US IPO Market Thrives: New Filings and Notable Delays
The US IPO market remains active with successful launches and notable delays, including KinderCare's $576 million IPO and Moove's postponed offering.
International IPO Market: Winners and Losers of the Week
The international IPO market experienced a notable shift this week, with the Renaissance International IPO Index declining by 4.4%. This downturn was primarily influenced by a sell-off in Asia, despite some standout performances from specific companies.
Key Takeaways
- The Renaissance International IPO Index fell by 4.4% this week.
- Hong Kong's ZJLD Group emerged as the top performer, gaining 8.4%.
- Kokusai Electric from Tokyo faced the largest drop, plummeting 16.0%.
- MIXUE, a beverage chain, saw overwhelming retail interest, with its IPO oversubscribed by 5,200 times.
- Upcoming IPOs include significant listings from the Middle East and potential launches from Chinese tech firms.
Market Overview
The international IPO landscape has shown signs of volatility, particularly this week, as the Renaissance International IPO Index recorded a significant decline. The index's performance was notably worse than the MSCI ACWI ex-US ETF, which only dipped by 1.0%. This trend reflects broader market uncertainties, particularly in Asia.
Top Performers
The following companies were the standout performers in the IPO market this week:
| Company Name | Ticker | Change (%) |
|---|---|---|
| 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 |
Notable Declines
Conversely, several companies faced significant declines:
| Company Name | Ticker | Change (%) |
|---|---|---|
| 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 |
Upcoming IPOs
Looking ahead, the IPO calendar appears relatively quiet, with no major international listings expected next week aside from MIXUE. However, there are several noteworthy developments:
- MIXUE: This Hong Kong-based beverage chain has generated significant retail interest, with its IPO bookbuilding oversubscribed by 5,200 times. It is set to begin trading on Monday.
- Middle Eastern IPOs: Two IPOs from the Middle East priced this week, including Saudi property developer Umm Al Qura and Emirati IT services provider Alpha Data, both at the top of their expected ranges.
- Potential Listings: Emirati airline Etihad is reportedly preparing for an IPO in Abu Dhabi, while Spanish sources indicate that Blackstone-backed casino operator Cirsa may raise up to €1 billion in a Madrid IPO as early as April.
Conclusion
The international IPO market is navigating through a challenging period, with significant fluctuations in stock performance. While some companies are thriving, others are struggling amidst broader market pressures. Investors will be keenly watching the upcoming listings and market developments in the weeks to come.
Sources
- IPO News - International IPO Weekly Winners & Losers | Renaissance Capital, renaissancecapital.com.
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