The IPOX® Week #646
IPOX® Indexes record big gains as equities win round of tug of war.
IPOX 100 U.S. (ETF: FPX) surges +4.80%, beats benchmarks.
IPOX® SPAC (SPAC) gains +1.82% as one SPAC launched in the U.S.
$16bn Corebridge Financial IPO set to re-open U.S. IPO market.
WEEKLY IPOX® performance review: Ahead
of Futures & Options expiration and re-balancing, the IPOX® Indexes surged as
equities won the latest tug of war on the back of a big surge in select
high-beta (unseasoned) equity exposure after strong earnings. Despite higher
U.S. interest rates across the board, the IPOX® 100 U.S. (ETF:
FPX), e.g., surged +4.80%
to -25.51% YTD, +85 bps. and +105 bps. ahead of the Nasdaq 100 (ETF: QQQ)
and S&P 500 (ETF: SPY), benchmarks for U.S. stocks. Strength
extended to most markets abroad with the IPOX® International
(ETF: FPXI) and IPOX®
100 Europe (ETF: FPXE) also recording gains. M&A-related corporate
actions tracked in the IPOX® Growth Infusion
(GNDX) rose in line with the benchmarks, with the portfolio adding +3.22% to -8.35% YTD.
ipox® PortFolio holdIngs in focus: High
beta (unseasoned) growth stocks reporting strong earnings drove the big rally
in the IPOX® 100 U.S. (ETF:
FPX), e.g., including biotech Procept Biorobotics (PRCT US: +25.46%), crypto exchange Coinbase (COIN US: +23.92%), application software maker Gitlab
(GTLB US: +20.02%) and Academy Sports & Outdoors
(ASO US: +16.01%), while most energy, mining and materials
exposure lagged, including independent oil and gas explorer Range Resources
(RRC US: -3.29%) and LNG distributor Excelerate
Energy (EE US: -2.05%). Abroad,
we note the big gains in (alternative) energy-linked firms, including IPO
M&A SolarEdge Technologies (SEDG US: +17.18%) and Thailand’s Gulf Energy Development
(GULF TB: +10.78%), while profit taking pressured exposure in
Africa’s Mena region across sectors, including exchange operator Saudi
Tadawul (TADAWULG AB: -6.97%), IT firm Elm (ELM AB: -6.75%) and energy behemoth Saudi Aramco
(ARAMCO AB: -1.48%).
global ipo deal flow review and outlooK: wholesaler Hongjiu
Fruit (6689 HK: +0.00%) and micro-cap IPO, $12m offer of SoCal-based
restaurant chain Yoshiharu Ramen (YOSH US: +3.25%), were the only companies commencing trading
last week. 4 sizeable IPOs are expected
to launch this week. Chinese financial services provider Lichen China
(LICN US, $25 offer size) is expected to list on Monday. Taiwanese AWS Cloud Consulting Partner eCloudvalley (6689 TT, $25m offer) to launch Tuesday,
while Chinese digital health care firm Dingdang
Health (9886 HK, $51m offer) launches in Hong Kong on Wednesday. Thursday
is set to see the biggest U.S. IPO this year as AIG lists life
insurance spin-off Corebridge Financial
(CRBG US, $1.92b offer).
Other news include: 1) IPOX® 100 U.S. (ETF: FPX)
portfolio holding, electric truck maker Rivian,
surged after announcing a partnership with German car maker Mercedes-Benz. 2)
IPOX® 100 Europe
(ETF: FPXE) London-traded constituent, AI-application software maker Darktrace,
fell after takeover talks with Chicago-based P/E firm Thoma
Bravo collapsed, while earnings met expectations. 3) IPOX® 100 U.S. (ETF: FPX)
member phone network operator T-Mobile announces $14b share buyback. 4)
German car maker Porsche unveils plans for one of Germany’s largest ever
IPOs. 5) Accelleron, EV charging unit of
Swiss-Swedish manufacturer ABB, to list in Switzerland on October 3. 6)
Regulators approved the $2b H.K. IPO of Chinese batter maker CALB. 7)
Socionext, chip design JV by Panasonic and
Fujitsu, to list $285m IPO on October 12. 8) Australian miner MinRes
mulls NYSE IPO of multi-billion lithium unit. 9) Plans for the IPO
of Nucera, hydrogen unit of German steel giant
Thyssenkrupp are expected to be announced this week. 10) German
railway operator Deutsche Bahn explores sale or IPO of Schenker logistics
unit at $12-$20bn valuation. 11) Merriam-Webster publisher Britannica
to seek $1b valuation in 2023 IPO. 12) Japanese convenient store giant Lawson
plans 2023 IPO of supermarket unit. 13) Cosmetic surgery firm Candela
Medical and yoghurt producer Chobani withdraw U.S. IPO.
The IPOX® SPAC (SPAC): The IPOX® SPAC Index added +1.82% to -15.28% YTD. IPOX® SPAC Leaders
recording big upside/downside include energy storage solutions provider Stem
(STEM US: +15.74%), while media content
marketplace Getty Images (GETY US: -15.80%) fell anew. Other SPAC
news from last week: 1) 3 SPACs Announced Merger Agreement include Pono Capital (PONO US: +0.30%) with Tokyo-based air
mobility company AERWINS Technologies. 2) 2 SPACs Approved
Business Combination include Cohn Robbins Holdings (CRHC US: -4.63%) with lottery operator Allwyn Entertainment (TBA). 3) 1 SPAC opted to
liquidate include Mudrick Capital
Acquisition II (MUDS US: +0.10%) at $10.16/share. 4) 1 SPAC launched last week in the
U.S.
