International IPO Weekly Winners & Losers

International IPO Index: International IPO markets continued to rebound from recent pressure with the Renaissance International IPO Index up +2.7%, while the ACWX ex-US ETF rose +0.7%. The Int'l IPO Index's winner was Hong Kong-listed chip company InnoScience Technology with a +17.7% gain. A few German names at the bottom this week, with medical supplier SCHOTT Pharma bringing up the rear, off -11.2%.

Big Development: Companies are racing to squeeze in 2025 IPOs with just one month left in the year. India and Hong Kong lead the calendar, as they've done for much of the year.

Latest Listings: Seven sizable ($100mm+) international IPOs this week, plus a SPAC. Two China A-shares were the largest and best performing, as GPU developer Moore Threads ($1.1B) soared +426% and uranium miner China National Uranium ($625mm) popped +280%. Finland's Framery Group ($230mm), a maker of office workstation "pods," rose +6% in Helsinki. Deals in Singapore (UltraGreen.ai) and Saudi Arabia (Amanat Education) also traded up. Chinese chip firm Tianyu Semiconductor ($220mm) dropped -30% in HK, while Aussie medical device maker Saluda Medical ($150mm) plummeted -52% in Sydney. London hosted a $500 million SPAC in Mayflower Acquisition.

The Week Ahead: We expect five or more international listings, mostly in Hong Kong and India, led by Indian e-commerce platform Meesho ($590mm) in Mumbai, and JD.com industrial supply spinoff JD Industrials ($380mm) in HK. Look out for more launches and pricing announcements as well.

The Pipeline: Japanese bank SBI Shinsei Bank set a price range for its $2.1 billion Tokyo IPO, expected later this month. India's ICICI Prudential Asset Management could launch a $1 billion IPO in the week ahead, while India's Reliance Jio ($6B) is said to have started drafting its prospectus for a 2026 launch, and Manipal Hospitals is prepping a possible $1 billion IPO filing in January. Chinese crypto exchange HashKey is reportedly planning to open its offering to investors next week and list later this month, while pork producer Muyuan Foods filed for a HK IPO that could raise $1 billion next year. Bain-backed IPO hopeful EcoCeres is now said to be considering HK over London. In Korea, fashion retailer Musinsa and AI startup Upstage both hired banks, while HD Hyundai Robotics is seeking to do the same.