IPOX® PORTFOLIO STOCKS IN FOCUS: The IPOX® 100 U.S. (ETF: FPX) was led by Legend Biotech (LEGN US: +7.49%), which gained after reporting a 65% increase in sales of its bone marrow cancer treatment Carvykti. Digital advertising tech firm Integral Ad Science (IAS US: +7.40%) climbed after getting two analyst upgrades. Eye disease pharma firm Apellis Pharmaceuticals (APLS US: -59.30%) plunged as the American Society of Retina Specialists issued a warning of serious side effects from their new drug Syfovre. Energy transition firms led our international indexes, with Finnish EV charging firm Kempower (KEMPOWR FH: +24.71%) topping the IPOX® Europe (ETF: FPXE). South Korean battery heavyweights Ecopro BM (247540 KS: +35.52%) and top holding LG Energy Solution (373220 KS: +4.98%) propelled the IPOX® International (ETF: FPXI) higher last week, with the former reaching a new all-time high. In FPXE, British genome sequencing firm Oxford Nanopore (ONT LN: +22.06%) surged on upgraded revenue forecasts, while FPXE/FPXI double feature Wise (WISE LN: +12.36%) soared as high interest rates create a weekly $6.4m windfall for the cross-border payments provider. Italian electric motor component maker EuroGroup Laminations (EGLA IM: -16.59%) dropped as research firm Kepler Cheuvreux warned of risks. Japanese chipmaker Socionext (6526 JP: -8.25%) is still being weighed down as the exit of former shareholders Fujitsu, Panasonic and the Development Bank of Japan was completed, offering 37.5% of the firm for $1.3b.

GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: 4 sizable IPOs started trading last week, gaining +9.34% from offer price to Friday’s close. The largest IPO was Israeli beauty product maker Oddity Tech (ODD US: +50.17%), which surged after having upscaled their IPO offer twice before launch. The parent of brands Il Makiage and SpoiledChild raised $424m and adds optimism to the resurging IPO market. Read last week’s The IPOX® Week for more information on the firm. The other new listings fell on debut, including Takeda-backed cancer biotech Turnstone Biologics (TSBX US: -8.33%, $80m offer), Japanese construction services firm Nareru Group (9163 JP: -2.64%, $66m) and Malaysian golf reseller MST Golf Group (MSTGOLF MK: -1.85%, $40m).

4 sizable offers are expected this week: Monday: Japanese medical HR firm TRYT (9164 JP, $340m offer), Tuesday: Indonesian coal mining services firm MAHA (MAHA IJ, $33m), Thursday: EV-focused regional air company Surf Air Mobility (SRFM US, $281m) is seeking a direct listing on NYSE on Thursday after a previously cancelled SPAC merger. According to their prospectus, the firm will not receive any proceeds of the listing, as the aim is to allow existing stockholders to sell shares. Friday: Japanese claw machine operator Genda (9166 JP, $96m).

THE IPOX® SPAC (SPAC): The Index of 50 constituents trading at both the pre- and post-consummation stage added +1.28% to +16.75% YTD. IPOX® SPAC movers included Southeast single-family home builder United Home Group (UHG US: +11.97%). While online video platform Rumble (RUM US: -4.34%) fell. Other SPAC news from last week: 1) 3 SPACs Announced Merger Agreement include Chenghe Acquisition (CHEA US: +0.93%) with precision glass maker Taiwan Color Optics. 2) 2 SPACs Completed Business Combinations include Colombier Acquisition I with “patriotic”/”anti-woke” online marketplace PublicSq (PSQH US: +114.75%). 3) 2 SPACs announced liquidation. 4) deSPAC COVID-19 oral antiviral treatment developer Pardes Biosciences (PRDS US: +16.22%) entered into agreement to be acquired by MediPacific. 5) No SPAC launched last week in the U.S.