IPO News – International IPO Weekly Winners & Losers

International IPO Index: Fallout from the Iran war continued to dampen international markets. The Renaissance International IPO Index dropped -2.9%, while the ACWX ex-US ETF fell -1.6%. Hong Kong-listed battery maker CATL jumped +21.1% on earnings to take the top spot, while the biggest loser was Jakarta-listed copper and gold miner Amman Mineral, down -19.2%.

Big Development: Investor caution resulted in middling returns for this week’s international IPOs, which averaged a -2% loss.

Latest Listings: There were seven $100mm+ listings this week.

• Oil pipeline company KPC ($820mm); +1% in Kenya’s largest IPO ever

• Industrial and logistics REIT UI Boustead REIT ($770mm); -8% in Singapore

• Gearbox maker Zhaowei ($240mm); +8% in Hong Kong

• Industrial robot maker ESTUN AUTOMATION ($190mm); -16% in Hong Kong

• IoT supplier MeiG ($150mm); -9% in Hong Kong

• Submarine systems maker Gabler Group ($130mm); +3% in Frankfurt

• Electronic control firm SEDEMAC ($120mm); +8% in India

The Week Ahead: Healthcare provider Sunway Healthcare ($720mm) is set for Malaysia’s largest IPO in nearly nine years. Printed circuit board (PCB) maker Delton Technology ($420mm) is scheduled to debut in Hong Kong. In Frankfurt, military equipment maker VINCORION ($350mm) is set to trade.

The Pipeline: Despite rough conditions, several large names are preparing Indian IPOs. The NSE of India tapped a record 20 banks for a listing, while leading online retailer Flipkart prepping its bake-off, and payments giant PhonePe filed updated papers.

More companies are gearing up for Hong Kong listings. Networking equipment provider FS.COM ($200mm) and chip designer NSING ($130mm) both launched, while PCB maker Victory Giant Technology, AI drug discovery platform Earendil Labs, and semiconductor display panel maker Everdisplay all advanced towards listings in the city. In Malaysia, shipping company MTT Shipping tapped banks. Singaporean industrial real estate developer GLP and Nigeria’s Dangote Refinery also tapped banks.