care ($350mm) had a tepid debut in India, and finished flat. In Turkey, factoring company Destek Faktoring ($110mm) rose +21%.
The Week Ahead: February's IPO calendar is filling up. In Spain, travel services wholesaler HBX Group ($790mm) is scheduled to list. UK-based luxury logistics firm Ferrari Group ($200mm) is set to debut in Amsterdam. Chinese tea chain Guming ($190mm) is scheduled to list in Hong Kong.
The Pipeline: In India, IT services firm Hexaware Technologies ($980mm) and construction machinery maker Ajax Engineering ($140mm) both launched February IPOs. Indian regulators approved the listings of hotel owner Brigade Hotel Ventures and ammunition maker SMPP.
China-based battery manufacturer CATL is reportedly close to filing for a Hong Kong IPO that could raise $5 billion. In Saudi Arabia, online brokerage Dereyah Financial ($380mm) launched its Tadawul IPO. Construction firm ALEC is working on a Dubai IPO set for mid-2025. Mexican industrial REIT Fibra NEXT is reportedly planning to restart work on its IPO. Several companies hired banks for listings, including German medical software company Brainlab, Malaysia-based port operator MMC Ports, and UK-based personal beauty device maker Beauty Tech Group.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Feb 7th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Horizon Robotics | 9660.HK | 34.2% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 11.8% |
| WuXi XDC Cayman | 2268.HK | 10.0% |
| JL Mag Rare-Earth | 6680.HK | 7.5% |
| SenseTime | 20.HK | 7.5% |
| Bottom 5 | ||
| Socionext | 6526.JP | -12.9% |
| Porsche AG | P911.GR | -9.2% |
| Amman Mineral Internasional | AMMN.IJ | -8.6% |
| Puig Brands | PUIG.SM | -8.1% |
| Pertamina Geothermal Energy | PGEO.IJ | -6.3% |
| Sectors | ||
| Health Care | 10.9% | |
| Technology | 5.2% | |
| Industrials | 1.9% | |
| Consumer Discretionary | 1.2% | |
| Materials | -0.3% | |
| Financials | -0.3% | |
| Real Estate | -0.5% | |
| Consumer Staples | -0.9% | |
| Energy | -1.5% | |
| Communication Services | -1.9% | |
| Utilities | -6.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.1% last week vs. 0.8% for the iShares MSCI ACWI ex U.S. ETF.
