Life Insurance Corp of India priced its $2.7 billion offering at the high end, making it India's largest-ever IPO. The deal was 3 times oversubscribed after being cut 70% from its original IPO size in March. Negative trading in the grey market has put a damper on the deal ahead of its May 17th listing.
Two South Korean IPOs withdrew this past week. App store One Store and cardboard producer Tailim Paper joined security company SK Shieldus in pulling their listings as volatility continues to rock Asian markets.
Two Indian IPOs started trading this week. Hospital chain Rainbow Children’s Medicare fell -17% on its debut, while sports footwear brand Campus Activewear was better received by investors, popping 30% on its first day.
In SPAC news, France-based reality TV producer Banijay announced plans to merge with Amsterdam-listed SPAC FL Entertainment at a $7.6 billion enterprise value. Known for producing Keeping Up with the Kardashians, Survivor, and Peaky Blinders, Banijay would be among the largest non-US SPAC mergers to date.
The Renaissance International IPO Index rose +1.9% last week, compared to -0.8% for the MSCI ACWI ex US ETF. Hong Kong-listed orthodontics provider Angelalign Technology was the IPO index’s top performer with a +13.2% gain, while Swiss peptide manufacturer PolyPeptide Group was the worst performer with a -13.4% drop.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Lily McGonagle, Data Analyst
|
Biggest price changes through
May 13th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Angelalign Technology | 6699.HK | 13.2% |
| Antin Infrastructure Partners | ANTIN.FP | 13.1% |
| Zhejiang Kuaishou Information Technology | 1024.HK | 12.8% |
| JD Health | 6618.HK | 9.6% |
| Topsports International | 6110.HK | 9.5% |
| Bottom 5 | ||
| PolyPeptide Group | PPGN.SW | -13.4% |
| Central Retail | CRC.TB | -9.6% |
| HUTCHMED | 13.HK | -8.6% |
| Darktrace | DARK.LN | -6.9% |
| Wise (TransferWise) | WISE.LN | -6.3% |
| Sectors | ||
| Consumer Staples | 3.0% | |
| Health Care | 2.6% | |
| Consumer Discretionary | 2.5% | |
| Financials | 2.4% | |
| Materials | 1.6% | |
| Utilities | -0.4% | |
| Real Estate | -0.5% | |
| Technology | -0.9% | |
| Industrials | -1.4% | |
| Communication Services | -5.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.9% last week vs. -0.8% for the iShares MSCI ACWI ex U.S. ETF.
