The IPOX® Week #633
GLOBAL IPO DEAL FLOW REVIEW
2 sizable IPOs launched internationally last week, with the average equally weighted deal adding +10.79% based on the difference between the final offer price and Friday’s close, including Taiwan biotechnology company Polaris Group (6550 TT: +14.76%) and Kuwaiti premium segment car retailer Ali Alghanim Sons Automotive Co (ALG KK: +6.81%). No large US IPOs planned for next week, three sizable international IPOs expected to trade: 1) Malaysian construction materials company Unitrade Industries Bhd (UNITRAD MK) on Tuesday, 2) Phillipine's VistaREIT Inc (VREIT PM) on Wednesday 3) Swedish tiltrotator market leader engcon AB (ENGCON SS) on Friday. Other news include: 1) Abu Dhabi plans to raise at least $500m in IPO of business park operator Tecom. 2) Dubai toll road operator Salik holds pre-IPO investor meetings for September IPO. 3) Saudi property developer Retal prices at top of range for $384m offer. 4) Saudi Aramco picks banks for IPO of Luberef unit 5) Spanish renewables company Opdenergy plans to raise $200m in July listing 6) Italy's energy giant Eni seeks about $8 billion valuation in IPO of renewables unit Plentitude. 7) Italy's green hydrogen producer De Nora to list $214m Milan IPO this month. 8) Alibaba drops after Ant Group denies rumors of IPO revival. 9) DPC Dash, Domino's Pizza operator in China files for Hong Kong IPO. 10) Honda and Sony mull IPO of EV venture. 11) Thai Life Insurance prepares for $1bn IPO, Thailand's biggest this year. 12) Airline Virgin Australia plans 2023 relisting after 2020 bankruptcy. 13) Waste management company and IPOX 100 Europe (ETF: FPXE) holding Biffa (BIFF LN) receives $1.7 billion takeover bid.
IPOX® INDEXES PERFORMANCE REVIEW
Amid a surge in U.S. and European rates and respective spike in equity risk towards the week-end on U.S. inflation, the IPOX® Indexes traded mixed ahead of U.S. Futures and Option expiration week. Outside the U.S., big gains in the IPOX® China (CNI: +4.45%) drove the IPOX® International (ETF: FPX) significantly ahead of its benchmark for a second week in a row, while the IPOX®100 U.S. (ETF: FPX) followed the U.S. benchmarks broadly lower while the IPOX® 100 Europe (ETF: FPXE) lagged. (IPO) M&A’s as invested by the IPOX® GINDX (GNDX) continued to display big relative strength, with the diversified portfolio extending its relative YTD lead vs. the S&P 500 (SPX) to a massive +904 bps. (see Chart of the Week). In IPOX® company news, we are pleased to note the launch of the IPOX® MENA, an innovative portfolio tracking innovation across the MENA region. For further information, please contact info@ipox.com.
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