International IPO Index: International markets rose again this week. The Renaissance International IPO Index was up +1.7%, while the MSCWI ex-US ETF gained +2.6%. Hong Kong-listed jewelry maker Laopu Gold, now up more than +800% from its June 2024 IPO, surged another +27.9% this week to take the top spot, followed by two Hong Kong AI companies. Indonesian nickel miner Trimegah Bangun Persada took the bottom spot, down -5.4%.
Big Development: Europe's IPO markets are gearing up for their first big test of 2025, as Polish diagnostics firm Diagnostyka ($400mm) launched its Warsaw IPO. It is scheduled to price next week and trade the following week.
Latest Listings: Two $100mm+ China A-shares listed this week, and both surged over +130%.
The Week Ahead: No sizable international deals are on the calendar to list next week as much of Asia celebrates Lunar New Year, although some may join at the last minute.
The Pipeline: India's IPO pipeline continues to hum, even as listings take a pause. IT services firm Hexaware and infrastructure construction firm Vikran Engineering both won regulatory approval for listings. Meanwhile, new filings came from micro-lender Veritas Finance, solar equipment maker Karamtara, and electrical cable maker Lumino Industries. Retail investing platform Groww reportedly hired banks for an IPO, while grocery delivery platform Zepto may up its deal size.
South Korea's Seoul Guarantee Insurance ($140mm) launched an IPO this week, expected in early March. In the Philippines, water utility Maynilad Water Services hired banks for an IPO, while fintech Mynt confirmed it is working on a listing. Malaysian healthcare provider Sunway Healthcare hired banks. Saudi online trading platform Derayah Financial announced its intention to float, while budget airline Flynas is seeking a regulatory nod for its own listing.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jan 24th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Laopu Gold | 6181.HK | 27.9% |
| Horizon Robotics | 9660.HK | 23.3% |
| SenseTime | 20.HK | 10.9% |
| Onewo | 2602.HK | 8.8% |
| Pertamina Geothermal Energy | PGEO.IJ | 8.7% |
| Bottom 5 | ||
| Trimegah Bangun Persada | NCKL.IJ | -5.4% |
| Tianqi Lithium | 9696.HK | -4.9% |
| Var Energi | VAR.NO | -4.7% |
| Zhejiang Leapmotor Technology | 9863.HK | -4.5% |
| J&T Global Express | 1519.HK | -4.1% |
| Sectors | ||
| Real Estate | 8.8% | |
| Utilities | 8.7% | |
| Technology | 8.4% | |
| Communication Services | 5.2% | |
| Consumer Discretionary | 2.9% | |
| Health Care | 2.4% | |
| Consumer Staples | 1.0% | |
| Industrials | -0.2% | |
| Materials | -0.8% | |
| Financials | -1.9% | |
| Energy | -4.7% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.7% last week vs. 2.6% for the iShares MSCI ACWI ex U.S. ETF.
