International IPO Index: International markets stabilized this week, as the Renaissance International IPO Index rose +1.9%, while the ACXW ex-US ETF inched up +0.1%. Hong Kong-listed chip designer Montage Technology led the pack, up +30.4%, while Istanbul-listed factoring services provider Destek Faktoring fell another -18.8% to take the bottom spot for a second straight week.

Big Development: India's largest listing of the year, asset manager SBI Funds Management ($1.0B), treaded water in its debut, up a mere +2%. The billion-dollar deal comes as more names in the country eye listings in the coming months.

Latest Listings: In Canada, exploration-stage gold miner Cadillac Mines ($260mm) inched up +3%. Autonomous driving software firm TIER IV ($140mm) ticked up +2% in Tokyo. Two China A-share IPOs also debuted, and traded up.

The Week Ahead: Asia is gearing up for the continent's two largest listings of 2026 so far. In Shanghai, chipmaker CXMT ($8.5B) is set to have the largest A-share IPO in over 16 years, and mainland-listed optical module maker Zhongji Innolight ($7.0B) is set for Hong Kong's largest listing since 2019. In India, industrial parts maker Indo-MIM ($390mm) and textile equipment maker Lohia ($110mm) are scheduled to debut. Telecom firm Unitel ($310mm) is set for a rare Angolan IPO.

The Pipeline: More deals are set to debut in India in the coming weeks, including hospital operator Manipal Hospitals ($940mm) and dairy products maker Milky Mist. Several sizable names have also hired banks for Indian IPOs, including electric utility Mahavitaran, adtech InMobi, and Coca-Cola's Indian bottler Hindustan Coca-Cola.

Hong Kong is readying for more tech listings. Humanoid robot maker AgiBot tapped banks, GPU maker MetaX confidentially filed, while AI model developer Moonshot AI confirmed its plans for an IPO. Africa-focused fintech Airtel Money announced plans to list in London this year. US-based cybersecurity firm Point Wild tapped Goldman Sachs for an Australian IPO.