International IPO Index: International markets fell this week, as the International IPO Index slipped -3.3%, while the MSCWI ex-US ETF dropped -2.6%. Japanese online bank Rakuten Bank was the best performer for a second straight week, up +13.3%. Hong Kong listed drug development platform XtalPi fell -19.6% to take the bottom spot for a second straight week.
Big Development: India hosted another flurry of sizable IPOs this week, led by food delivery app Swiggy ($1.4B), which rose +10%.
Latest Listings: India's other notable listings had a mixed showing, as domestic equity markets continued to slide. Solar power producer ACME Solar ($350mm) dropped -21%, health insurer Niva Bupa ($270mm) traded flat, and healthcare-focused business services provider Sagility India ($250mm) ticked down -5%. In Abu Dhabi, grocery chain Lulu Retail ($1.7B) inched down -1%. Spain-based utility Cox ($190mm) fell -7% in its debut.
The Week Ahead: Another Indian listing, digital supply chain platform BlackBuck ($130mm) is set to debut.
The Pipeline: In India, renewable energy producer NTPC Green Energy ($1.2B) launched its IPO, and plastic packaging maker Manjushree Technopak received regulatory approval for its listing. LG Electronics' Indian unit added to its IPO syndicate, while consumer electronics maker boAt tapped banks for a 2025 listing.
South African grocery chain Boxer ($550mm) launched a Johannesburg IPO, set to be the country's largest in over five years. In Indonesia, Adaro Energy's coal mining unit launched a $260mm IPO. Canada-based clothing retailer Groupe Dynamite ($220mm) launched a Toronto IPO that should be the country's largest offering in three years. In Dubai, food delivery platform Talabat announced its intention to float. Conveyor belt producer Ammega Group tapped banks for a Swiss IPO that could come in 2025.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 15th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Rakuten Bank | 5838.JP | 13.3% |
| Var Energi | VAR.NO | 6.1% |
| Petershill Partners | PHLL.LN | 6.0% |
| AutoStore Holdings | AUTO.NO | 5.2% |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 3.7% |
| Bottom 5 | ||
| QuantumPharm (XtalPi) | 2228.HK | -19.5% |
| Kokusai Electric | 6525.JP | -17.5% |
| JL Mag Rare-Earth | 6680.HK | -17.1% |
| ZJLD Group | 6979.HK | -12.6% |
| Socionext | 6526.JP | -10.6% |
| Sectors | ||
| Energy | 6.1% | |
| Financials | 1.2% | |
| Utilities | 0.2% | |
| Industrials | -1.0% | |
| Consumer Discretionary | -2.2% | |
| Real Estate | -2.2% | |
| Consumer Staples | -4.4% | |
| Materials | -5.1% | |
| Technology | -7.2% | |
| Health Care | -9.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.3% last week vs. -2.6% for the iShares MSCI ACWI ex U.S. ETF.
