International IPO markets moved lower for the week ended September 25, with the Renaissance International IPO Index declining 2.9% while the ACWX ex-US ETF gained 0.8%. Performance varied sharply across markets, with Hong Kong-listed Delton Technology rising 12.5% to lead the index, while Destek Finans Faktoring plunged 40.8% following the reported arrest of Destek Holding’s chairman.

International IPO Market Overview

The week’s performance reflected a mixed environment for newly listed international companies. The decline in the Renaissance International IPO Index contrasted with gains in the broader ACWX ex-US ETF, indicating that recently listed companies faced different trading conditions from the wider international equity market.

Health Care was the only sector in the supplied index to post a gain, rising 1.4%. Consumer Staples declined 0.5%, while Technology fell 3.2% and Industrials dropped 4.1%. Consumer Discretionary declined 5.5%, Materials fell 6.1%, and Financials recorded the largest sector decline at 14.7%.

Major Development: National Stock Exchange of India

The National Stock Exchange of India raised approximately $2.4 billion in what was described as India’s largest debut of 2026 so far. The stock traded roughly flat following its listing.

The offering comes as IPO activity in India has increased, with additional large companies potentially entering the market later in the year. The source specifically identified telecom company Jio as one possible future listing.

Recent International IPO Listings

Several newly listed companies delivered significant gains during the week. Hero Motors, an Indian motorcycle-parts manufacturer that raised approximately $100 million, surged 69% in its IPO.

In Hong Kong, optical equipment maker Ligent raised approximately $720 million and traded 11% higher. Taiwan-listed semiconductor testing company Hermes Testing Solutions, which raised approximately $370 million through an uplisting, gained 105%.

Norwegian retailer Outlet Group raised approximately $140 million and advanced 14% in Oslo. Bridge Bank Group, a Côte d’Ivoire-based bank, raised approximately $120 million and gained 16% in a relatively uncommon West African IPO.

Week Ahead

Hong Kong is expected to see several new listings, including PV equipment manufacturer RoboTechnik, targeting approximately $660 million; PCB manufacturer Kinwong, targeting $650 million; chemicals producer Red Avenue, targeting $380 million; and robotics developer Direct Drive Tech, targeting approximately $140 million.

India is also scheduled to see new listings, with student dormitory operator Elevate Campuses targeting approximately $210 million and personal finance platform Moneyview targeting about $110 million.

IPO Pipeline

The international IPO pipeline remains active across several regions. In Hong Kong, smartphone manufacturer Transsion, biofuel producer EcoCeres and RISC-V products maker ESWIN Computing are among the companies preparing potential listings.

In the Philippines, payments platform Mynt began taking orders for its planned $1.3 billion Manila IPO. In India, solar panel manufacturer Avaada Electro began its roadshow, while power plant services provider INOX Clean Energy prepared an IPO filing and construction platform JSW One submitted its own listing documents.

European and African IPO activity is also developing. Africa-focused fintech Airtel Money announced plans to pursue a London listing, drone detection systems company Sensofusion announced plans for a Helsinki listing, and tungsten mine developer Abenojar Tungsten selected banks for a potential London IPO.

Weekly IPO Winners

Delton Technology led the Renaissance International IPO Index with a 12.5% gain through September 25. Victory Giant Technology rose 8.3%, Montage Technology advanced 6.2%, Puig Brands gained 5.8%, and WuXi XDC Cayman increased 5.2%.

The gains highlight the continued strength of selected technology and healthcare-related listings even as the overall international IPO index declined during the week.

Weekly IPO Losers

Destek Finans Faktoring recorded the largest decline, falling 40.8%. The source attributed the sharp move to the arrest of Destek Holding’s chairman the previous week.

Knowledge Atlas Technology, also known as Zhipu AI, declined 18.8%, while Shanghai Iluvatar CoreX Semiconductor fell 12.4%. Laopu Gold declined 11.2%, and InnoScience Technology Holding dropped 10.8%.

The weekly declines were particularly pronounced among financial and technology companies, contributing to the broader weakness in the international IPO index.

Market Context & Opportunities

The international IPO pipeline remains geographically diverse, spanning Hong Kong, India, Southeast Asia, Europe and Africa. The number of upcoming offerings suggests that companies continue to pursue public-market funding despite uneven trading conditions for recent IPOs.

Hong Kong and India remain particularly active markets in the supplied pipeline, while planned listings in Manila, London and Helsinki demonstrate continued activity across other international exchanges.

Risks & Challenges

The week’s results demonstrate the sensitivity of newly listed companies to company-specific developments and broader sector conditions. Destek Finans Faktoring’s 40.8% decline illustrates how corporate and governance developments can have an immediate effect on a newly listed stock.

Financials were also the weakest-performing sector in the supplied international IPO index, declining 14.7%, while technology and materials recorded declines of 3.2% and 6.1%, respectively. Such sector-level weakness can create additional challenges for companies seeking to price and launch offerings in affected industries.

Closing Paragraph

The international IPO market enters the final week of September with a large pipeline of potential listings despite the Renaissance International IPO Index declining 2.9% during the latest week. Strong debuts and post-listing gains from companies such as Hero Motors and Hermes Testing Solutions contrast with sharp declines among several established IPO constituents, underscoring the varied performance across markets, sectors and individual companies.