International IPO Index: International markets bounced back after a sell-off last week, with the Renaissance International IPO Index up +1.9%, and the MSCI ACWI ex-US ETF up +2.8%. Hong Kong-listed gold jewelry maker Laopu Gold was the top performer, up +24.7%. Amsterdam-listed private equity firm CVC Capital Partners took the bottom spot, off -12.4%.
Big Development: Beverage chain MIXUE ($440mm), the latest in a string of consumer IPOs in Hong Kong, soared in its debut this week. It finished up +75%, as the city's equities start 2025 on a strong note.
Latest Listings: In addition to MIXUE, mainland China saw one sizable A-share listing, which soared +81%.
The Week Ahead: Sweden-based investment firm Roko ($500mm) is set to complete Stockholm's largest IPO in over three years. Gold miner Chifeng Gold ($360mm) is scheduled to debut in Hong Kong, while South Korea's Seoul Guarantee Insurance ($120mm) is set to list in Seoul. In the Middle East, Omani shipping spin-off Asyad Shipping ($330mm) is scheduled to list in Muscat, while IT services provider Alpha Data ($160mm) is set to debut in Abu Dhabi.
The Pipeline: Japan-based metals miner JX Advanced Metals ($2.5B) lowered its price range for its planned Tokyo IPO later this month. Indonesia-based candy maker YUPI ($120mm) launched a Jakarta IPO.
As European equities post a strong start to 2025, the continent's IPO pipeline gained steam this week. Sweden-based healthcare products provider Asker Healthcare Group ($140mm) launched a Stockholm IPO. Payments firm Ebury tapped banks for a London IPO that could come in May. Portuguese bank novobanco added more names to its IPO syndicate. In Germany, prosthetics maker Ottobock and power grid operator TenneT TSO are both weighing IPOs.
Several names moved towards IPOs in India, including auto parts maker Belrise Industries and office REIT Knowledge Realty Trust. Construction company Arabian Construction invited banks to pitch for an Emirati IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Mar 7th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Laopu Gold | 6181.HK | 24.7% |
| Trimegah Bangun Persada | NCKL.IJ | 20.2% |
| Zhejiang Leapmotor Technology | 9863.HK | 19.1% |
| GoTo Gojek Tokopedia | GOTO.IJ | 14.7% |
| WuXi XDC Cayman | 2268.HK | 11.0% |
| Bottom 5 | ||
| CVC Capital Partners | CVC.NA | -12.4% |
| Galderma | GALD.SW | -9.6% |
| SBI Sumishin Net Bank | 7163.JP | -8.7% |
| J&T Global Express | 1519.HK | -7.6% |
| Socionext | 6526.JP | -5.5% |
| Sectors | ||
| Health Care | 9.1% | |
| Real Estate | 8.9% | |
| Materials | 7.4% | |
| Consumer Discretionary | 6.7% | |
| Technology | 4.2% | |
| Industrials | -1.3% | |
| Communication Services | -2.3% | |
| Financials | -3.3% | |
| Consumer Staples | -3.5% | |
| Energy | -3.6% | |
| Utilities | -4.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.9% last week vs. 2.8% for the iShares MSCI ACWI ex U.S. ETF.
