International IPO Index: New listings in international markets had another positive week, with the Renaissance International IPO Index up +2.5%, while the MSCI ACWI ex-US ETF traded flat. Hong Kong-listed rare earth magnet maker JL Mag Rare-Earth jumped +40.2% on news of Chinese regulators adding restrictions on foreign rare earth miners. Tokyo-listed online bank SBI Sumishin Net Bank slipped -6.3% to take the bottom spot.
The International IPO Index is now above both its 50-day and 200-day moving averages.
Big Development: IT services firm Hexaware Technologies ($1.0B) rose +16% in its Indian debut this week, a welcome outcome amid a downturn in both Indian IPO performance and the country's major indices.
Latest Listings: Another Indian listing, construction machinery maker Ajax Engineering ($150mm) didn't fare as well, and slipped -4%. In Turkey, hazelnut producer Balsu Gida ($130mm) traded ticked down -2% in its debut.
The Week Ahead: Indian electrical equipment firm Quality Power ($99mm) trades on Monday, coming in just below our IPO calendar's deal size cutoff.
The Pipeline: In India, LG Electronics' Indian unit reportedly kicked off its institutional IPO roadshow. Securities depository NSDL plans to launch next month, while Indian mobile payments giant PhonePe said it is working on its highly-anticipated listing.
In the Middle East, Saudi poultry producer Entaj ($120mm) priced at the top of the range, while Omani shipping firm Asyad Shipping ($320mm) and Emirati IT services provider Alpha Data ($160mm) set IPO terms. Saudi hospital operator SMC Hospitals tapped banks for a Tadawul listing.
In Hong Kong, beverage chain MIXUE ($440mm) launched an IPO that prices next week and trades in March, and architectural software maker Manycore Tech filed for a listing. Chinese construction machinery maker SANY hired banks for an IPO, and trading card maker Kayou restarted its listing. Iron ore miner Ivanhoe Atlantic announced it is working on an Australian IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Feb 21st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| JL Mag Rare-Earth | 6680.HK | 40.2% |
| Kokusai Electric | 6525.JP | 27.0% |
| WuXi XDC Cayman | 2268.HK | 25.3% |
| Horizon Robotics | 9660.HK | 19.1% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 16.9% |
| Bottom 5 | ||
| SBI Sumishin Net Bank | 7163.JP | -6.3% |
| Midea Group | 300.HK | -4.9% |
| SCHOTT Pharma | 1SXP.GR | -4.1% |
| Onewo | 2602.HK | -3.5% |
| China Tourism Group Duty Free | 1880.HK | -3.2% |
| Sectors | ||
| Health Care | 21.1% | |
| Materials | 9.6% | |
| Technology | 8.9% | |
| Utilities | 3.4% | |
| Consumer Discretionary | 1.4% | |
| Financials | 0.7% | |
| Consumer Staples | -0.1% | |
| Industrials | -0.4% | |
| Communication Services | -1.2% | |
| Energy | -3.0% | |
| Real Estate | -3.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.5% last week vs. 0.0% for the iShares MSCI ACWI ex U.S. ETF.
