International IPO Index: For the fifth week in a row, the International IPO Index traded up, returning +0.8% compared to +1.6% for the MSCI ACWI ex-US ETF. Indonesian nickel miner Harita Nickel was the week's top performer, up +18.7%. Sweden's Volvo Car took the bottom spot, down -7.7%.
Big Development: A slow week for international IPO news. Copper miner Metals Acquisition ($210mm) completed an Australian IPO. Its stock already traded in the US, following a SPAC merger last June, where it has bucked the trend of poor de-SPAC returns. It finished the week in Sydney up +11%.
The Week Ahead: In India, luxury hotel operator Juniper Hotels ($220mm) is scheduled to list. Pasta brand Oba Makarna ($120mm) is set to begin trading in Turkey.
The Pipeline: The UAE's first big IPO of the year could come soon. News broke this week that Dubai parking company Parkin reportedly could launch its listing imminently. The CEO of European cosmetics retailer Douglas confirmed the company is in the advanced stages of its preparations for a Frankfurt IPO. In the Philippines, solar power producer Citicore Renewable Energy pushed its IPO back to the 2Q.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Feb 23rd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Trimegah Bangun Persada | NCKL.IJ | 18.7% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 10.9% |
| SenseTime | 20.HK | 9.4% |
| HUTCHMED | 13.HK | 9.3% |
| ZJLD Group | 6979.HK | 6.8% |
| Bottom 5 | ||
| Calb | 3931.HK | -7.4% |
| Acciona Global Renewables | ANE.SM | -6.4% |
| China Tourism Group Duty Free | 1880.HK | -5.9% |
| Monde Nissin | MONDE.PM | -5.4% |
| Thyssenkrupp Nucera | NCH2.GR | -5.3% |
| Sectors | ||
| Materials | 4.8% | |
| Health Care | 3.0% | |
| Consumer Discretionary | 0.9% | |
| Real Estate | 0.9% | |
| Industrials | 0.8% | |
| Consumer Staples | 0.7% | |
| Financials | -0.1% | |
| Technology | -0.2% | |
| Utilities | -1.4% | |
| Energy | -5.2% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 0.8% last week vs. 1.6% for the iShares MSCI ACWI ex U.S. ETF.
