International IPO Index: Global markets slipped this week, with the International IPO Index off -0.6% as the MSCI ACWI ex-US ETF dropped -0.9%. Hong Kong-listed companies snagged the top spots, led by AI developer SenseTime, which continued its recent ascent and spiked +45.2%. Indonesian super-app GoTo Group was the IPO Index's loser, off -14.3%.
Big Development: Germany-based academic publisher Springer Nature ($660mm) priced slightly above the midpoint and traded up 8% in its Frankfurt debut, a long-overdue win for European IPO markets. Backed by BC Partners, it was the first sizable listing by a European issuer in nearly four months.
We cover that trend and more in our newly-released 3Q Global IPO Market Review. The headline: Global IPO Market Struggles to Take Off in the Third Quarter. The full version is only on IPO Intelligence, while IPO Pro has the 1-page preview.
Latest Listings: Outside of Europe, Taiwan-based biotech Caliway ($180mm) completed an uplisting on the Taiwan Stock Exchange. China-based kitchenware brand Carote ($97mm) just missed our $100mm+ cutoff, but soared +45% in its Hong Kong debut.
The Week Ahead: Europe's IPO markets are set for another test, as Spanish baked goods maker Europastry ($540mm) is scheduled to list in Madrid. Saudi fragrance company Al Majed for Oud ($190mm) is set to begin trading on the Tadawul. Several others may price IPOs and trade later in the month, including billion-dollar deals from Polish retailer Zabka and Omani energy E&P OQEP.
The Pipeline: In India, Hyundai Motor India may soon launch a $3 billion IPO, which would be the country's largest-ever float. Food delivery app Swiggy and infrastructure company Afcons may upsize their listings. The country's pipeline grew further, with new filings from construction firms Vikran Engineering and VCL Group, solar module maker Vikram Solar, and eye care hospital chain Dr. Agarwal's Health Care. Non-bank lender HDB Financial Services may also file soon.
Chinese fast-fashion giant SHEIN is reportedly holding investor meetings ahead of a London IPO, while UK supplement maker Applied Nutrition and payments firm Ebury moved closer to London listings. Apollo-backed German auto parts e-tailer Autodoc is in talks with banks ahead of a possible 2025 Frankfurt IPO. Korean IT services firm LG CNS is seeking approval for a possible January 2025 IPO that would value it at $5 billion. In Abu Dhabi, catering company ADNH Catering filed for a listing. Japanese eyewear retailer Intermestic launched a Tokyo IPO. In Hong Kong, logistics marketplaces Lalatech and JD Industrials both refiled for IPOs.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Oct 4th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| SenseTime | 20.HK | 45.2% |
| China Tourism Group Duty Free | 1880.HK | 28.1% |
| JL Mag Rare-Earth | 6680.HK | 27.9% |
| Asymchem Laboratories | 6821.HK | 26.6% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 23.3% |
| Bottom 5 | ||
| GoTo Gojek Tokopedia | GOTO.IJ | -14.3% |
| Volvo Car Group | VOLCARB.SS | -13.1% |
| QuantumPharm (XtalPi) | 2228.HK | -11.6% |
| GQG Partners | GQG.AU | -8.2% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | -8.1% |
| Sectors | ||
| Health Care | 14.1% | |
| Energy | 11.7% | |
| Materials | 6.3% | |
| Consumer Discretionary | 6.1% | |
| Real Estate | 5.9% | |
| Consumer Staples | 2.8% | |
| Technology | 2.6% | |
| Financials | -0.8% | |
| Utilities | -1.1% | |
| Industrials | -4.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.6% last week vs. -0.9% for the iShares MSCI ACWI ex U.S. ETF.
