The Renaissance International IPO Index climbed 2.5% this week, outperforming global markets amid a series of strong listings in Asia. While new tech and logistics names soared, select sectors like gold mining and cosmetics dragged the bottom of the chart.
Renaissance IPO Index Outperforms Again
Newly-listed international stocks continued to deliver superior returns, with the Renaissance International IPO Index up +2.5% this week, compared to a -0.8% decline in the ACWX ex-US ETF. Year-to-date, the IPO Index is now up +25%, significantly outpacing the +19% return of the broader international ETF — a strong signal of renewed investor appetite for growth-oriented IPOs.
Topping the winners was Hong Kong-listed logistics firm J&T Global Express, which surged +22.8%, buoyed by increasing cross-border e-commerce demand. On the flip side, the worst performer was Laopu Gold, a Hong Kong-based gold jewelry maker, which dropped -7.2%, as investors pulled back from luxury and commodities-focused plays.
Hong Kong IPOs: A Reawakening Market
Hong Kong continues to reassert itself as a global IPO hub. Four major listings debuted this week and all ended the week higher. Key performers included:
Lens Technology (+2%), a smartphone glass supplier ($610M)
FWD Group, a pan-Asian life insurer (+1%, $440M)
Geekplus, a warehouse robotics firm (+10%, $350M)
Fortior, a circuit manufacturing company (+9%, $290M)
Adding fuel to the momentum, fast fashion giant SHEIN confidentially filed for an IPO in Hong Kong — a potential landmark listing that could redefine the city’s capital markets in the second half of 2025.
Weekly Standouts: Top Gainers and Decliners
Among the top performers this week:
J&T Global Express (1519.HK): +22.8%
Renk (R3NK.GR): +10.5%
Contemporary Amperex Technology – CATL (3750.HK): +9.8%
Guming Holdings (1364.HK): +8.6%
Ionos Group (IOS.GR): +8.2%
The biggest laggards included:
Laopu Gold (6181.HK): -7.2%
Chifeng Jilong Gold Mining (6693.HK): -6.7%
Kokusai Electric (6525.JP): -6.1%
Zabka Group (ZAB.PW): -5.2%
Mao Geping Cosmetics (1318.HK): -4.7%
This divergence reflects investors’ current preference for tech and industrials over traditional sectors such as gold and consumer luxury.
Southeast Asia and India in Focus
Outside of Hong Kong, IPO excitement also spread to Southeast Asia and India:
Chandra Daya Investasi, an Indonesian infrastructure company, soared +68% after raising $150M
Indian student recruitment platform Crizac jumped +38% following its $100M IPO
Meanwhile, Spain hosted Europe’s largest IPO since March as casino operator Cirsa raised $530M — though it ended the week flat, highlighting ongoing investor caution in European leisure assets.
Looking Ahead: High-Profile Listings Scheduled
The coming week promises additional action, particularly in Asia:
NTT DC REIT, a $600M data center real estate trust backed by Japanese telecom NTT, is scheduled to list in Singapore
Travel Food Services, a major Indian airport restaurant operator, is set to raise $230M
India continues to dominate the IPO pipeline. Among upcoming filings:
Anthem Biosciences (CRO and CDMO, $390M)
ICICI Prudential AMC (asset management)
Emmvee (solar panel manufacturer)
INOX Clean Energy, which confidentially filed for an IPO
Captain Fresh, a seafood distributor, announced internal restructuring ahead of a future listing
In the Middle East, Dubai Airports hired a financial advisor for a potential IPO — a move that could mark one of the most high-profile government privatizations in the region.
Sector Performance: Industrials and Real Estate Shine
Sector-wise, Industrials led the week with a +7.7% gain, followed by Real Estate at +5.7%, and Communication Services at +3.6%. On the other end, Materials dropped -1.5%, and Consumer Discretionary dipped -0.1%, suggesting investor rotation out of cyclical plays and into infrastructure and growth-focused sectors.
Bottom Line
The global IPO landscape is regaining momentum, driven by robust activity in Hong Kong, India, and Southeast Asia. As capital markets stabilize and investor sentiment rebounds, fresh listings — particularly in tech, industrials, and infrastructure — are back in demand. With mega-IPOs like SHEIN potentially on the horizon, the second half of 2025 could reshape the global equity narrative.