International IPO Weekly Winners & Losers

International IPO Index: International IPO markets ticked up this week, with the Renaissance International IPO Index rising +0.7%, and the ACWX ex-US ETF up +0.3%. Hong Kong-listed assisted-driving chip developer Horizon Robotics was the IPO Index's top performer, up +7.3%. Frankfurt-listed medical supplier SCHOTT Pharma took last again with a -9.8% loss.Big Development: India's IPO market produced two more wins this week, an important test for the 3rd largest IPO market of 2025, after the US and Hong Kong.Latest Listings: Indian e-commerce platform Meesho ($600mm) soared +49%, while contract manufacturer Aequs ($100mm) rose +19%. In Hong Kong, logistics platform JD Industrials ($380mm) traded flat, chip designer Novosense ($280mm) ticked down -4%, and drug developer Bao Pharma ($130mm) popped +159%. One sizable China A-share also listed, and surged +118%.The Week Ahead: Japanese bank SBI Shinsei Bank ($2.1B) is scheduled to debut in Tokyo, joined by rent guarantee services provider NS Group ($220mm). IPO activity in India is set to continue, led by asset management firm ICICI Prudential AMC ($1.2B). Construction firm SGTM ($540mm) is set for a rare Moroccan IPO. In Hong Kong, crypto exchange HashKey ($200mm) and autonomous truck developer CiDi ($180mm) are scheduled to debut. Indonesian digital bank Superbank ($170mm) is set to list in Jakarta.The Pipeline: Hong Kong's hot IPO market is set for more listings in the coming weeks, with potential debuts coming from drug discovery biotech Insilico, and AI model developers MiniMax and Zhipu. Robot maker Galbot tapped banks for work on an IPO in the city.In India, regulators approved the listings of warehouse equipment provider Leap India and crop seed provider Eldorado Agritech. Asset manager SBI Funds Management is also starting prep work for an Indian IPO. Swiss airline catering company Gategroup is reportedly working on a listing. Thanks for reading, -Matt Kennedy, Senior Strategist-Angelo Bochanis, Data Analyst Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index The Renaissance International IPO Index returned 0.7% last week vs. 0.3% for the iShares MSCI ACWI ex U.S. ETF.