International IPO Index: After a strong start to the year, international IPO markets slid on Friday, sparked by a sell-off in Asia. The Renaissance International IPO Index fell -4.4% this week, compared to a -1.0% decline for the MSCI ACWI ex-US ETF. Hong Kong-listed baijiu maker ZJLD was the top performer, up +8.4%. Tokyo-listed semiconductor company Kokusai Electric slipped -16.0% to take the bottom spot.
Big Development: Hong Kong consumer IPOs are continuing to attract a frenzy of retail interest. Beverage chain MIXUE ($440mm) wrapped up its bookbuilding this week with its retail tranche about 5,200 times oversubscribed. It trades on Monday.
Latest Listings: Electrical equipment provider Quality Power ($99mm) slipped -11% in its Indian debut.
The Week Ahead: No sizable international IPOs other than MIXUE are set to list next week, although some may join the calendar throughout the week.
The Pipeline: Two Middle Eastern IPOs priced this week, both at the top of the range: Saudi property developer Umm Al Qura ($520mm) and Emirati IT services provider Alpha Data ($160mm). Meanwhile, Emirati airline Etihad is reportedly set to launch an IPO in Abu Dhabi. Spanish news sources reported that Blackstone-backed casino operator Cirsa could raise up to €1 billion in a Madrid IPO as soon as April.
Chinese auto giant Chery filed for a Hong Kong listing, while several tech companies are working with banks on an offering, including Chinese GPU developer Biren Technology, IT firm Unisplendour, and AI services provider AICT. Indian IPO candidates continue to push towards possible 2025 listings despite market headwinds, including non-bank lender Tata Capital, consumer electronics maker boAt, and mobile payments company PhonePe.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Feb 28th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| ZJLD Group | 6979.HK | 8.4% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 8.2% |
| Socionext | 6526.JP | 4.1% |
| SCHOTT Pharma | 1SXP.GR | 4.0% |
| Onewo | 2602.HK | 3.4% |
| Bottom 5 | ||
| Kokusai Electric | 6525.JP | -16.0% |
| WuXi XDC Cayman | 2268.HK | -14.6% |
| JL Mag Rare-Earth | 6680.HK | -14.2% |
| SenseTime | 20.HK | -12.8% |
| Trimegah Bangun Persada | NCKL.IJ | -10.5% |
| Sectors | ||
| Real Estate | 3.4% | |
| Consumer Staples | 0.9% | |
| Industrials | -0.7% | |
| Consumer Discretionary | -1.0% | |
| Health Care | -3.2% | |
| Utilities | -4.4% | |
| Technology | -4.9% | |
| Energy | -5.4% | |
| Financials | -5.7% | |
| Materials | -6.5% | |
| Communication Services | -9.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -4.4% last week vs. -1.0% for the iShares MSCI ACWI ex U.S. ETF.
