International IPO Index: International markets found their footing this week, as the International IPO Index rose +2.7%, while the MSCWI ex-US ETF inched up +0.2%. Japanese online bank Rakuten Bank was the best performer, up +13.4%. Hong Kong listed drug development platform XtalPi sunk -26.0% to take the bottom spot.
Big Development: A slew of Indian issuers began taking orders for a flurry of upcoming IPOs. However, amid a month-long slide in Indian equities, investor demand for new listings appears much weaker than earlier this year, when IPOs saw significant oversubscriptions.
Latest Listings: One sizable Indian issuer listed this week, infrastructure construction firm Afcons ($660mm), which posted a modest +6% gain.
The Week Ahead: Four $100mm+ IPOs are set to start trading in India next week, led by food delivery app Swiggy ($1.3B). The others include solar power producer ACME Solar ($340mm), health insurer Niva Bupa ($260mm), and healthcare-focused business services provider Sagility India ($240mm). Outside of India, grocery chain Lulu Retail ($1.7B) is scheduled to list in Abu Dhabi, and water and energy utility Cox ($220mm) is set to list in Spain.
The Pipeline: In India, digital supply chain platform BlackBuck ($130mm) launched its listing, while regulators approved IPOs for drug developer Rubicon Research and CRO and CDMO Sai Life Sciences. Mobile network operator Reliance Jio and SaaS provider Capillary Technologies both moved towards 2025 Indian IPOs.
Delivery Hero's Middle East unit Talabat is close to launching a Dubai IPO that could raise $1 billion. South Korean military equipment components maker MNC Solution ($190mm) set terms for a Seoul listing. Omani methanol and LPG carve-out OQBI announced plans for a Muscat IPO. In Japan, memory chip maker Kioxia re-filed for an IPO, while personal care products provider FineToday tapped banks for a $1 billion listing. UK-based payments platform Zilch reiterated its intent to go public.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 8th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Rakuten Bank | 5838.JP | 13.4% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 12.8% |
| CVC Capital Partners | CVC.NA | 12.8% |
| SenseTime | 20.HK | 12.5% |
| WuXi XDC Cayman | 2268.HK | 12.2% |
| Bottom 5 | ||
| QuantumPharm (XtalPi) | 2228.HK | -26.0% |
| JL Mag Rare-Earth | 6680.HK | -10.0% |
| GoTo Gojek Tokopedia | GOTO.IJ | -7.4% |
| Ionos Group | IOS.GR | -6.1% |
| Puig Brands | PUIG.SM | -5.8% |
| Sectors | ||
| Financials | 6.0% | |
| Industrials | 5.3% | |
| Consumer Discretionary | 3.4% | |
| Technology | 2.9% | |
| Consumer Staples | 0.0% | |
| Real Estate | -0.4% | |
| Utilities | -0.8% | |
| Energy | -1.3% | |
| Health Care | -2.4% | |
| Materials | -2.5% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.7% last week vs. 0.2% for the iShares MSCI ACWI ex U.S. ETF.
