International IPO Index: International markets rebounded this week to cap off a sluggish August. The International IPO Index traded up +1.6%, narrowly underperforming the MSCI ACWI ex-US ETF's +2.0% gain. Toronto-listed payments processor Nuvei traded up +13.8% to land the week's top spot, while Sweden's Volvo Cars appeared at the bottom, trading off -5.7%.
Big Development: China's regulators announced an array of new stock market rules, including plans to limit the number of new listings. This comes amid a resilient year for China's IPO market, which has dominated global deal flow and raised nearly four times the proceeds of the US IPO market. Earlier this month, regulators launched plans to raise the bar for listings from small companies and unprofitable tech firms, and tackle corruption at pre-IPO pharmaceutical firms.
Latest Listings: The week's only sizable deals were two China A-shares, which both traded up more than 15%.
The Week Ahead: Saudi Arabian car rental firm Lumi ($280mm) is scheduled to price its Tadawul IPO. Expect more China A-shares to join the calendar throughout the week.
The Pipeline: Saudi oil driller ADES Holding announced plans for a mid-September IPO that could raise $1 billion. Ugandan telecom provider Airtel Uganda announced plans for the country's largest IPO ever, set to price in October. In India, hospital owner Jupiter Hospital ($100mm) set terms, and food delivery app Swiggy revived its offering plans. In Hong Kong, EV maker Hozon tapped banks following a $960mm pre-IPO funding round, while car-hailing platform Dida Chuxing refiled, marking its fourth IPO attempt. The CEO of Renault's EV carve-out Ampere affirmed plans for a 2024 Paris listing.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Sep 1st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Nuvei | NVEI.CN | 13.8% |
| GoTo Gojek Tokopedia | GOTO.IJ | 13.1% |
| Thai Life Insurance | TLI.TB | 11.8% |
| Socionext | 6526.JP | 8.6% |
| Asymchem Laboratories | 6821.HK | 5.3% |
| Bottom 5 | ||
| Avia Avian | AVIA.IJ | -3.2% |
| JD Health | 6618.HK | -3.0% |
| Tianqi Lithium | 9696.HK | -2.6% |
| PTT Oil and Retail (PTTOR) | OR.TB | -2.4% |
| JOINN Laboratories | 6127.HK | -2.2% |
| Sectors | ||
| Technology | 4.1% | |
| Financials | 3.7% | |
| Utilities | 3.5% | |
| Energy | 2.5% | |
| Consumer Staples | 2.0% | |
| Industrials | 1.8% | |
| Real Estate | 1.8% | |
| Consumer Discretionary | 1.2% | |
| Materials | 0.6% | |
| Health Care | -0.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.6% last week vs. 2.0% for the iShares MSCI ACWI ex U.S. ETF.
