International IPO Index: International markets were rocked by new US tariffs aimed at global trading partners, with the Renaissance International IPO Index down -5.9%, while the MSCI ACWI ex-US ETF fell -8.2%. Hong Kong-listed EV developer Leapmotor rose +13.2% to take the top spot. Two Japanese stocks landed at the bottom amid steep tariffs on the country, with memory chip maker Kioxia off -26.6%.
Big Development: This week's global market turmoil will impact IPO activity well into the second quarter. The global IPO calendar is now quiet, though we do see some movement in certain international pipelines (see Pipeline section below).
Latest Listings: April started off on a quiet note, as no sizable international IPOs listed this week.
The Week Ahead: No sizable international deals are currently scheduled for the week ahead either, although some names may join the calendar at the last minute.
The Pipeline: In Hong Kong, lithium battery maker Zenergy ($130mm) launched an IPO set for later this month. Energy beverage maker Eastroc filed for an IPO, while JD Industrials re-filed for a listing. Electronics maker Luxshare is talking to banks for a Hong Kong listing that could raise $2-3 billion.
Regulators in India approved the listing of coworking space operator IndiQube and non-bank lender Aye Finance. Medical imaging products provider UltraGreen.ai is working with advisors for a Singapore IPO. Saudi regulators approved the Tadawul listing of budget airline Flynas. Australian airline Virgin Australia restructured ahead of its anticipated Sydney listing.
1Q 2025 Review: We posted our Q1 Global IPO Recap this week. The headline: Global IPO Market Pulls Back in the 1Q25. To see the Recap, sign up for a free trial of IPO Pro.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 4th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Zhejiang Leapmotor Technology | 9863.HK | 13.2% |
| Laopu Gold | 6181.HK | 11.6% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 6.1% |
| Ionos Group | IOS.GR | 3.5% |
| ZJLD Group | 6979.HK | 3.4% |
| Bottom 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | -26.6% |
| Rakuten Bank | 5838.JP | -23.0% |
| CVC Capital Partners | CVC.NA | -20.9% |
| Kokusai Electric | 6525.JP | -20.7% |
| Socionext | 6526.JP | -20.5% |
| Sectors | ||
| Consumer Discretionary | -0.1% | |
| Health Care | -1.9% | |
| Real Estate | -2.6% | |
| Industrials | -2.7% | |
| Consumer Staples | -3.5% | |
| Materials | -7.2% | |
| Communication Services | -10.0% | |
| Financials | -16.6% | |
| Technology | -16.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -5.9% last week vs. -8.2% for the iShares MSCI ACWI ex U.S. ETF.
