The IPOX® Week, February 17, 2020

  • Indexes have big week. IPOX 100 U.S. (ETF), IPOX Europe (ETF: FPXE) and IPOX International (ETF: FPXI) close at fresh record. Buffets Berkshire adds IPOX Holdings to its Portfolio.
  • IPO Deal-flow Review & Outlook: Amid shortened U.S. trading week, no U.S. IPOs scheduled. Retailer Central Retail to make Thailand’s largest IPO.

Indexes have big week. IPOX 100 U.S. (ETF), IPOX Europe (ETF: FPXE) and IPOX International (ETF: FPXI) close at fresh record. Berkshire adds IPOX Holdings to Portfolio. Big Momentum propelled by COVID-19 containment hopes, a strong dollar pushing European equities, stable U.S. yields and solid U.S. earnings contributed to another big week for the IPOX Indexes ahead of monthly U.S. options expiration. In the U.S., e.g., the broad-based, diversified FANG-free IPOX 100 U.S. (ETF: FPX) – key gauge for the aftermarket performance of U.S. New Listing – added +2.00% to +7.85% YTD, extending the YTD lead vs. the S&P 500 (SPX) by +42 bps. to +323 bps. YTD. Amid earnings, the dispersion of weekly returns remained large: While tech/health care IPO plays survey software maker SVMK (SVMK US: +17.70%), fertility benefits management firm Progyny (PGNY US: +14.02%) and online personal shopping platform operator Stichfix (SFIX US: +13.66%) rallied, ride sharing platform operator LYFT (LYFT: -10.48%) and online car seller CarGurus (CARG US: -24.87%) sank. We also note Friday’s post-close jump in IPOX 100 U.S. (ETF: FPX) IPO M&A holdings retailer Kroger (KR US) and biotech Biogen (BIIB US) on CNBC reports that Buffett’s Berkshire added a stake in the companies to its portfolio. Both companies were added to the IPOX 100 U.S. (ETF: FPX) during last month’s quarterly re-balancing event. Abroad, big gains in European stocks propelled the IPOX International (ETF: FPXI) further into uncharted territory, adding +2.73% to +6.27% YTD. Here, significant earnings-driven strength in European gaming – and non ESG compliant – exposure including Sweden based B2B live online casino technology solutions provider
IPOX® International ETF (ticker: FPXI) Investing since 11/2015:

Evolution Gaming (EVO SS: +28.01%), as well as 11/2020 IPO French privatization offering lottery operator La Francaise des Jeux (FDJ FP: +18.26%) drove some of the good showing of the week. We also note a fresh all-time high in Italian payment processor Nexi (NEXI IM: +14.79%), which extended its stock price gain since its 04/2019 IPO to +70.11%, while weakness in China-linked education software maker GSX Techedu (GSX US: -13.58%) weighed.

Select IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 2.23 27.93 8.30
IPOX® International (IPXI)* (USD) 2.73 31.37 6.27
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) 2.00 29.60 7.85
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 3.55 34.55 9.49
IPOX® Nordic (IPND) 3.36 38.52 10.05
IPOX® 100 Europe (IPOE)* (USD) 1.42 30.97 2.89
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 1.28 4.41 2.70
IPOX® China (CNI) (USD) 2.15 26.31 6.23
IPOX® Japan (IPJP)** (JPY) -1.09 7.91 -0.23

* 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 (IPOH0). Source: Bloomberg L.P.

IPOX ETFs 2020 YTD Returns: IPOX 100 U.S. (ETF: FPX): +7.97%; IPOX International (ETF: FPXI): +5.64%; IPOX 100 Europe (ETF: FPXE): +2.86%.

Amid shortened U.S. trading week, no U.S. IPOs scheduled. Retailer Central Retail to make Thailand’s largest IPO. 4 firms commenced trading across the global regions last week with the average (median) equally-weighted deal adding +20.87% (+10.42%) based on the difference between the final offering price and Friday’s close. While oncology-focused biotech REVOLUTION (RVMD US: +66.53%) soared in its U.S. debut and EQT-owned Nordic pet supplies retailer Musti (MUSTI FH: +19.89%) rose in Helsinki, Brazil builder Moura Dubeux (MDNE3 BZ: -3.89%) slipped. While no U.S. IPOs are scheduled to take place during the shortened U.S. holiday week, other markets see healthy pipelines: Top of the list ranks Thailand’s department store operator Central Retail (CRC TB), followed by Norwegian FPSO vessel BW Offshore E&P business spin-off BW Energy (BWE NO) [after a $200m valuation cut]. Brazilian industrial maintenance firm Priner is also ready to debut. Other IPO News include: 1) PE-owned shoe maker Cole Haan files for IPO; 2) toll-road operator Transjamaican Highway plans Jamaica’s largest IPO; 3) Vivendi plans Universal Music IPO, following Warner Music’s recent filing; 4) CVC mulls IPO of its German perfume retailer Douglas; 5) insurance price comparison firm SelectQuote and software company Bentley filed for confidential U.S. IPO; 6) Brazil sees a slew of potential IPOs including hardware store Quero-Quero, lender Day oval, and pet products retailer Petz; 7) Naspers considers IPO for its Romanian online retailer unicorn eMAG.
**Terms applies

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

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