The IPOX® Week

Written byIPOX
Published onDecember 19 2022

Headlines:



  • IPOX® Indexes trade lower in futures expirations week, IPOX® 100 U.S. -2.75%.


  • IPOX® Growth Infusion (GNDX) takes +72 bps. from S&P 500 benchmark.


  • IPOX® SPAC (SPAC) drops -1.70%. No U.S. SPACs launched last week.


  • 14 sizable IPOs launched last week. Two IPOX® holdings join Nasdaq 100


WEEKLY IPOX® PERFORMANCE REVIEW: As the year’s final futures and options expirations week came to a close, U.S. stocks dropped on concerns that continued aggressive tightening would cause a recession. Amid Friday’s data on contracting U.S. business activity, the IPOX® Indexes traded lower. In the U.S., e.g., the IPOX® 100 U.S. (ETF: FPX) declined by -2.75% to -34.53% YTD, lagging the S&P 500 (ETF: SPY), benchmark for U.S. stocks. Internationally, the IPOX® International (ETF: FPXI) declined by -1.43% to -32.14% amid reports that the boost to China’s economy from ending their Zero-COVID policy is fading. As activity in the country shows a slowdown while infections surge nationwide, the IPOX® China (CNI: -1.39%) fell. In other international markets, the IPOX® Europe (ETF: FPXE) declined by -1.10% to -35.78% as the European Central Bank announced further rate hikes. With the FIFA World Cup to conclude in Qatar, the IPOX® MENA (IPEV: +1.58%) gained as Americana Restaurants, Saudi Arabia’s largest IPO this year, launched. In IPO M&A action, the super-liquid IPOX® Growth Infusion (GNDX) fell -1.36%, taking +72 bps. from the S&P 500 to a +716 bps. of outperformance YTD.



IPOX® PORTFOLIO HOLDINGS IN FOCUS: The IPOX® 100 U.S. (ETF: FPX) was led by solar firm Shoals Technologies (SHLS US: +12.22%). Social media site Pinterest (PINS US: +7.33%) gained after upgraded analyst price targets. Language app Duolingo (DUOL US: +6.29%) gained as an inside institutional shareholder increased their holding. On-demand manufacturer Xometry (XMTR US: -18.57%) fell as analysts expect a revenue slowdown. Amid reports that a planned collaboration with German car maker Mercedes would be dropped, EV maker Rivian (RIVN US: -17.63%) fell despite news that the firm would enter the Nasdaq 100, alongside IPOX® holding, semiconductor firm GlobalFoundries (GFS US: -5.35%). Movers in the IPOX® Europe (ETF: FPXE) included self-storage firm Shurgard (SHUR BB: +10.25%) and wind energy firm OX2 (OX2 SS: +7.69%), while retailer Watches of Switzerland (WOSG LN: -10.56%) fell after earnings. The IPOX® International (ETF: FPXI) was led by the exchange Saudi Tadawul (TADAWULG AB: +16.64%), as well as several firms listed on the country’s main market, e.g. electricity supplier ACWA (ACWA AB: +12.71%) and public investment fund-owned Elm (ELM AB: +7.17%). EV charger maker Alfen (ALFEN NA: -8.91%) declined alongside other firms in the car industry, e.g. premium car maker Porsche (P911 GR: -7.65%).




GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: 14 sizable listings started trading globally last week, gaining on average +11.38% based on the difference between the final offer price and Friday’s close. MENA KFC operator Americana opened the week with a rare Saudi-UAE dual listing (AMR UH/AMERICAN AB: +20.23%). Deal flow was particularly active in Asia-Pacific where the following firms started trading: Hong Kong: Optical supplies firm Gaush Meditech (2407 HK: +0.10%), biotech 3D Medicines (1244 HK: +31.10%) and snack food maker Weilong (9985 HK: -13.35%). Thailand: Industrial REIT Hydrogen REIT (HYDROGEN TB: +1.00%), lender SG Capital (SGC TB: +28.97%), GPS fleet tracking firm DTC Enterprise (DTCENT TB: -20.28%). Japan: Budget airline Skymark (9204 JP: +18.63%), recycling firm Daiei Kankyo (9336 JP: +45.19%) and HR firm OpenWork (5139 JP: +33.33%), Malaysia: Traffic management firm ITMAX System (ITMAX MK: +28.21%). British cybersecurity firm Smarttech247 (S247 LN: +2.83%) started trading on London AIM, while Canada’s Brookfield Asset Management (BAM CN: -16.61%) started trading independently after spin-off from parent Brookfield Corp (BN CN). Hospitals firm Akdikal (AKT MC: 0.00%) raised $111M in a rare Morocco IPO.


This week, at least 6 firms are expected to go public internationally. Monday: Saudi communications firm Riyadh Cables (RIYADHCA AB: $378M offer). Tuesday: Hong Kong TV and Film rights owner Star CM (6698 HK: $67M offer). Wednesday: Japanese food producer St. Cousair (2937 JP: $33M offer). Thursday: Chinese cosmetics firm Chicmax (2145 HK: $142M offer). Friday: Japanese medical service provider Genova (9341 JP: $39M offer), Hong Kong medical device maker OrbusNeich (6929 HK: $62M offer). Also, H-Shares of U.S.-listed recruitment firm Kanzhun (BZ US) are expected to start trading in Hong Kong (2076 HK) on Dec. 22.


OTHER NEWS: 1) Biotech Amgen buys biotech Horizon Therapeutics (HZNP US) for $28B, firms largest acquisition yet. 2) Geely premium electric car brand Zeekr files confidentially for $1B+ U.S. IPO. 3) IPOX® International (ETF: FPXI) holding, Japanese big pharma firm Takeda buys rights to autoimmune disease drug for $4B from Nimbus Therapeutics (private). 4) Abu Dhabi National Oil picks banks for mega IPO of LNG unit next year. 5) IPOX® Europe (ETF: FPXE) holding, Swedish private equity investor EQT (EQT SS) submits offer for German insulation firm, 2016 IPO Va-Q-Tec (VQT GR). 6) GE healthcare unit to start trading on Nasdaq on Jan. 4 as GE Healthcare Technologies (GEHC US). 7) PE firm Advent to buy satellite operator Maxar (MAXR US for about $4B. .



THE IPOX® SPAC (SPAC): The Index fell -1.70% last week to -25.01% YTD. IPOX® SPAC Leaders recording notable moves included workforce accommodations provider Target Hospitality (TH US: +7.96%) and kidney disease-focused biotech ProKidney (PROK US: -23.44%). Other SPAC news from last week: 1) 9 SPACs Announced Merger Agreement include a) Rice Acquisition (RONI US: +0.29%) with clean natural gas producer NET Power and b) Newbury Street Acquisition (NBST US: +0.00%) with metaverse experience development firm Infinite Reality. 2) 2 SPACs Approved or Completed Business Combination include Primavera Capital Acquisition with Chinese conglomerate Fosun International owned French luxury Fashion group (LANV US: -0.20%). 3) Another 26 SPACs announced liquidation as the Inflation Reduction Act newly imposed 1% stock buyback tax continues to spur liquidations. 4) No new SPACs launched in the U.S. last week.


Lightspeed Financial Services Group LLC is not affiliated with these third-party market commentators/educators or service providers. Data, information, and material (“Content”) are provided for informational and educational purposes only. This content neither is, nor should be construed as an offer, solicitation, or recommendation to buy or sell any securities or contracts. Any investment decisions made by the user through the use of such content are solely based on the user's independent analysis taking into consideration your financial circumstances, investment objectives, and risk tolerance. Lightspeed Financial Services Group LLC does not endorse, offer or recommend any of the services or commentary provided by any of the market commentators/educators or service providers, and any information used to execute any trading strategies are solely based on the independent analysis of the user.


Futures trading involves the substantial risk of loss and is not suitable for all investors.

Each investor must consider whether this is a suitable investment since you may lose all of or more than your initial investment.

Past performance is not indicative of future results.

Lightspeed newsletter

Indexes continue outperformance of benchmarks amid global rout

Latest posts

Never miss a beat

Stay on top of the latest news and market insights

View all posts

Trade stock, options and futures

Lightspeed offers active and professional traders highly accurate market data, complex order management, fast executions, and over 100 routing destinations.

Lightspeed Financial Services Group LLC is not affiliated with these third-party market commentators/educators or service providers. Data, information, and material (“Content”) are provided for informational and educational purposes only. This content neither is, nor should be construed as an offer, solicitation, or recommendation to buy or sell any securities or contracts. Any investment decisions made by the user through the use of such content are solely based on the user's independent analysis taking into consideration your financial circumstances, investment objectives, and risk tolerance. Lightspeed Financial Services Group LLC does not endorse, offer or recommend any of the services or commentary provided by any of the market commentators/educators or service providers, and any information used to execute any trading strategies are solely based on the independent analysis of the user.

Join our newsletter

We’ll send you a nice letter once per week. No spam.

© 2023 Lightspeed Financial Services Group, LLC. All rights reserved.

Equities, equities options, and commodity futures products and services are offered by Lightspeed Financial Services Group LLC (Member FINRA, NFA and SIPC). Lightspeed Financial Services Group LLC’s SIPC coverage is available only for securities, and for cash held in connection with the purchase or sale of securities, in equities and equities options accounts. You may check the background of Lightspeed Financial Services Group LLC on FINRA’s BrokerCheck.