The IPOX® Week #755
IPOX® 100 U.S. (ETF: FPX) hits 5000 mark, beating all major benchmarks YoY.
IPOX® Indexes build on thematic momentum in AI and Energy Revolution.
IPOX® China surges into positive YTD as stimulus drives recovery.
Engine firm StandardAero gains 35%. $600m IPO of KinderCare set for 10/9.
OVERVIEW:
Most IPOX® Indexes extended their gains during last week, amid strong U.S. labor data, advancing sovereign bond yields, as well as momentum in key high-growth thematic areas, positioning the IPOX® Strategies to capitalize on the upcoming earnings season and broader market trends, particularly in high-growth sectors such as AI, alternative energy, and ESG. Notably, the IPOX® 100 U.S. Index (ETF: FPX), benchmark for U.S. innovation, crossed the 5000 level for the first time since April 2022, rising +1.56% for the week. Within the past year, the index has delivered a total price return of +34.52%, outperforming all major benchmarks, including the Nasdaq 100 (NDX: +33.81%), S&P 500 (SPX: +33.48%), and Russell 2000 (RTY: +26.77%). In AI-exposure, Palantir Technologies (PLTR US: +8.60%) surged to another record high amid geopolitical defense involvement, while energy revolution plays spin-off GE Vernova (GEV US: +6.30%) and Constellation Energy (CEG US: +11.10%) gained on rising AI demand and tax credit support. In alternative financial thematic exposure, insurer Ryan Specialty Holdings (RYAN US: +9.44%) and annuity product provider Jackson Financial (JXN US: +5.69%, new all-time high) benefitted from bond and treasury market dynamics.
GLOBAL IPOX® INDEXES:
The IPOX® International (ETF: FPXI, -1.36%) saw mixed performance amid MENA and Japan exposure, due to geopolitical tensions and dovish comments by the new Japanese PM, respectively. However, standout stocks like Trip.com (TCOM US: +11.59%), also a member of the buoyant IPOX® Global Super Liquid (IPGL50: +1.28%), and newly added household giant Midea Group (300 HK: +25.34%), helped offset some losses, benefiting from China's stimulus measures that sparked a rotation trade recovery reflected in the IPOX® China (CNI), which surged +11.13% into positive territory YTD with a gain of +4.72%, marking a turnaround after lagging earlier in the year.
In Europe, the IPOX® 100 Europe (ETF: FPXE) declined -1.61%, though key constituents showed strength. Norwegian oil and gas firm Var Energi (VAR NO: +11.69%) and NewAmsterdam Pharma (NAMS UQ: +12.26%) were notable performers within the index, contributing to its year-to-date gain of +18.03%, +1051 bps. ahead of the hard-to-beat STOXX Europe 50 Index (SX5L). Among weekly losers, French lottery operator La Francaise Des Jeux (FDJ FP: -10.15%) declined as the French government announced gambling tax hikes.
THEMATIC IPOX® INDEXES:
The IPOX® 100 U.S. Climate/ESG Index (IPXT) continued to outperform, rising +1.20% for the week and delivering an impressive +50.72% year-over-year return. The strong performance reflects ongoing demand for innovative climate and ESG-focused investments, positioning the IPXT Index as one of the top-performing IPOX® strategies. Across health care and biotech, Avidity Biosciences (RNA US: +11.74%) and MoonLake Immunotherapeutics (MLTX US: +11.90%) were standout gainers in the IPOX® Health Innovation universe (IPHI: +0.65%), while new S&P 600 member TransMedics (TMDX US: -12.67%) and Kymera Therapeutics (KYMR US: -11.56%) weighed on performance within the sector.
IPOX® BOND INDEXES:
In corporate bonds, the IPOX® Aggregate Bond Index (IPOXTD: -1.08%) reflected the ongoing pressure from rising sovereign yields, yet corporate bonds showed more resilience, narrowing the spread between corporate and sovereign yields.
The IPOX® High Yield Bond Index (IPXUHYG: -0.34%) showed relative stability, underscoring continued investor interest in corporate bonds as a post-inflation play.
THE IPOX SPAC INDEX (SPAC):
The Index added +1.57% last week to -3.29% YTD. Genetic testing company GeneDX (WGS US: +16.43%) hit new high on strong momentum. Mortgage lender United Wholesale Mortgage/UWM Holdings (UWMC US: -9.89%) fell. Iron Horse Acquisition (IROH US +0.49%) announced to merge with Chinese agricultural biotechnology food product company Rosey Sea Holdings/Zhong Guo Liang Tou Group. 2 SPACs completed merger include Learn CW Investment completed merger with Innventure (INV US +17.83%), an innovative entrepreneurial platform acquires and commercializes R&D projects. No new SPACs launched this week in the U.S.
ECM REVIEW AND OUTLOOK:
30 new listings launched globally last week, raising a total of $3.27 billion, with an average gain of +77.24% and a median gain of +9.04% between offer price and Friday’s close. The largest listing was the U.S. IPO by airplane engine service firm StandardAero (SARO US: +35.42%), which surged after raising $1.65 billion in an upsized offer. This was followed by German science publisher Springer Nature (SPG GR: +7.64%), the second largest IPO on the Frankfurt Exchange this year, raising $662 million. Other notable debuts in the U.S. include REIT FrontView (FVR US: +1.32%, $251 million offer), Chinese courier firm BingEx (FLX US: +9.15%, $66m) and GOP-tied financer Chain Bridge Bancorp (CBNA US: -3.64%, $41m). The Hong Kong listing of Tiktok-viral Chinese kitchenware maker Carote (2549 HK: +44.98%, $96m) surged after being 1,347 times oversubscribed.
This week, two sizable listings are expected in the U.S., childhood education provider KinderCare (KLC US, $600m) and automotive lubricant firm Moove Lubricants (MOOV US, $400m). Global listings include Saudi perfume retailer Al Majed for Oud (ALMAJED AB, $189m offer) and Spanish frozen dough producer Europastry (EPTY SM, $234m).
Read the latest IPOX® Update with the biggest news of last week, including Cerebras Systems (CBRS US) filing for a Nasdaq IPO to compete with AI giants like Nvidia, tech distributor Ingram Micro announcing plans to return to the NYSE, Brazilian fintech PicPay targeting a 2025 Nasdaq IPO and fast fashion giant Shein ramping up its preparation for a London listing.
Follow our IPO Calendar and social media (e.g. Linkedin) for upcoming IPOs, updates on our indexes and the latest IPO News.
