The IPOX® Week, December 02, 2019

  • Most IPOX Indexes extend YTD gains towards month-end, outperform Markets anew; IPOX China
  • Focus on the IPOX Europe (ETF: FPXE): Europe-domiciled specialty exposure surges, gains diversified across sectors.
  • IPO Deal-flow Review & Outlook: Alibaba rises in Hong Kong debut. Saudi Aramco to price IPO this week, set to take over the IPO crown from Alibaba as world’s biggest deal.

Most IPOX Indexes extend YTD gain towards month-end, outperform Markets anew; IPOX China lags. Focus on the IPOX Europe (ETF: FPXE): Europe-domiciled specialty exposure surges, gains diversified across sectors.  Amid stable U.S. rates and risk (VIX: +2.27%), most IPOX Indexes finished the last week of the November solidly higher and typically well ahead of the Markets. In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX) rose +1.42% to +28.24% YTD, recording +42 bps. outperformance vs. the S&P 500 (SPX), benchmark for U.S. stocks. Most upside focus, however, was once again on the surging IPOX Europe 100 (ETF: FPXE) which added +1.74% to +25.49% YTD, extending its YTD lead vs. the European Market to a massive +861 bps. Big gains in a diversified group of specialty exposure mostly untracked in the major benchmarks continued to drive the good showing in the IPOX Europe 100 (ETF: FPXE), including German (iPhone) battery maker Varta AG (VAR1 GY: +15.37%), Swiss-domiciled, U.S-traded biotech CRISPR Therapeutics (CRSP US: +15.23%), London-traded payment solutions provider Finablr (FIN LN: +13.75%), Norway-based electricity distributor Fjordkraft (FKFRAFT NO: +7.37%), Italian payment processor 04/19 IPO Nexi (NEXI IM: +7.08%), Milan-traded fitness equipment maker Technogym (TGYM IM: +7.09%) and  Munich-based internet  services  provider

Big Beat: IPOX 100 Europe (ETF: FPXE) Investing Year/Year

M&A play Scout24 (G24 GR: +6.48%). In the IPOX 100 U.S. (ETF: FPX), big declines in computer hardware makers after good earnings but lackluster sales forecasts including HP Enterprises (HPE US: -7.48%) and Dell Technologies (DELL US: -9.50%) were more than offset by another set of strong results by perceived corporate action play specialty apparel store operator Burlington Stores (BURL US: +9.27%) and a good week in select payment/credit processors PayPal (PYPL US: +6.11%) and Transunion (TRU US: +3.25%). We also note more gains in AZ-based car vending machine operator 04/2017 IPO Carvana (CVNA US: +6.15%) which closed out the shortened U.S. trading week at the highest level on record.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.89 -11.37 24.67
IPOX® International (IPXI)* (USD) 0.38 -13.41 25.19
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) 1.42 -8.80 28.24
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 1.78 -13.46 28.98
IPOX® Nordic (IPND) 2.29 -15.45 31.56
IPOX® 100 Europe (IPOE)* (USD) 1.74 -16.60 25.49
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -1.30 -3.21 3.65
IPOX® China (CNI) (USD) -0.58 -22.83 20.26
IPOX® Japan (IPJP)** (JPY) 1.43 -13.70 9.19

* Basis for ETFs: FPX US, FPX LN, FPXE US, FPXU FP, FPXI US, TCIP110 IT and CME-traded e-mini IPOX® 100 U.S. Futures (IPOZ9). ** Live since 07/18.

Select IPOX-linked ETF Performance Updates:  ETFs linked to the following IPOX Indexes closed the week, respectively: IPOX 100 U.S. (ETF: FPX): +29.13% YTD, IPOX International (ETF: FPXI): +28.75% YTD, IPOX 100 Europe (ETF: FPXE): +28.25% YTD.

IPO Deal-flow Review & Outlook: Alibaba rises in Hong Kong debut. Saudi Aramco to price IPO this week, set to take over the IPO crown from Alibaba as world’s biggest deal. At least 6 firms debuted last week**, with the average (median) equally-weighted firm adding +20.15% (+19.84%) based on the difference between the final offering price and Friday’s close. With no U.S. IPOs on the calendar, last week’s focus was on the successful debut of Chinese e-commerce giant Alibaba (9988 HK: +12.73%) in Hong Kong. In Europe, we note the big gains in Swedish real estate property firm Stockholm-traded K-Fast (KFASTB SS: +55.24%). The IPO market is set to remain calm for the week, with only two deals lined up, including Chinese property developer JY Grandmark (2231 HK) and Australian payment company Tyro (TYR AU). Other IPO news last week included: a) Saudi Aramco to price this week, b) African consumer lending company Bayport mulls London listing, c) ThaiBev considers beer unit IPO in Singapore, d) first esport IPO, Denmark’s Astralis, set to list in December, and e) B2B contact database unicorn ZoomInfo filed a confidential IPO.
**term applies

Track Priced & Upcoming IPOs on https://ipox.com/ipox-deals/


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