International IPO Index: International markets inched down this week, with the International IPO Index off -1.6%, and the MSCWI ex-US ETF down -1.0%. Turkish electrical components provider Astor Enerji took the top spot, up +15.4%. Last week's top performer, Hong Kong-listed drug development platform XtalPi, pulled back -20.9% to land at the bottom.
Big Development: Online food delivery platform Talabat ($2.0B) failed to serve up a winning IPO in Dubai this week. The company, spun out of Germany's DeliveryHero, fell -6% in 2024's biggest tech IPO so far.
Latest Listings: Data center REIT DigiCo REIT ($1.3B) slipped -9% in its Sydney debut, Australia's largest in over six years. In Hong Kong, cosmetics brand Mao Geping ($270mm) surged +87% in its debut. Swedish real estate developer Intea ($230mm) rose +15% in Stockholm.
The Week Ahead: India's IPO market is set for another batch of listings, including supermarket chain Vishal Mega Mart ($920mm), gemstone certifier IGI ($490mm), CRO and CDMO Sai Life Sciences ($350mm), and healthcare business services provider IKS Health ($290mm). Elsewhere in Asia, the calendar features listings from memory chip maker Kioxia ($800mm) in Tokyo, home improvement retailer MR.D.I.Y. Indonesia ($280mm) in Jakarta, restaurant chain Xiaocaiyuan ($110mm) in Hong Kong, and military equipment components maker MNC Solution ($110mm) in Seoul. Irrigations systems maker CMGP Group ($110mm) is set to debut in Morocco.
The Pipeline: India's IPO pipeline continues to make news. New filings this week came from renewable energy generator Continuum Green Energy, airport restaurant operator Travel Food Services, and jewelry retailer BlueStone. Investment bank DAM Capital received regulatory approval for its listing. Also in India, coworking space operator IndiQube, online retailer Flipkart, non-bank lender Aye Finance, and e-commerce services platform Shiprocket all moved towards IPOs.
In Europe, drugmaker Stada met with investors for a Frankfurt IPO, and Portuguese bank novobanco announced a potential listing. Industrial robot maker Dobot ($100mm) launched its Hong Kong IPO, while tea chain Guming received regulatory approval for its own Hong Kong IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Dec 13th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret | ASTOR.TI | 15.4% |
| GQG Partners | GQG.AU | 9.1% |
| WuXi XDC Cayman | 2268.HK | 8.5% |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi | KLSER.TI | 8.4% |
| Zhejiang Leapmotor Technology | 9863.HK | 6.1% |
| Bottom 5 | ||
| QuantumPharm (XtalPi) | 2228.HK | -20.9% |
| SCHOTT Pharma | 1SXP.GR | -9.5% |
| SenseTime | 20.HK | -9.4% |
| Kokusai Electric | 6525.JP | -6.8% |
| AutoStore Holdings | AUTO.NO | -6.4% |
| Sectors | ||
| Consumer Discretionary | 2.5% | |
| Industrials | 2.0% | |
| Financials | 1.3% | |
| Consumer Staples | 1.2% | |
| Energy | -0.6% | |
| Utilities | -0.9% | |
| Technology | -2.2% | |
| Real Estate | -2.3% | |
| Health Care | -3.6% | |
| Materials | -4.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.6% last week vs. -1.0% for the iShares MSCI ACWI ex U.S. ETF.
