SchusterWatch #771 (1/20/2025)
Summary:
IPOX? WEEKLY REVIEW:
Better behaving bond markets after relatively muted U.S. inflation numbers, a solid first round of earnings for U.S. bellwethers and subsequently lower risk (VIX:?-18.48%) propelled the IPOX? Indexes during options expiration week. Trading was erratic with select IPOX? Indexes trading negatively correlated on select days.
In the U.S., the IPOX? 100 U.S. (ETF: FPX) topped the weekly performance rankings, extending the YTD lead vs. the S&P 500 (SPX) to +490 bps.?85% of holdings rose, with the average (median) equally weighted firm adding +5.05% (+5.24%), lagging the IPOX? 100 U.S. Amid the excellent week for core positions, select small/mid-caps were highlights, such as recently added real estate broker serial acquirer Compass (COMP US: +26.36%), sports center operator LifeTime Group?(LTH US: +17.20%), Wealth Tec?Sofi (SOFI US: +16.61%) and oilfield equipment maker Kodiak Gas Services (KGS US: +12.81%). Health care remained under pressure, including surgical robot maker Procept (PRCT US: -12.47%) and biotech Janux (JANX US: -12.92%).?
领英推荐
We are pleased to note that Bloomberg has added the IPOX?-linked “FPXE” ETF to the list of top 25 ETFs for 2025. Amid the big relative lag of European benchmarks, … “yet a more warranted approach might be to capture newer European companies rather than older, traditional ones…” pioneered by IPOX?. For last week, the index added +3.12% to +3.21% YTD. European small-cap tech contributed to the strong showing, including UK-traded verification platform Trustpilot (TRST LN: +19.71%) and hardware maker Raspberry (RPI LN: +15.31%).?
THE IPOX? SPAC INDEX:?
The?Index?reversed some of last week’s big losses to add?+4.39%?to?+0.42%?YTD. Quantum-computing stock InoQ?(IONQ US:?20.29%) surged following Microsoft’s announcement on its “2025 Quantum-Ready” program while profit taking hit Genetic testing company GeneDx (WGS US:?-22.26%), despite better-than-expected preliminary FY24 financial results. Two SPACs completed business combinations: Chenghe Acquisition I merged with Taiwan-based golf shaft manufacturer Femco Steel Technology (KBSX US:?-9.22%) and Abu Dhabi private family office Burkhan World Investments (BZAI US:?-19.12%) debuted on NASDAQ after merging with previously OTC-traded BurTech Acquisition. Three new SPACs launched in the U.S. last week.??
GLOBAL ECM REVIEW AND OUTLOOK:?
27 new listings debuted globally this past week, raising $1.75 billion, with the average new issue gaining?+41.12%?from offer price to Friday’s close and the median listing adding?+16.07%. The largest IPO of the week was in the U.S., with oil and gas services firm Flowco Holdings (FLOC US:?+23.75%) raising $427 million in the first sizable New York listing of 2025. Hong Kong continued to see a flurry of activity, with Yibin City Commercial Bank?(2596 HK:?+0.39%, $230 million) and self driving car testing firm Beijing Saimo Technology (2571 HK:?+1.31%, $56 million) among the new listings. Taiwan-based Advanced Echem Materials Co Ltd (4749 TT:?+43.33%, $136 million) was a notable listing in other accessible markets.?
In upcoming listings, Bloomberg interviewed IPOX? CEO Josef Schuster on the rebound in Energy listings amid this week’s IPO of LNG shipping giant Venture Global ($2.3 billion at $110 billion valuation), expected to debut on Friday. Read the article with his comments here.
Don’t miss the latest IPOX? Update for a summary of last week’s most important IPO news, including filings by eToro and Titan America.?