IPOX® Indexes trade mixed during expiration week.
IPOX® International ETF (ticker: FPXI) rises, becomes first ETF to track Siemens Healthineers (SHL GR).
IPO Deal-flow Review & Outlook: Busy week for global deals, Dropbox (DBX US) in U.S. IPO pipeline.
IPOX® Indexes trade mixed during expiration week. The IPOX Indexes traded mixed last week, with the IPOX® Global 50 (IPGL50) – benchmark for the performance of the largest, most liquid and best performing global New Listings – declining -0.11% to +5.90% YTD, outpacing the global market by +46 bps. on the week. Within the IPOX Regional Indexes Universe, weakness in the IPOX U.S. (IPXC, IPXO, IPXT) and IPOX Europe (IXTE, was mitigated by big strength in the IPOX Asia-Pacific (IPTA) and IPOX China (IPXUCHCP, CNI).
IPOX® International ETF (ticker: FPXI) rises, becomes first ETF to track Siemens Healthineers (SHL GR). Strong upside in China- and Developed APAC-linked exposure including H.K.-traded biotech Wuxi Pharma (2269 HK: +9.29%), e-commerce behemoth Alibaba (BABA US: +5.11%), Financial CK Asset Management (1113 HK: +3.78%) or Japan-traded professional services firm Recruit Holdings (6098 JP: +5.36%) left the IPOX International (IPXI) well ahead on the week, gaining +0.78% to +6.72%, a massive +750 bps. ahead of the international market YTD. The index and respective ETF (ticker: FPXI) also became the first index/ETF to track Health Care Spin-off IPO Siemens Healthineers (SHL GR: +9.82%).
IPO Deal-flow Review & Outlook: Busy week for global deals, Dropbox (DBX US) in U.S. IPO pipeline. At least 11 notable (non-China A shares and non-local India) firms debuted last week, with the average (median) equally-weighted firm adding +21.05% (+9.61%) based on the difference between the final offering price and Friday’s close. Aforementioned medical equipment unit spin-off Siemens Healthineers (SHL GR: +9.82%) marked the second largest IPO in Germany since 2000. Upsized Silicon Valley tech-unicorn cloud security company Zscaler (ZS US: +106.25%) priced above the already elevated range, skyrocketing after opening. Asian New Listings finished the week mixed with notable initial weakness in jewelry wholesaler CS Mall Group (1815 HK: -4.20%) and waste management company China Boqi Environmental (2377 HK: -0.83%). Deals in Japan rose, including chemical producer KNC Laboratories (6568 JP: +44.87%) and human resource firm Nisso (6569 JP: +23.08%). 17 companies are set to debut this week. In the U.S., top of the list ranks cloud-storage platform provider Dropbox (DBX US). Most focus is on Europe with 10 deals in the pipeline, including Deutsche Bank’s asset management unit Financial DWS Group (DWS GR), with the full deal size coverage valuing the company at EUR billion 7.
* Company operates in Closed-end funds, Country funds-closed-end, Special Purpose Entity, or Specified Purpose Acquisition are excluded.