The IPOX® Week - August 7, 2023

IPOX® PORTFOLIO STOCKS IN FOCUS: The IPOX® 100 U.S. (ETF: FPX) was led by Walmart-backed AI warehouse automation de-SPAC Symbotic (SYM US: +27.10%), which surged to a new weekly post-IPO high on strong sales, now having gained a massive +349% YTD. Network equipment company Extreme Networks (EXTR US: +11.75%) climbed after beating earnings estimates. Digital advertisement tech firm Integral Ad Science (IAS US: -25.34%) plunged on Friday on reports of negative operating income. Italian multinational transport vehicle manufacturing firm Iveco Group (IVG IM: +13.08%) topped the IPOX® Europe (ETF: FPXE) after raising revenue guidance and announcing plans to sell German fire engine manufacturer Magirus. Israeli solar energy equipment firm SolarEdge (SEDG US: -22.86%) fell after adjusting forecasts amid demand challenges. In the IPOX® International (ETF: FPXI), Japanese chipmaker Socionext (6526 JP: +19.06%) re-gained for the second week, following the exit from Panasonic and Fujitsu. Chinese EV maker Li Auto (LI US: +7.30%) climbed ahead of their earnings call on Tuesday. Canadian information management firm OpenText (OTEX US: -13.03%) dipped on cloud revenue growth miss.

GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: 4 sizable IPOs started trading last week, gaining +4.19% from offer price to Friday’s close. Australia’s Abacus Storage King (ASK AU: -12.06%, $152m offer), the self-storage REIT spin-off from Abacus Property Group was the largest offer last week, followed by Indonesia’s Nusantara Sejahtera Raya (CNMA IJ: +12.59%, $149m offer), owner of the country’s largest cinema chain. The other debuts were Turkish REIT ASCE GYO (ASGYO TI: +20.95%, $77m) and Thai dairy foods producer KCG Corp (KCG TB: -4.71%, $38m). The direct listing of SharkNinja (SN US) fell -10.15% after it launched on Tuesday, giving the household and kitchen appliances maker a valuation of about $4 billion after Hong Kong-listed parent JS Global Lifestyle (1691 HK) opted for the spin-off without an IPO.

3 sizable offers are expected this week: Monday: South Korean solid-state drive (SSD) computer storage maker Fadu (440110 KS, $147m), the first fabless chip unicorn startup in the country. Tuesday: Indonesian operator of foreign retail brand stores (e.g. Garmin, DJI) Sinar Eka Selaras (ERAL IJ, $27m). Wednesday: Japanese manufacturer of conveyor belt systems JRC Co. (6224 JP, $47m).

THE IPOX® SPAC (SPAC): The Index of 50 constituents trading at both the pre- and post-consummation stage added +0.97% to +20.58% YTD. The largest moves were seen in Ohio-based data center infrastructure provider Vertiv (VRT US: +37.61%) as it soared on strong earnings and boosted projections. Southeast single-family home builder United Home Group (UHG US: -16.25%) fell. Other SPAC news from last week: 1) 5 SPACs Announced Merger Agreement include Churchill Capital VII (CVII US: +0.19%) with UK-based private equity firm CorpAcq. 2) 5 SPACs Completed Business Combinations include Compute Health Acquisition completed merger with weight-loss swallowable gastric balloon maker Allurion Technologies (ALUR US: -46.52%). 3) 1 SPAC announced liquidation. 4) No new SPAC launched last week in the U.S.