Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Based on prices and turnover from 17 July, there could be 5 additions and 1 deletion for the index in July. Plus there will be capping and float changes.</li>
<li>Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. There are many stocks with multiple days of ADV to trade.</li>
<li>The index is currently trading 34% below its highs but near a zone from where it has bounced in the past.</li>
</ul>


Based on prices and turnover from 17 July, there could be 5 additions and 1 deletion for the index in July. Plus there will be capping and float changes.
Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. There are many stocks with multiple days of ADV to trade.
The index is currently trading 34% below its highs but near a zone from where it has bounced in the past.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/x-energy-inc" target="_blank" data-smartkarma-citation="entities:47990:1" rel="noopener">X-Energy (XE US)</a> went public on 24 April on Nasdaq and has a current market cap of $13.4bn following a price surge of ~50% above offer price.</li>
<li>Inclusion in US indices is expected in June 2026 with an upweight in December 2026 following the IPO lock-up expiry.</li>
<li>
<a href="https://www.smartkarma.com/entities/x-energy-inc" target="_blank" data-smartkarma-citation="entities:47990:1" rel="noopener">X-Energy (XE US)</a> is expected to be added to Global SmallCap in December 2026 while it may fail the float cap threshold in the other Global index.</li>
</ul>



X-Energy (XE US) went public on 24 April on Nasdaq and has a current market cap of $13.4bn following a price surge of ~50% above offer price.
Inclusion in US indices is expected in June 2026 with an upweight in December 2026 following the IPO lock-up expiry.

X-Energy (XE US) is expected to be added to Global SmallCap in December 2026 while it may fail the float cap threshold in the other Global index.


X-Energy (XE US): US Index Inclusion & Upweight Post-IPO for Amazon-Backed Company

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>X-Energy priced above range, opened +31%, and closed +27% in a heavily oversubscribed (18x) IPO with strong institutional demand.</li>
<li>Backed by ARK and major investors, shares may see continued near-term momentum despite long-term execution risks.</li>
<li>Over 44 million shares traded, flipping the float and signaling high liquidity and strong investor interest.</li>
</ul>


X-Energy priced above range, opened +31%, and closed +27% in a heavily oversubscribed (18x) IPO with strong institutional demand.
Backed by ARK and major investors, shares may see continued near-term momentum despite long-term execution risks.
Over 44 million shares traded, flipping the float and signaling high liquidity and strong investor interest.


X-Energy Inc. (XE): Nuclear Play Ignites, IPO Jumps 27% on Day One

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>✅ IPO PROPHET RATING: 8.06/10 🏦 Deal Quality &amp; Underwriters: 9/10 X-Energy is coming to market offering approximately 42.9 million shares at $16 to $19, targeting roughly $750 million to $800+ million in proceeds.</li><li>The company develops small modular nuclear reactors and proprietary fuel technology, positioning itself within the growing demand for reliable, carbon-free baseload power.</li><li>The deal is led by J.P. Morgan, Morgan Stanley, Jefferies, and Moelis, supported by a broad syndicate designed to distribute the offering across large institutional investors.</li></ul>

✅ IPO PROPHET RATING: 8.06/10 🏦 Deal Quality &amp; Underwriters: 9/10 X-Energy is coming to market offering approximately 42.9 million shares at $16 to $19, targeting roughly $750 million to $800+ million in proceeds.The company develops small modular nuclear reactors and proprietary fuel technology, positioning itself within the growing demand for reliable, carbon-free baseload power.The deal is led by J.P. Morgan, Morgan Stanley, Jefferies, and Moelis, supported by a broad syndicate designed to distribute the offering across large institutional investors.

<ul><li>X-Energy, Inc. (“XE”) has set terms for its initial public offering, planning to offer 42.9 million shares at a price range of $16 to $19 , implying a deal size of approximately $750 million at the midpoint .</li><li>The company is expected to list on the Nasdaq under the ticker XE , with trading anticipated to begin Friday, April 24th .</li><li>Lead underwriters include J.P. Morgan, Morgan Stanley, and Jefferies, alongside a broader syndicate.</li></ul>

X-Energy, Inc. (“XE”) has set terms for its initial public offering, planning to offer 42.9 million shares at a price range of $16 to $19 , implying a deal size of approximately $750 million at the midpoint .The company is expected to list on the Nasdaq under the ticker XE , with trading anticipated to begin Friday, April 24th .Lead underwriters include J.P. Morgan, Morgan Stanley, and Jefferies, alongside a broader syndicate.

X-Energy Sets Terms for ~$750M IPO Ahead of April 24 Debut as Advanced Nuclear Demand Accelerates

United States

Xenergy, Inc. was founded in 2004. The Company's line of business includes providing professional engineering services.

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X-Energy (XE US)

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

There could be 5 adds and 1 delete for the index in July. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. The index...

Brian Freitas

X-Energy (XE US): US Index Inclusion & Upweight Post-IPO for Amazon-Backed Company

X-Energy went public on 24 April, has a $13.4bn market cap, and is expected to be added to US indices in June and receive an upweight in December...

Dimitris Ioannidis

X-Energy Inc. (XE): Nuclear Play Ignites, IPO Jumps 27% on Day One

X-Energy's IPO exceeded expectations, with strong institutional demand and potential for continued near-term momentum despite long-term risks.

IPO Boutique

IPO Rating: X-Energy, Inc.

✅ IPO PROPHET RATING: 8.06/10 🏦 Deal Quality & Underwriters: 9/10 X-Energy is coming to market offering approximately 42.9 million shares at...

IPO Prophet

X-Energy Sets Terms for ~$750M IPO Ahead of April 24 Debut as Advanced Nuclear Demand Accelerates

X-Energy, Inc. (“XE”) has set terms for its initial public offering, planning to offer 42.9 million shares at a price range of $16 to $19 ,...

IPO Prophet

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

There could be 5 adds and 1 delete for the index in July. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. The index...

Brian Freitas

X-Energy (XE US): US Index Inclusion & Upweight Post-IPO for Amazon-Backed Company

X-Energy went public on 24 April, has a $13.4bn market cap, and is expected to be added to US indices in June and receive an upweight in December...

Dimitris Ioannidis

X-Energy Inc. (XE): Nuclear Play Ignites, IPO Jumps 27% on Day One

​X-Energy's IPO exceeded expectations, with strong institutional demand and potential for continued near-term momentum despite long-term risks.

IPO Boutique

IPO Rating: X-Energy, Inc.

✅ IPO PROPHET RATING: 8.06/10 🏦 Deal Quality & Underwriters: 9/10 X-Energy is coming to market offering approximately 42.9 million shares at...

IPO Prophet

X-Energy Sets Terms for ~$750M IPO Ahead of April 24 Debut as Advanced Nuclear Demand Accelerates

X-Energy, Inc. (“XE”) has set terms for its initial public offering, planning to offer 42.9 million shares at a price range of $16 to $19 ,...

IPO Prophet

X-Energy's IPO exceeded expectations, with strong institutional demand and potential for continued near-term momentum despite long-term risks.