International IPO Index: International markets had mixed trading again this week, as the International IPO Index ticked down -0.4%, while the MSCI ACWI ex-US ETF inched up +0.5%. German medical glass producer SCHOTT Pharma was the top performer, up +16.4%. Hong Kong-listed logistics provider J&T Express tumbled -14.4% to take the bottom spot.
Big Development: China's sluggish IPO market showed signs of life this week. Gold jewelry maker Laopu Gold ($100mm) debuted in Hong Kong, and soared +73%. Two A-shares listed, and both rose significantly. Hong Kong's pipeline also got a boost, as American small aircraft maker Cirrus Aircraft ($190mm) and Chinese ride-hailing firm Chenqi Technology ($150mm) both launched IPOs in the city.
Latest Listings: No $100+ million international IPOs debuted outside of China this week.
The Week Ahead: In India, distiller Allied Blenders ($180mm) is set to begin trading after a substantial oversubscription. Vietnamese investment banker DNSE Securities ($130mm) is scheduled to list in a rare, self-underwritten Ho Chi Minh City IPO.
The Pipeline: Malaysian palm oil producer Johor Plantations Group ($160mm) and Korean video game developer SHIFT UP ($290mm) are reportedly seeing demand for IPOs expected in July. News broke that fast fashion retailer SHEIN confidentially filed for a London IPO, keeping Hong Kong as a backup. Meanwhile, Chinese EV maker Hozon filed for a Hong Kong IPO. India's pipeline continues to make headlines, as courier service Ecom Express tapped banks for a listing, and electric scooter maker Ather Energy and health insurer Niva Bupa moved closer to filings. Toshiba's memory chip unit Kioxia is said to be gearing up to reattempt a Tokyo listing this year.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jun 28th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| SCHOTT Pharma | 1SXP.GR | 16.3% |
| Barito Renewables Energy | BREN.IJ | 10.7% |
| Volvo Car Group | VOLCARB.SS | 5.4% |
| Var Energi | VAR.NO | 5.0% |
| Calb | 3931.HK | 4.7% |
| Bottom 5 | ||
| J&T Global Express | 1519.HK | -14.4% |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi | KLSER.TI | -10.8% |
| China Tourism Group Duty Free | 1880.HK | -8.5% |
| Renk | R3NK.GR | -7.8% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -7.5% |
| Sectors | ||
| Energy | 5.0% | |
| Utilities | 3.8% | |
| Financials | 0.9% | |
| Real Estate | 0.0% | |
| Consumer Discretionary | -0.2% | |
| Materials | -0.4% | |
| Technology | -0.5% | |
| Consumer Staples | -2.4% | |
| Health Care | -3.3% | |
| Industrials | -8.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.4% last week vs. 0.5% for the iShares MSCI ACWI ex U.S. ETF.
