The IPOX® Week #635
Last Week's Summary
On the back of lower U.S. yields on declining commodity prices and inflation anxiety driving a plunge in equity risk (VIX: -12.53%) post-expiration the IPOX® Indexes recovered strongly from the previous week’s big losses. Top of the list ranked the IPOX® U.S. Indexes, including the IPOX® 100 U.S. (ETF: FPX) which added +6.56% last week, outperforming the S&P 500 (ETF: SPY), benchmark for U.S. stocks. Strong China supported the weekly Momentum going into European openings, with the IPOX® China (CNI) adding another +6.41% last week. Amid the surge in U.S. technology stocks and relative weakness across energy stocks, the IPO M&A focused IPOX® Growth Infusion (GNDX) added +5.26% last week, lagging the benchmarks for a second week of trading.
Big Movers
In the IPOX® 100 U.S. (ETF: FPX), high beta technology exposure hit hardest into the previous week’s U.S. expiration week bounced most last week, including educational learning software maker Roblox (RBLX US: +35.54%), Chicago-based social networker Sprout Social (SPT US: +33.06%), application software maker Datadog (DDOG US: +25.52%), medical devices maker Shockwave Medical (SWAV US: +24.98%) and recently added audit and value stream management software maker Gitlab (GTLB US: +23.52%), In non-U.S. domiciled exposure captured in the IPOX® International (ETF: FPXI), we note the big gains in Montevideo-based payment solutions provider Dlocal (DLO US: +23.71%) and Chinese online recruitment services provider Kanzhun (BZ US: +23.54%), while IPOX® top pick Chinese electric car maker Li Auto (LI US: +23.05%) continued its ascend on surging orders for its flagship Li L9 smart SUV to close out the U.S. trading week towards its all-time post-IPO high.
Global IPO Deal Flow Review
5 sizable IPOs launched internationally last week, with the average equally weighted deal dropping -22.35% based on the difference between the final offering price and Friday’s close. This includes Chinese genome testing company Mega Genomics Ltd (6667 HK: +0.22%), Australian miner Leo Lithium Ltd (LLL AU: -30.71%), South Korean kimchi fridge manufacturer Winia Aid Co Ltd (377460 KS: -32.41%), Hong Kong haulage ride-sharing service Gogox (2246 HK: -22.23%) and South Korean biotechnology firm Voronoi Inc (210210 KS: -26.63%).
9 sizeable IPOs are planned for this week. Monday: Care provider SUNWELS Co Ltd (9229 JP) to raise $45m in Tokyo, Retal Urban Development’s (RETAL AB) $384m IPO in Saudi Arabia. Tuesday: $44m IPO of Japanese finance service provider M&A Research Institute (9552 JP). Wednesday: $26m IPO of Japanese marketing platform MicroAd (9553 JP) and $37m IPO of Italian banking firm Generalfinance SpA (GF IM). Friday: Maltese Aps Bank PLC (APS MV: $67m), Chinese cloud service provider TI Cloud Inc (2167 HK: $77m) and Saudi Alamar Foods (Ticker pending: $326m), operator of 500 Domino’s Pizza restaurants in Pakistan and the MENA region.
Other News
1) Kellogg Co. to split into three companies by the end of 2023. 2) Walmart takes 62% stake in logistics robot company, 06.2022 SPAC merger Symbotic. 3) Pfizer buys 8.1% stake in 2021 IPO Valneva. 3) Mondelez buys energy bar Clif for $2.9 billion. 4) Philippine tycoon Enrique Razon plan $500m IPO to fund world’s largest solar power plant. 5) Volkswagen CEO confirms Porsche IPO on schedule. 6) UK motorsport group McLaren mulls IPO within 3 years. 7) Uber to seek buyer for Indian ride-hailing arm. 8) Eni postpones IPO of Plentitude unit. 9) ABB postpones $750m IPO of EV unit. 10) EY plan IPO of consulting unit 2023.
