The IPOX® Week #631
GLOBAL IPO DEAL FLOW REVIEW
2 sizeable IPOs launched last week, with the average equally-weighted deal adding +21.23% based on the difference between the final offering price and Friday’s close, including Abu Dhabi-traded petrochemical JB Borouge (BOROUGE UH: +22.45%) and Korean REIT Mastern Premier Reit 1 (357430 KS: +20%). Kuwaiti premium segment car retail Ali Alghanim Sons Automotive is expected to trade on Tuesday with no other deals lined up across global regions. Other IPO news include 1) China’s EV company WM Motor plans $1 billion IPO in Hong Kong. 2) Swedish manufacturer Engcon to seek more than $140 million in Q2 Stockholm IPO. 3) Singapore brokerage CGS-CIMB plans $1 billion Singapore/Malaysia dual listing by 2023. 4) Insurance firm FWD postpones $1 billion Hong Kong IPO. 5) Wego Group picks banks for $500 million IPO of dialysis unit in Hong Kong. 6) Second Hong Kong SPAC to list on HKEX on June 10. 7) Indonesian e-commerce player Blibli finalizes plans for $500 million IPO. 8) UK’s most valuable fintech Revolut assembles investor relations team in possible step towards IPO.
IPOX® INDEXES PERFORMANCE REVIEW
The IPOX® Indexes traded mixed last week. While China-strength and firm Europe propelled the IPOX® International (ETF: FPX) to a third consecutive week of gains, renewed declines in U.S. bonds amid a strong U.S. unemployment report, a firmer U.S. dollar and mixed corporate earnings pressured the IPOX® 100 U.S. (ETF: FPX) towards the week-end, with both funds performing in line with the benchmarks on a weekly basis. The M&A-focused IPOX® GNDX (GNDX) declined by -0.97% to -5.08% YTD, outperforming the S&P 500 (SPX) and other key U.S. benchmarks for another week.
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