International IPO Index: Worries around AI demand and geopolitics continued to weigh on international markets this week. The Renaissance International IPO Index tumbled -7.7%, while the ACWX ex-US ETF dropped -2.3%. Warsaw-listed convenience store chain Zabka rose +21.5% to take this week’s top spot in the Int’l IPO Index, while Istanbul-listed factoring services provider Destek Faktoring was the worst performer, off -34.3%.
Big Development: Europe’s quiet IPO market didn’t reassure investors this week, as its three $100mm+ listings all traded down (see below). This comes on the heels of major European tankmaker KNDS postponing its blockbuster IPO plans, citing market conditions.
Latest Listings: Telecom spin-off Digi Spain ($330mm) dropped -4% in its Madrid debut, defense communication equipment maker SMAG ($130mm) plunged a dizzying -43% in Frankfurt, and gold and jewelry dealer Gens Aurea ($120mm) ticked down -1% in Milan.
The Week Ahead: India’s largest IPO of 2026 so far, asset manager SBI Funds Management ($1.2B), is set to debut after a solid bookbuilding. Japanese autonomous driving software firm TIER IV ($140mm) is scheduled to list in Tokyo.
The Pipeline: India’s IPO market could heat up soon, with hospital operator Manipal Hospitals, industrial parts maker Indo-MIM, and solar equipment maker Karamtara all eyeing launches in the coming weeks. More names are also lining up to list in Hong Kong, including optical module maker Zhongji Innolight and fast fashion giant SHEIN. Also in the Asia Pacific region, AirTrunk is targeting a Singapore IPO this fall for its REIT.
Africa-focused fintech Airtel Money is hiring more banks ahead of a London IPO that could come in the coming months. Saudi IT firm NourNet tapped banks for a listing on the Tadawul, a venue that has yet to see an IPO this year.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
| Biggest price changes through Jul 17th in the Renaissance International IPO Index |
||
|---|---|---|
| Top 5 | ||
| Zabka Group | ZAB.PW | 21.5% |
| Amman Mineral Internasional | AMMN.IJ | 12.3% |
| CVC Capital Partners | CVC.NA | 9.7% |
| Verisure | VSURE.SS | 7.7% |
| Guming Holdings | 1364.HK | 6.5% |
| Bottom 5 | ||
| Destek Finans Faktoring | DSTKF.TI | -34.3% |
| Kioxia (Toshiba Memory) | 285A.JP | -32.3% |
| GigaDevice Semiconductor | 3986.HK | -28.1% |
| Montage Technology | 6809.HK | -27.2% |
| Shanghai Biren Intelligent Technology | 6082.HK | -20.4% |
| Sectors | ||
| Consumer Staples | 2.8% | |
| Industrials | 0.6% | |
| Consumer Discretionary | -0.8% | |
| Materials | -2.6% | |
| Health Care | -5.9% | |
| Financials | -9.1% | |
| Technology | -16.3% |
Renaissance International IPO Index Performance
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -7.7% last week vs. -2.3% for the iShares MSCI ACWI ex U.S. ETF.
