International IPO Index: International markets fell again this week, with the International IPO Index down -2.3%, and the MSCWI ex-US ETF off -0.9%. Hong Kong took the top and bottom spots this week. Chinese rare earth magnet maker JL Mag Rare-Earth soared +46.4% as the conflict in Myanmar took competing mining operations offline, while oncology biotech Kelun-Biotech dropped -10.3%.
Big Development: Oman hosted its largest IPO ever this week, although it didn’t impress investors. Energy E&P OEQP ($2.0B) traded down -6% in Muscat.
Latest Listings: In India, solar panel manufacturer Waaree Energies ($530mm) soared +81%. Another solar company, China-based LAPLACE ($100mm), had the year's biggest pop for a sizable A-share offering, up more than +250% in Shanghai. Taiwan-based shipping company T.S. Lines ($130mm) listed in Hong Kong and inched down -2%. Saudi wheat miller Fourth Milling ($230mm) ticked down -3% in its public debut, the country's fourth and final milling company to go public as a result of the privatization and breakup of its milling monopoly.
The Week Ahead: Infrastructure construction firm Afcons ($660mm) is scheduled to list in India. Other issuers may join the calendar throughout the week.
The Pipeline: In India, food delivery app Swiggy ($1.3B) and solar power producer ACME Solar ($340mm) both launched IPOs, while non-bank lender HDB Financial Services and hotel owner Brigade Hotel Ventures both filed for listings. Indian regulators approved the listings of renewable energy producer NTPC Green Energy and student lender Avanse Financial Services.
In the Middle East, grocery chain Lulu Retail ($1.4B) kicked off its Abu Dhabi listing, and consumer finance firm United International Holding ($250mm) set terms for a Tadawul IPO. South African discount grocer Boxer reaffirmed its intent for a listing this year. In Germany, auto parts retailer Autodoc and generic drugmaker Stada are working with banks on Frankfurt listings. Consumer-focused chip maker Goertek Microelectonics tapped banks for a 2025 Hong Kong IPO. Korean machine tool maker DN Solutions and IT services provider LG CNS are both rumored to be pursuing Seoul IPOs that could come in January 2025.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 1st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| JL Mag Rare-Earth | 6680.HK | 46.4% |
| Puig Brands | PUIG.SM | 7.7% |
| SBI Sumishin Net Bank | 7163.JP | 5.6% |
| J&T Global Express | 1519.HK | 4.9% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 4.8% |
| Bottom 5 | ||
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -10.3% |
| Socionext | 6526.JP | -9.0% |
| QuantumPharm (XtalPi) | 2228.HK | -8.5% |
| Barito Renewables Energy | BREN.IJ | -7.9% |
| Porsche AG | P911.GR | -7.3% |
| Sectors | ||
| Materials | 7.4% | |
| Industrials | 2.2% | |
| Consumer Staples | 1.4% | |
| Financials | 1.1% | |
| Real Estate | -0.2% | |
| Consumer Discretionary | -1.3% | |
| Technology | -3.1% | |
| Utilities | -6.0% | |
| Energy | -6.2% | |
| Health Care | -6.2% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.3% last week vs. -0.9% for the iShares MSCI ACWI ex U.S. ETF.
