The Renaissance International IPO Index continued its strong start to 2023, up +4.7% this week, with the MSCI ACWI ex-US ETF posting a gain of +3.5%.
Canadian payment processor Nuvei was the Int’l IPO Index’s top performer, continuing its recent rally with a +21.4% gain this week. Hong Kong-listed restaurant operator Jiumaojiu International landed at the bottom, down -6.8%.
The year’s first $100+ million international IPOs priced this week in Hong Kong: hydrogen fuel cell manufacturer SinoHytec ($140 million), and beauty services provider Beauty Farm ($100 million). Four A-Shares also priced, the largest of which was chemicals producer Jianghan New Materials ($350 million).
We see 2023 IPO preparations across all major regions, though it appears Ant Group likely won’t make it out this year. Jack Ma agreed to cede control of the company, which under Hong Kong listing rules likely forces it to delay its IPO for a year. For its part, Ant denied plans of an IPO. Meanwhile, Chinese health-tech firm WeDoctor is said to be readying an IPO filing in April, with plans to raise as much as $1 billion in the US or Hong Kong.
Elsewhere in Asia-Pacific, Korean grocery delivery platform Oasis Market announced plans for a $150 million IPO next month, and Kakao Entertainment raised $930 million in pre-IPO funding. Singaporean data center operator ST Telemedia Global Data Centres began exploring a $1 billion IPO, in either Singapore or the US. Olam Agri, the agribusiness unit of Singapore’s Olam Group, is also exploring a $1 billion IPO, to dual list in Singapore and Saudi Arabia.
Middle East listings are set to continue their strong showing in 2023, as a flurry of players announced IPO plans this week. The UAE’s ADNOC Gas announced its carve-out from petro-giant ADNOC, and affirmed plans to list in Abu Dhabi this year. Qatari IT firm MEEZA is set to launch its $250 million IPO. In Saudi Arabia, property developer Umm Al Qura selected banks for its IPO, while auto services firm Petromin revived a $1 billion IPO plan.
In Europe, where IPO markets were virtually frozen in 2022, a number of companies made steps towards large listings. Spanish ride-hailing app Cabify reportedly tapped Morgan Stanley for an IPO that could value the company at around $2 billion. In Italy, gambling company Lottomatica is said to be mulling an over $1 billion IPO, and car part maker Euro Group is considering a $540 million IPO. United Internet’s Ionos Group is aiming to launch its Frankfurt IPO as soon as next week, and Saxo Bank is considering a listing in Copenhagen, after its SPAC merger fell through.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jan 13th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Nuvei | NVEI.CN | 21.4% |
| Shanghai MicroPort MedBot Group | 2252.HK | 20.9% |
| RemeGen | 9995.HK | 17.7% |
| Allegro.eu | ALE.PW | 17.7% |
| Simcere Pharmaceutical Group | 2096.HK | 13.8% |
| Bottom 5 | ||
| Jiumaojiu International | 9922.HK | -6.8% |
| SCG Packaging | SCGP.TB | -6.3% |
| Zhejiang Kuaishou Information Technology | 1024.HK | -4.9% |
| Azelis Holding | AZE.BB | -4.7% |
| Central Retail | CRC.TB | -3.8% |
| Sectors | ||
| Health Care | 9.5% | |
| Technology | 7.1% | |
| Utilities | 6.9% | |
| Financials | 6.1% | |
| Industrials | 3.5% | |
| Real Estate | 3.1% | |
| Consumer Staples | 3.0% | |
| Consumer Discretionary | 1.2% | |
| Materials | -1.0% | |
| Energy | -3.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 4.7% last week vs. 3.5% for the iShares MSCI ACWI ex U.S. ETF.
