SchusterWatch #788 (5/19/2025)
IPOX® 100 U.S. (ETF: FPX) gains +7.05% to +12.73% YTD on strong earnings.
IPOX® MENA (IPEV) has best week this year as Trump visits UAE.
CoreWeave (CWVE) soars +56.32% as Q1 earnings season comes to close.
Busy week for global IPOs. CATL, Hinge Health and MNTN lined up.
IPOX® WEEKLY REVIEW: Higher U.S. yields did little to derail the big Momentum in equities during Options expiration week, with U.S. stocks leading the way. In the cross-section, the IPOX® Indexes continued to outperform the benchmarks as equity risk (VIX: -21.28%) fell anew and average earnings came in better than expected.
In the U.S., the IPOX® 100 U.S. (ETF: FPX) soared +7.05% to +12.73% YTD, gaining for a 6th consecutive week and extending the YTD lead vs. the S&P 500 (ETF: SPY) and Nasdaq 100 (ETF: QQQ) to +1143 bps. and +1075 bps., respectively. 79% of stocks rose, with the average (median) equally-weighted firm adding +6.10% (+4.76%), lagging the applied market-cap weighted IPOX® 100 U.S. (ETF: FPX). “With more than 80% of portfolio holdings beating on earnings with opportunistic M&A driving an underlying bid for select firms, the recent historic run-up in the IPOX® 100 U.S. (ETF: FPX) seems justified”, commented IPOX® CEO J. Schuster.
Livingston, NJ-based AI infrastructure provider CoreWeave (CRWV US: +56.32%) - added right after its 3/27 IPO date - outshined after reporting strong revenues and Nvidia (NVDA US: +16.07%) reportedly upping its stake in the company. Notable other movers included CA-based solar software solutions provider Nextracker (NXT US: +27.44%) and Landbridge (LB US: +20.16%) the Houston-based energy producer. Following a disappointing outlook, heath care software maker Doximity (DOCS US: -11.20%) fell.
IPOX® Portfolios focusing on non-U.S. equities outperformed their benchmarks by a wide margin last week as well, including the IPOX® International (ETF: FPXI) and IPOX® 100 Europe (ETF: FPXE), adding +2.41% and +2.69%, respectively. Continued gains in non-U.S. domiciled firms traded exclusively in the U.S. accounted for much of the difference, including Swiss high-end sneaker maker On (ONON US: +21.21%), UK-based semiconductor stock Arm (ARM US: +17.41%) and Finish-based sports wear firm Amer Sports (AS US: +15.38%). Select companies in the Materials and Financial Sector recorded losses, such as Elliott-backed Canadian gold miner Triple Flag Precious Metals (TFPM US: -9.88%) and Finish insurance provider Mandantum (MANTA FH: -11.11%). While the IPOX® Global China (CNI) rose ahead of the H.K. debut of battery maker CATL (3750 HK), we note the +2.96% gain in the IPOX® MENA (IPEV), its best weekly showing YTD. Investor optimism amid the visit of U.S. President Donald Trump has been driving the gains, with Dubai-based Parking facilities operator Parking (PARKIN UH: +15.05%) and infrastructure construction services provider Salik (SALIK UH: +9.25%) posting a fresh all-time closing High into the week-end.
SPACS ARE BACK: The Index surged 5.80% last week to -0.97% YTD. Waste management firm PureCycle Technologies (PCT US: 27.43%) rallied after reporting its first-ever revenue. In contrast, digital forensics software provider Cellebrite DI (CLBT US: -12.25%) declined following a downward revision to its full-year revenue guidance and a Q1 revenue miss amid a slowdown in U.S. federal spending. Horizon Space Acquisition II (HSPT US) announced a merger with SL Bio, a developer of cellular and gene therapies for cancer treatment. Two SPACs completed business combinations during the week, including Bukit Jalil Global Acquisition with AIGC animation streaming platform Global IBO Group (GIBO US). SPAC IPO activity accelerated with six new SPACs launching in the U.S.
ECM DEALS: 6 firms went public last week, raising a total of $1.25 billion. The average (median) IPO gained +2.57% (+2.53%) from its offer price to Friday’s close, including U.S. debuts by social trading platform eToro (ETOR US: +23.37%, $713m offer), crypto financing firm Antalpha Platform (ANTA US: -6.09%, $49m) and oil and gas equipment firm OMS Energy Technologies (OMSE US: -12.56%, $33m). European listings featured German electricity infrastructure components manufacturer Pfisterer (PFSE GR: +11.15%, $188.89m offer) and Greek fintech Qualco (QLCO GA: +12.09%, $112.37m offer). In Hong Kong, restaurant chain Green Tea Group (6831 HK: -12.52%, $155.72m offer) fell on debut. This week is set to be active with several sizable global listings, the largest being the Hong Kong IPO of Mainland-listed battery giant CATL (3750 HK, $4 billion offer). In the U.S., planned debuts include digital health company Hinge Health (HNGE US, $410m) and Ryan Reynolds-affiliated TV advertising firm MNTN (MNTN US, $187m). European market activity continues with German tax SaaS provider Innoscripta (1INN GR, around $200m), while Korean vegan skincare firm d'Alba Global (483650 KS) plans to raise up to $30 million.
Visit the IPOX® Calendar for this week’s listing overview and read
The IPOX® Update for the latest IPO News.
