International IPO Index: International equity markets fared poorly this week. The International IPO index fell -1.5%, outperforming the MSCWI ex-US ETF, which plunged -4.5%. Hong Kong-listed EV developer Leapmotor was this week's biggest winner, up +8.5%, while Indonesian super-app GoTo Group slipped -9.2% to take the bottom spot.
Big Development: A big week for international IPO markets, mostly in Asia, with nine deals raising $100 million or more, including a new batch of winners from India's hot IPO market.
Latest Listings:
• India: Supermarket Vishal Mega Mart ($940mm; +30%)
• India: gemstone certifier IGI ($500mm; +13%)
• India: CRO and CDMO Sai Life Sciences ($360mm; +28%)
• India: healthcare biz services firm IKS Health ($290mm; +42%)
• Japan: Long-awaited memory chip maker Kioxia ($800mm; +17%)
• Japan: Video platform Dely ($99.6mm; -6%)
• Indonesia: Hardware retailer MR.D.I.Y. Indonesia ($260mm; +3%)
• S. Korea: Military contractor MNC Solution ($110mm; -24%)
• Hong Kong: Restaurant chain Xiaocaiyuan ($111mm; +14%)
• Morocco: Irrigation systems maker CMGP Group ($110mm; +39%)
The Week Ahead: While North American and European IPO markets have mostly shut down for the holidays, a few Asian deals are set to list before year end. Hong Kong is expecting industrial robot maker Dobot ($100mm) and self-driving car developer Minieye ($90mm), while India should see investment bank DAM Capital ($100mm).
The Pipeline: More IPOs are gearing up in India, with new launches from hotel operator Ventive Hospitality ($180mm) and car parts maker Carraro India ($140mm). Indian office space provider Table Space and wall panel maker Euro Pratik both tapped banks for 2025 listings. Home appliance carve-out LG Electronics India and non-bank lender HDB Financial Services also moved towards IPOs.
In Hong Kong, chip developer InnoScience ($190mm) launched an IPO, while toymaker Bloks Group won approval for its listing. Saudi ports operator Saudi Global Ports tapped banks for a Tadawul IPO that could raise $1 billion. Israeli military equipment maker IAI affirmed plans for a Tel Aviv IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Dec 20th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Zhejiang Leapmotor Technology | 9863.HK | 8.5% |
| Galderma | GALD.SW | 7.5% |
| WuXi XDC Cayman | 2268.HK | 2.6% |
| Pertamina Geothermal Energy | PGEO.IJ | 2.1% |
| SBI Sumishin Net Bank | 7163.JP | 1.7% |
| Bottom 5 | ||
| GoTo Gojek Tokopedia | GOTO.IJ | -9.2% |
| Trimegah Bangun Persada | NCKL.IJ | -9.1% |
| Ionos Group | IOS.GR | -8.3% |
| Puig Brands | PUIG.SM | -7.7% |
| Tianqi Lithium | 9696.HK | -5.8% |
| Sectors | ||
| Utilities | 2.1% | |
| Consumer Discretionary | 1.1% | |
| Industrials | 0.4% | |
| Health Care | -1.1% | |
| Energy | -1.5% | |
| Financials | -1.5% | |
| Consumer Staples | -1.7% | |
| Materials | -4.0% | |
| Technology | -4.0% | |
| Real Estate | -4.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.5% last week vs. -4.5% for the iShares MSCI ACWI ex U.S. ETF.
