International IPO Index: International markets ticked up this week. The Renaissance International IPO Index rose +1.5%, while the MSCWI ex-US ETF gained +2.2%. Polish convenience store chain Zabka was the top performer this week, up +10.2%, while Hong Kong-listed CRO and CDMO Wuxi XDC Cayman fell -12.7% to take the bottom spot.
Big Development: As Hong Kong charts its IPO recovery, more large names listed in Mainland China may seek to cross-list in the city. Battery giant CATL, valued at more than $100 billion in Shenzhen, hired banks for a Hong Kong IPO that could raise $5 billion in the first half of the year.
Latest Listings: Chinese regional bank Yibin City Bank ($230mm) traded flat in its Hong Kong debut. Meanwhile in Indonesia, real estate developer CBD PIK2 ($140mm) surged +157%. In Turkey, infrastructure construction firm Gulermak ($140mm) rose +7%.
The Week Ahead: Despite a healthy flow of news, no sizable international IPOs are currently scheduled for the week ahead, although some may join the calendar throughout the week.
The Pipeline: India's IPO market continues to churn out headlines. Contract manufacturing marketplace Zetwerk and home services booking platform Urban Company reportedly hired underwriters for listings, while retail investing platform Groww met with banks. Electric scooter maker Ather Energy is said to be nearing an IPO filing, while B2B e-commerce platform udaan and grocery delivery platform Zepto both progressed through regulatory hurdles en route to listings.
In South Korea, LG's IT services unit LG CNS ($820mm) priced at the top of the range. Polish diagnostics services provider Diagnostyka announced its intention to float in Warsaw. Saudi investment bank Riyad Capital and online brokerage Derayah Financial both tapped banks for Tadawul IPOs. UK-based luxury logistics firm Ferrari Group hired Goldman Sachs to go public, possibly in Amsterdam instead of London. Chinese beverage chain Guming passed a hearing for its planned Hong Kong IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jan 17th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Zabka Group | ZAB.PW | 10.2% |
| Zhejiang Leapmotor Technology | 9863.HK | 10.2% |
| JL Mag Rare-Earth | 6680.HK | 7.8% |
| SenseTime | 20.HK | 7.0% |
| CVC Capital Partners | CVC.NA | 6.6% |
| Bottom 5 | ||
| WuXi XDC Cayman | 2268.HK | -12.7% |
| Socionext | 6526.JP | -8.5% |
| SCHOTT Pharma | 1SXP.GR | -4.3% |
| Springer Nature | SPG.GR | -3.4% |
| J&T Global Express | 1519.HK | -2.9% |
| Sectors | ||
| Consumer Discretionary | 4.0% | |
| Financials | 2.6% | |
| Utilities | 2.2% | |
| Consumer Staples | 2.1% | |
| Materials | 2.0% | |
| Technology | 1.2% | |
| Industrials | 0.2% | |
| Real Estate | -0.3% | |
| Energy | -1.4% | |
| Communication Services | -3.4% | |
| Health Care | -7.2% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.5% last week vs. 2.2% for the iShares MSCI ACWI ex U.S. ETF.
