SchusterWatch #794 (6/30/2025)
IPOX® Indexes record stellar week ahead of Q2 2025 end.
S&P 500, Nasdaq 100 play catch up to IPOX® 100 U.S. as rally proliferates.
IPOX® MENA leads jump in ex-U.S. Markets. China and Europe surge, too.
U.S. IPO calendar quiet this week. More deals lined up in Hong Kong.
IPOX® WEEKLY REVIEW: A solid week for U.S. bonds, smoother geopolitical sailing and end-of-quarter positioning into the benchmarks drove the overall positive sentiment for global Equities with key IPOX® Strategies closing the trading week at or near respective highs.
S&P 500, Nasdaq 100 play catch up to the IPOX® 100 U.S. (ETF: FPX): In the United States, the IPOX® 100 U.S. – gold standard for the performance of U.S. IPOs and tracked by $2 billion in AUMs tied to ETFs, SMAs and listed Futures – added +2.64% to +19.08% YTD, lagging the benchmarks by between -80 bps. (SPX) and -156 bps. (NDX) last week. 83/100 portfolio holdings rose, with the average (median) equally-weighted stock adding +2.82% (+2.85%) slightly ahead of the applied market-cap weighted IPOX® 100 U.S. (ETF: FPX). Amid another good week for the IPOX® SPAC (SPAC), select de-SPACs topped the list of best weekly performers, including CA-based digital banking services provider Dave (DAVE US: +18.31%) and SoFi Technologies (SOFI US: +13.03%), as well as wireless telecom provider and perceived takeover candidate AST Spacemobile (ASTS US: +7.44%). Language app Duolingo (DUOL US: -12.79%), infrastructure AI play Coreweave (CRWV US: -12.85%) and defense AI play Palantir Technologies (PLTR US: -4.78%) ranked amongst biggest decliners in the IPOX® 100 U.S.
Markets in China, Europe and MENA buoyed, drive IPOX® International (ETF: FPXI) to multi-year High: It was a big week for specialty semiconductor and consumer stocks, which boosted the IPOX® International (ETF: FPXI), soaring +4.40% to +18.11% YTD last week, +154 bps. ahead of its benchmark. Strong performances included British chip designer ARM (ARM US: +14.08%), Japan’s Advantest (6857 JP: +7.67%), as well as Canada’s Celestica (CLS US: +12.90%). Other key contributors included Swedish music streaming service Spotify (SPOT US: +9.21%), Brazilian meatpacker JBS (JBS US: +8.62%), Chinese lifestyle behemoth and best ever Hong Kong IPO PopMart (9992 HK: +7.60%) and Swiss-based sports data focused Sportsradar (SRAD US: +10.43%). We also note big strengths in recent London Spin-off Valterra Platinum (VALT LN: +8.50%) which our portfolios added shortly after the corporate action. Recent “red” hot IPOs related to the European defense sector lagged other IPOX® 100 Europe (ETF: FPXE) holdings, with focus on Hensoldt (HAG GY: +0.05%), Theon International (THEON NA: -2.48%) and RENK Group (R2NK GY: -5.14%). The IPOX® MENA (IPEV) jumped +5.49% to -7.69% YTD last week, reacting positively to the decline in military actions across the Middle East.
SPACS ARE BACK: The Index rose +2.61% last week, bringing its year-to-date performance to +9.89%. Bitcoin miner, hosting, and colocation provider Core Scientific (CORZ US: +40.39%) surged following renewed acquisition talks with CoreWeave. In contrast, telehealth platform Hims & Hers Health (HIMS US: -23.06%) declined after Novo Nordisk terminated its recently announced partnership to distribute weight-loss shots. Two SPAC merger announcements were made during the week, including Columbus Circle Capital Corp I (CCCM US) with bitcoin-native financial services firm ProCap Financial. OTC-traded SPAC Perception Capital Corp IV completed its business combination with gold mining company Blue Gold (BGL US). Five new SPAC IPOs were launched in the U.S.
ECM deals: 36 firms went public last week, raising a total of $4.7 billion and achieving an average gain of +34.26% from their offer price to Friday's close (Median: +11.20%). The largest listings included Chinese air con components firm Sanhua Intelligent Control (2050 HK: +7.86%), which raised $1.2 billion, Saudi hospital operator Specialized Medical Co (SMCHEALT AB: -6.56%, $500 million), and the relisting of airline Virgin Australia (VGN AU: +9.66%, $445 million). Other sizable debuts included Swedish gaming firm Hacksaw (HACK SS: 0.00%, $350 million) and Australian gold miner Greatland Resources (GGP AU: +8.94%, $286 million), while Chinese ride-hailing firm Caocao (2643 HK: -11.30%) fell after raising $236 million. In the U.S., consumer debt collector Jefferson Capital (JCAP US: +23.60%) had a strong debut. IPOX® Associate Lukas Muehlbauer was featured in a Reuters article discussing the deal (read here). Looking ahead to the shortened U.S. trading week, notable deals include the Hong Kong listing of Chinese frozen food producer Anjoy Foods (2648 HK, $336 million).
Visit the IPOX® Calendar for this week’s listing overview and read
The IPOX® Update for the latest IPO News.
