Key IPOX Indexes soar anew to record fresh all-time Highs: The IPOX Indexes topped the weekly global equity performance rankings anew, with corporate actions linked to select IPOX Holdings and exposure to firms seemingly insulated from the COVID-19 inflicted global economic vows driving outperformance. In the U.S., e.g., the broad-based IPOX 100 U.S., tracked by the $2 billion “FPX” ETF, surged +5.36% to +40.62% YTD, now a massive +2935 bps. ahead of the S&P 500 (SPX), benchmark for U.S. stocks, YTD. Here, big gains in NYSE-listed IPOs and Direct Listings drove the index past the FANG-dominated hard-to-beat Nasdaq 100 (NDX) YTD, with software makers Palantir (PLTR US: +52.40%) and perceived takeover target Slack Technologies (WORK US: +39.09%) in focus, while big gains in IPO M&A electric car maker Tesla (TSLA US: +19.64%) ahead of its S&P 500 (SPX) index inclusion set for next month helped. Mortgage provider Rocket Cos. (RKT US: -3.39%) recorded losses. In non-U.S. domiciled exposure, we note a fresh-all-time closing High in the IPOX International, tracked by the $1 billion “FPXI” ETF, with the portfolio adding +1.13% last week, to +57.17% YTD. Here, big gains in Saudi-traded 03/20 IPO health services provider Dr. Sulaiman Al-Habib (SULAIMAN AB: +15.58%), online luxury fashion marketplace “off-white” owner Farfetch (FTCH US: +14.06%) and Japans leading logistics prover SG Holdings (9143 JP: +12.38%) more than offset losses in select China-linked consumer and healthcare exposure including Wuxi Biologics (2263 HK: -8.70%), Ping An Healthcare and Technology (1833 HK: -8.59%) and “hot pot” restaurant operator Haidilao International (6862 HK: -7.91%).
IPOX® SPAC Index (SPAC) has huge week: The managed Index added a massive +8.34% to +21.38% since its July 30 launch with APEX Technology (APXT US: +39.90%) and GORES Metropoulos (GMHI US: +20.71%) driving the good showing. SPAC news include: 1) 4 SPACs Announced Merger Agreement/LOI include: a) AGBA Acquisition with units of Hong
IPOX® SPAC Index (SPAC) since live launch:
|Select IPOX® Indexes Price Returns (%)||Last week||2019||YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global Super Liquid (IPGL50) (USD)||2.08||27.93||59.08|
|IPOX® International (IPXI)* (USD) (ETF : FPXI)||1.13||31.37||57.17|
|IPOX® Indexes: United States|
|IPOX® Composite (IPXC) (USD)||4.02||24.65||36.99|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||5.36||29.60||40.62|
|IPOX® ESG (IPXT) (USD)||3.54||–||38.73|
|IPOX® SPAC Index (SPAC) (USD)||8.34||–||–|
|IPOX® EV Index (IPEV) (USD)||7.79||–||–|
|IPOX® Indexes: Europe/Nordic|
|IPOX® 100 Europe (IPOE)* (USD) (ETF: FPXE)||3.99||30.97||24.80|
|IPOX® Nordic Core (IPND) (EUR)||2.01||38.52||46.80|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||2.59||4.41||44.33|
|IPOX® China Core (CNI) (USD)||2.78||26.31||72.13|
|IPOX® Japan (IPJP)** (JPY)||2.48||7.91||23.71|
* 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 (IPOZ0). Source: Bloomberg
|APPIAN CORP||55.02||WUXI BIOLOGICS||-8.70|
|PALANTIR TECH.||52.40||PING AN HEALTHCARE||-8.59|
|NANO-X IMAGING LTD||42.35||PEXIP HOLDING ASA||-8.56|
|SLACK TECHNOLOGIES||39.09||HAIDILAO INTERN.||-7.91|
|TESLA INC||19.64||ONCOPEPTIDES AB||-7.61|
Kong-listed Financial Convoy; b) INSU Acquisition with digital insurance provider Metromile; c) Apex Technology with Microsoft 365 data management provider AvePoint; and d) GigCapital2 with Telehealth providers UpHealth and Cloudbreak. 2) SPACs Completed Business Combination include Kensington Capital with EV battery maker QuantumScape (QS). 3) 1 SPAC reportedly terminated proposed merger include: a) GreenVision terminated combination agreement with Accountable Healthcare America (AHA). 4) 7 new SPACs IPO’d.
IPO Deal-flow Review and Outlook: At least 11 firms IPO’d across the global markets last week, with the average (median) equally weighted deal adding +29.67% (+33.33%) based on the final offer price and respective close. Upsized, above-range “the Amazon of Russia” Ozon (OZON US: +33.33%) surged during the shortened U.S. trading week. Abroad, Swedish pension savings and investment platform Nordnet (SAVE SS: +8.23%), quadruple its valuation compared to its market value when taken private in late 2016. Chinese real estate developer Evergrande’s property services unit Evergrande Services (6666 HK) and Macquarie-backed Australian’s software company Nuix (NXL AU) are lined up. Other IPO news include: 1) JD.com and Saudi Arabis’s Sabic weigh IPO for its logistic unit and specialty chemicals business respectively. 2) SoftBank-backed real estate brokerage Compass in talk of IPO. 3) Russian online cinema Ivi and German online luxury retailer Mytheresa file for U.S. IPO.
Track global deal flow live on: https://bit.ly/32zolmG
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