International IPO Index: International markets started July on a positive note, as the International IPO Index jumped +3.1%, while the MSCI ACWI ex-US ETF rose +2.2%. Japanese semiconductor equipment maker Kokusai Electric was the top performer, up +19.6%, while Hong Kong-listed EV developer Leapmotor took the bottom spot, down -12.3%.
Big Development: News broke this week that Hyundai Motor India may soon start gauging investor interest for its planned Indian IPO. Rumored to list this fall, the company could raise $3.5 billion in India's largest-ever IPO.
Latest Listings: Indian distiller Allied Blenders ($180mm) rose +22% on its debut. One sizable A-share also listed, and soared more than +130%.
The Week Ahead: As China's IPO market starts to show signs of life, two Hong Kong deals are set to list: American small aircraft maker Cirrus Aircraft ($190mm) and Chinese ride-hailing firm Chenqi Technology ($150mm). In India, drug maker Emcure Pharma ($220mm) is scheduled to debut. Malaysian palm oil producer Johor Plantations Group ($160mm) in set to list in Kuala Lumpur.
The Pipeline: A flurry of Indian names progressed through the pipeline this week. Health insurer Niva Bupa ($360mm) and solar power producer ACME Solar ($360mm) both filed for listings, while the IPOs of online children's retailer FirstCry and retailing software maker Unicommerce won approvals from regulators, and hospital chain Paras Healthcare nears its own filing. Elsewhere, South Korean cloud services provider Megazone tapped banks for a Seoul IPO, and Emirati IT services provider Alpha Data hired banks for an Abu Dhabi listing.
Take care,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 5th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kokusai Electric | 6525.JP | 19.6% |
| China Tourism Group Duty Free | 1880.HK | 13.6% |
| AutoStore Holdings | AUTO.NO | 10.8% |
| Wise (TransferWise) | WISE.LN | 9.0% |
| Bridgepoint Advisers | BPT.LN | 8.6% |
| Bottom 5 | ||
| Zhejiang Leapmotor Technology | 9863.HK | -12.3% |
| Calb | 3931.HK | -7.6% |
| ZJLD Group | 6979.HK | -5.0% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -4.4% |
| Tianqi Lithium | 9696.HK | -4.2% |
| Sectors | ||
| Technology | 4.4% | |
| Financials | 2.2% | |
| Industrials | 2.0% | |
| Utilities | 1.3% | |
| Materials | 1.1% | |
| Consumer Discretionary | 0.7% | |
| Health Care | 0.3% | |
| Energy | -2.1% | |
| Consumer Staples | -2.1% | |
| Real Estate | -3.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 3.1% last week vs. 2.2% for the iShares MSCI ACWI ex U.S. ETF.
