IPOX® PORTFOLIO STOCKS IN FOCUS: The IPOX® 100 U.S. (ETF: FPX) was led by index heavyweight Carrier Global (CARR US: +9.75%; new post-IPO high) and solar power equipment firm Nextracker (NXT US: +9.23%), which both surged after beating earnings. Big data analytics firm Palantir (PLTR US: +8.40%) climbed after receiving a higher price target at Wedbush, who called the firm “the Messi of AI”. Health resort operator Life Time (LTH US: -15.19%) tumbled as sales missed. French glass packaging maker Verallia (VRLA FP: +12.35%) and Swiss ship engine part maker Accelleron (ACLN SW: +9.23%) both rose to a new post-IPO high, leading the IPOX® Europe (ETF: FPXE) after beating earnings and receiving guidance upgrades. Swedish music streaming giant Spotify (SPOT US: -13.46%) fell after announcing subscription price hikes amid missed revenue outlooks. Exposure to China propelled the IPOX® International (ETF: FPXI) higher last week, with outsized gains in heavyweights e-commerce giant Pinduoduo (PDD US: +17.61%) and Tencent investor Prosus (PRX NA: +8.87%). Amid optimism in the EV sector, car maker Li Auto (LI US: +15.99%) gained alongside South Korean battery firm EcoPro BM (247540 KS: +6.82%). The latest IPOX® Watch feature EcoPro BM ended the week on another new weekly high despite falling up to -37% after a mid-week short squeeze pop.

GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: 5 sizable IPOs started trading last week, gaining +23.10% from offer price to Friday’s close. The largest IPO was that of Japanese medical HR staffing firm Tryt (9164 JP: -23.75%), which fell after raising $340m, followed by compatriot arcade claw machine maker GENDA (9166 JP: +15.08%; $96m). Indonesian coal mining transportation firm Mandiri Services (MAHA IJ: +93.22%, $32m offer size) almost doubled. Two offers launched in Turkey: French fry producer Atakey Patates (ATAKP TI: +20.96%; $41m) and REIT Fuzul GYO (FZLGY TI: +10.00%; $30m) both hit daily upside limits on debut. In the U.S., electric aviation firm Surf Air Mobility (SRFM US: -87.25%) plummeted from its recommended price of $20 to $2.55 on Friday, after launching the largest direct listing on NYSE since 2020. Unlike a traditional IPO, the direct listing offered insiders the chance to sell their shares without a lock-up period, while Surf Air didn’t receive any of the offer’s proceeds.

2 sizable offers are expected this week: Tuesday: Australia’s Abacus Storage King (ASK AU, $152m offer), the self-storage REIT spin-off from Abacus Property Group. Wednesday: Nusantara Sejahtera Raya, the owner of Indonesia’s largest cinema chain Cinema XII (CNMA IJ, $149m offer).

THE IPOX® SPAC (SPAC): The Index of 50 constituents trading at both the pre- and post-consummation stage added +2.29% to +19.42% YTD, breaking the 560 mark to a new weekly 1-year high. IPOX® SPAC movers included quantum computing IonQ (IONQ: +24.34%) and Swiss biotech takeover candidate Moonlake Immunotherapeutics (MLTX US: +8.16%). Other SPAC news from last week: 1) 3 SPACs Announced Merger Agreements: Compute Health Acquisition Corp (CPUH US: -3.95%) with weight-loss medtech firm Allurion, Genesis Union Capital Corp (GENQ: -8.96%) with waste solutions firm ESGL Holdings and TLG Acquisition One Corp (TLGA US: -34.77%) with energy storage provider Electriq Power. 2) Vietnam EV maker VinFast to list in the U.S. in August after regulator nod. 3) 2 U.S. SPACs launched last week.