International IPO Index: International markets had a muted week, with the International IPO Index down -0.3%, and the MSCWI ex-US ETF up +0.9%. Indonesian super-app GoTo Group was the IPO Index's top performer, up +21.9%. Hong Kong listed drug development platform XtalPi plummeted -23.7% to take the bottom spot for a third straight week.
Big Development: Australia's quiet IPO market is set to host its biggest IPO in over six years, as alternative asset manager HMC Capital launched the IPO of its data center unit, DigiCo REIT ($1.3B). It is set to trade in mid-December.
Latest Listings: Canadian clothing retailer Groupe Dynamite ($220mm) fell -3% in the country's largest IPO in three years. Indian digital supply chain platform BlackBuck ($140mm) slipped -5% in its Mumbai debut. One $100mm+ China A-share listed in Shenzhen, EV charging components company Uniconn, and soared over +180%.
The Week Ahead: Renewable energy producer NTPC Green Energy ($1.2B) is scheduled to go public in India. China-based delivery firm SF ($750mm) is set to cross-list in Hong Kong next week. South African grocery chain Boxer ($550mm) is set to list in the country's largest IPO in over five years. Australia's IPO calendar has banking services provider Cuscal ($220mm).
The Pipeline: India continues to dominate IPO headlines, aided this week by a stream of filings, including port terminal operator Aegis Vopak Terminals, auto parts maker Belrise Industries, solar panel module maker Saatvik Green Energy, and student recruitment platform Crizac. Supermarket chain Vishal Mega Mart and cement maker JSW Cement both made progress on listings expected in the coming months. Material procurement platform OfBusiness tapped banks for an Indian listing set for late 2025.
IPO launches this week outside of India came from Middle Eastern online food delivery platform Talabat ($1.5B), Japanese memory chip maker Kioxia ($740mm), Omani methanol and LPG carve-out OQBI ($480mm), and Moroccan irrigation systems maker CMGP Group ($110mm). Fast-fashion giant SHEIN is planning investor meetings as it aims for a London listing next quarter. In Spain, hotel room wholesaler Hotelbeds and casino operator Cirsa are planning IPOs for early next year.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Nov 22nd
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| GoTo Gojek Tokopedia | GOTO.IJ | 21.9% |
| JL Mag Rare-Earth | 6680.HK | 16.0% |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi | KLSER.TI | 7.3% |
| Renk | R3NK.GR | 7.2% |
| Definity Financial | DFY.CN | 6.6% |
| Bottom 5 | ||
| QuantumPharm (XtalPi) | 2228.HK | -23.7% |
| GQG Partners | GQG.AU | -18.5% |
| Kokusai Electric | 6525.JP | -11.2% |
| SenseTime | 20.HK | -9.5% |
| Porsche AG | P911.GR | -8.1% |
| Sectors | ||
| Energy | 4.3% | |
| Materials | 3.4% | |
| Industrials | 3.1% | |
| Financials | 0.8% | |
| Consumer Staples | -0.6% | |
| Technology | -0.9% | |
| Utilities | -1.7% | |
| Real Estate | -3.3% | |
| Consumer Discretionary | -3.8% | |
| Health Care | -6.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.3% last week vs. 0.9% for the iShares MSCI ACWI ex U.S. ETF.
