The IPOX® Week

Written byIPOX
Published on12 September 2022

  • IPOX® Indexes record big gains as equities win round of tug of war.
  • IPOX 100 U.S. (ETF: FPX) surges +4.80%, beats benchmarks.
  • IPOX® SPAC (SPAC) gains +1.82% as one SPAC launched in the U.S.
  • $16bn Corebridge Financial IPO set to re-open U.S. IPO market.

WEEKLY IPOX® PERFORMANCE REVIEW: Ahead of Futures & Options expiration and re-balancing, the IPOX® Indexes surged as equities won the latest tug of war on the back of a big surge in select high-beta (unseasoned) equity exposure after strong earnings. Despite higher U.S. interest rates across the board, the IPOX® 100 U.S. (ETF: FPX), e.g., surged +4.80% to -25.51% YTD, +85 bps. and +105 bps. ahead of the Nasdaq 100 (ETF: QQQ) and S&P 500 (ETF: SPY), benchmarks for U.S. stocks. Strength extended to most markets abroad with the IPOX® International (ETF: FPXI) and IPOX® 100 Europe (ETF: FPXE) also recording gains. M&A-related corporate actions tracked in the IPOX® Growth Infusion (GNDX) rose in line with the benchmarks, with the portfolio adding +3.22% to -8.35% YTD.

IPOX® PORTFOLIO HOLDINGS IN FOCUS: High beta (unseasoned) growth stocks reporting strong earnings drove the big rally in the IPOX® 100 U.S. (ETF: FPX), e.g., including biotech Procept Biorobotics (PRCT US: +25.46%), crypto exchange Coinbase (COIN US: +23.92%), application software maker Gitlab (GTLB US: +20.02%) and Academy Sports & Outdoors (ASO US: +16.01%), while most energy, mining and materials exposure lagged, including independent oil and gas explorer Range Resources (RRC US: -3.29%) and LNG distributor Excelerate Energy (EE US: -2.05%). Abroad, we note the big gains in (alternative) energy-linked firms, including IPO M&A SolarEdge Technologies (SEDG US: +17.18%) and Thailand’s Gulf Energy Development (GULF TB: +10.78%), while profit taking pressured exposure in Africa’s Mena region across sectors, including exchange operator Saudi Tadawul (TADAWULG AB: -6.97%), IT firm Elm (ELM AB: -6.75%) and energy behemoth Saudi Aramco (ARAMCO AB: -1.48%).



GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: Wholesaler Hongjiu Fruit (6689 HK: +0.00%) and micro-cap IPO, $12m offer of SoCal-based restaurant chain Yoshiharu Ramen (YOSH US: +3.25%), were the only companies commencing trading last week. 4 sizeable IPOs are expected to launch this week. Chinese financial services provider Lichen China (LICN US, $25 offer size) is expected to list on Monday. Taiwanese AWS Cloud Consulting Partner eCloudvalley (6689 TT, $25m offer) to launch Tuesday, while Chinese digital health care firm Dingdang Health (9886 HK, $51m offer) launches in Hong Kong on Wednesday. Thursday is set to see the biggest U.S. IPO this year as AIG lists life insurance spin-off Corebridge Financial (CRBG US, $1.92b offer).


Other news include: 1) IPOX® 100 U.S. (ETF: FPX) portfolio holding, electric truck maker Rivian, surged after announcing a partnership with German car maker Mercedes-Benz. 2) IPOX® 100 Europe (ETF: FPXE) London-traded constituent, AI-application software maker Darktrace, fell after takeover talks with Chicago-based P/E firm Thoma Bravo collapsed, while earnings met expectations. 3) IPOX® 100 U.S. (ETF: FPX) member phone network operator T-Mobile announces $14b share buyback. 4) German car maker Porsche unveils plans for one of Germany’s largest ever IPOs. 5) Accelleron, EV charging unit of Swiss-Swedish manufacturer ABB, to list in Switzerland on October 3. 6) Regulators approved the $2b H.K. IPO of Chinese batter maker CALB. 7) Socionext, chip design JV by Panasonic and Fujitsu, to list $285m IPO on October 12. 8) Australian miner MinRes mulls NYSE IPO of multi-billion lithium unit. 9) Plans for the IPO of Nucera, hydrogen unit of German steel giant Thyssenkrupp are expected to be announced this week. 10) German railway operator Deutsche Bahn explores sale or IPO of Schenker logistics unit at $12-$20bn valuation. 11) Merriam-Webster publisher Britannica to seek $1b valuation in 2023 IPO. 12) Japanese convenient store giant Lawson plans 2023 IPO of supermarket unit. 13) Cosmetic surgery firm Candela Medical and yoghurt producer Chobani withdraw U.S. IPO.




THE IPOX® SPAC (SPAC): The IPOX® SPAC Index added +1.82% to -15.28% YTD. IPOX® SPAC Leaders recording big upside/downside include energy storage solutions provider Stem (STEM US: +15.74%), while media content marketplace Getty Images (GETY US: -15.80%) fell anew. Other SPAC news from last week: 1) 3 SPACs Announced Merger Agreement include Pono Capital (PONO US: +0.30%) with Tokyo-based air mobility company AERWINS Technologies. 2) 2 SPACs Approved Business Combination include Cohn Robbins Holdings (CRHC US: -4.63%) with lottery operator Allwyn Entertainment (TBA). 3) 1 SPAC opted to liquidate include Mudrick Capital Acquisition II (MUDS US: +0.10%) at $10.16/share. 4) 1 SPAC launched last week in the U.S.

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