IPO News – International IPO Weekly Winners & Losers

International IPO Index: International markets rose this week amid hopes of a resolution to the Iran War. The Renaissance International IPO Index ticked up +0.7%, while the ACWX ex-US ETF gained +3.4%. Hong Kong-listed names took the top and bottom spots, as snack food retailer Busy Ming rose +15.7%, while LLM developer MiniMax plunged another -28.4%.

Big Development: Canadian generic drugmaker Apotex ($930mm) pulled off the country’s largest IPO since 2021. The company priced an upsized offering at the high end, and traded up +21% in its debut.

SpaceX’s record $75B US IPO drew global interest, with some ~10% of shares allocated to international orders. Its blockbuster debut reinforces New York’s pull as a venue for high-growth listings. On a related note, Italy’s Bending Spoons (AOL, Vimeo, Eventbrite) recently filed for an est. $1.5B Nasdaq offering, while Flutter plans to delist from London in favor of its New York listing.

Latest Listings: Europe also had a pair of sizable listings this week. Electrical systems installer InstallatørGruppen ($160mm) fell -11% in Copenhagen, while industrial company portfolio Tången ($110mm) rose +12% in Stockholm. One $100mm+ China A-share listed, and surged over +400%.

The Week Ahead: Japan’s leading ride-hailing app GO ($550mm) is set to debut in Tokyo’s largest listing of 2026 so far. In Hong Kong, auto-focused SoC designer SENASIC ($130mm) is scheduled to debut.

The Pipeline: In Hong Kong, battery separator maker Senior ($170mm) and small molecule biotech HJ Science ($140mm) both set terms. Lithography equipment maker Circuit Fabology passed its HK listing hearing, optical transceiver maker Eoptolink approved listing plans, and robot developer EngineAI submitted a confidential filing.

In India, grocery delivery platform Zepto and online insurance marketplace Turtlemint are nearing IPO launches. Brewing giant Carlsberg is set to list its Indian unit later this year. Omani fertilizer maker OMIFCO ($660mm) launched its Muscat IPO. Construction firm FDC is holding investor meetings for an Australian IPO. Residential real estate developer ROBYG tapped banks for a Warsaw IPO.