International IPO Index: International markets rose this week, with the Renaissance International IPO Index up +2.5%, while the MSCWI ex-US ETF gained +2.8%. Japanese online bank Rakuten Bank was the best performer, up +21.1%. Turkish electrical components provider Astor Enerji fell -10.7% to take the bottom spot.
Big Development: Two blockbuster IPO filings came out of Asia-Pacific this week. China-based battery manufacturer CATL submitted paperwork for a Hong Kong IPO that could raise $5 billion, which would be the city's largest deal in over four years. In Japan, metals company JX Advanced Metals ($2.6B) filed and set terms for a Tokyo listing that could be the country's largest since SoftBank in 2018.
Latest Listings: Europe's IPO market hosted two middling debuts this week. B2B travel firm HBX Group ($770mm) slipped -1% in its Madrid listing, and UK-based luxury logistics firm Ferrari Group ($200mm) ticked up +3% in Amsterdam. Outside of Europe, Chinese tea chain Guming ($230mm) fell -5% after pricing an upsized offering at the top of the range.
The Week Ahead: Two sizable deals are set to list in India: IT services firm Hexaware Technologies ($980mm) and construction machinery maker Ajax Engineering ($140mm).
The Pipeline: There were a few developments in India. Security and monitoring firm Innovatiview India filed for an IPO, while fertility services provider Indira IVF submitted confidential paperwork. There were also reports that contract manufacturing marketplace Zetwerk plans to file for an IPO in the coming months.
In the Middle East, Emirati IT services provider Alpha Data filed for a listing in Abu Dhabi, while Saudi-based poultry products company Entaj ($120mm) launched a Tadawul IPO. In Europe, German bank OLB reportedly restarted work on its Frankfurt IPO, and Portuguese bank novobanco tapped banks for an offering in Lisbon. Chinese beverage chain MIXUE reportedly moved towards a listing which could come in early March.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Feb 14th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Rakuten Bank | 5838.JP | 21.1% |
| Laopu Gold | 6181.HK | 14.8% |
| Kokusai Electric | 6525.JP | 13.5% |
| Horizon Robotics | 9660.HK | 12.9% |
| Tianqi Lithium | 9696.HK | 6.4% |
| Bottom 5 | ||
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -10.7% |
| Trimegah Bangun Persada | NCKL.IJ | -6.0% |
| Socionext | 6526.JP | -3.8% |
| Ionos Group | IOS.GR | -2.9% |
| Galderma | GALD.SW | -2.7% |
| Sectors | ||
| Financials | 7.3% | |
| Technology | 3.7% | |
| Real Estate | 3.0% | |
| Consumer Discretionary | 2.9% | |
| Materials | 1.4% | |
| Communication Services | 0.9% | |
| Energy | 0.8% | |
| Consumer Staples | 0.2% | |
| Health Care | 0.2% | |
| Utilities | -0.6% | |
| Industrials | -1.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.5% last week vs. 2.8% for the iShares MSCI ACWI ex U.S. ETF.
