Exits
India IPOs: The road less taken
India is launching a pilot scheme that will allow certain companies to list overseas without first going public domestically. VC investors see the positives but they want further clarification on the rules
People's Daily to buy Sequoia-backed online literacy platform
People.cn, a Chinese online newspaper run by state-owned People’s Daily, intends to purchase a 69.25% stake in Kanshu.com, an online book reading platform backed by Sequoia Capital, for RMB249 million ($40.8 million).
OzForex shares jump on debut following $416m IPO
OzForex Group - an Australian online foreign exchange services provider backed by The Carlyle Group, Accel Partners and Macquarie Group - saw its shares jump nearly 30% on its first day of trading following a A$440 million ($416 million) IPO.
Alibaba will not pursue Hong Kong listing
Alibaba Group has decided not to pursue a Hong Kong IPO after efforts to persuade the exchange to accommodate a shareholding structure that allows management to retain control of the business met with a lukewarm response. It is unclear where the listing...
Apax buys VC-backed IT developer GlobalLogic
Apax Partners is to acquire a majority stake in outsourced software product developer GlobalLogic (GL) in an all secondary deal. It has agreed to buyout existing investors WestBridge Capital, New Atlantic Ventures (NAV), New Enterprise Associates (NEA),...
Goldman to raise up to $315m in Geely Auto sell down
Goldman Sachs Principal Investment Area, an investment unit of Goldman Sachs, plans to sell-down its entire stake in Hong Kong-listed Geely Automobile Holdings, raising up to HK$2.44 billion ($315 million).
Everbright Ashmore exits Chongqing shopping for 2.1x return
Everbright Ashmore has sold its investment in Chongqing shopping mall IMIX Park, making the second exit from the $153 million Everbright Ashmore China Real Estate Fund I.
Matrix Partners exits China Bona Film to Fosun
Matrix Partners China and other undisclosed pre-IPO shareholders have exited a 6.4% stake in Bona Film Group, a NASDAQ-listed film distributor in China, to Chinese conglomerate Fosun International for $20.8 million.
Nominations for the AVCJ India Awards - final call
Nominations for the 2013 AVCJ India Awards close today. This is the industry's last chance to highlight the leading fundraises, investments, exits, professionals and firms of the last 12 months.
IDG, Temasek-backed mobile game operator eyes $123m HK IPO
Singapore-based mobile game developer I Got Games (IGG), which is backed by IDG Technology Venture Investment and Temasek Holdings, intends to raise as much as HK$950 million ($123 million) through an IPO in Hong Kong.
VC-backed Value HR sees shares double after $8.5m Japan IPO
VC-backed Value HR, a Japanese human resources benefits service provider, saw its stock more than double in value to JPY4035 ($41.5) on its trading debut in Tokyo on Friday.
Asia PE fundraising recovers to $9.5b in third quarter
Asia-focused private equity funds raised $9.5 billion in the third quarter of 2013, up from the multi-year low of $5.2 billion in the previous quarter, according to provisional data from AVCJ Research. A total of 54 vehicles reached a partial or final...
VC-backed Forgame raises $206m in HK IPO
Forgame Holdings, a Chinese mobile game developer backed by several VC firms, saw its stocks jump 32.4% to HK$67.50 ($8.7) a share on its first day trading following its $206 million Hong Kong IPO yesterday.
Tech IPOs: An issue of control
Alibaba Group wants the Hong Kong Stock Exchange to permit a bespoke IPO structure that would allow management to retain board control. By refusing, is the bourse going to forgo more China tech business?
TPG exits a more diversified UT Capital
Property prices in China are inextricably linked to government policy. Vigilant to the emergence of bubbles in different geographies and segments, the authorities are ready with measures to curb price growth, but they must also ensure a sector that contributes...
VC-backed Chinese online marketplace targets $150m US IPO
Chinese venture capital-backed local marketplace website 58.com filed for its US IPO, targeting up to $150 million.
Baidu, VC-backed travel website Qunar files for $125m IPO
Qunar, a Chinese travel website majority-owned by internet search giant Baidu, is looking to raise up to $125 million through an IPO in the US. GSR Ventures and GGV Capital still hold minority positions in the company but it is unclear whether they plan...
Australia's Wolseley exits magazine publisher to trade buyer
Wolseley Private Equity has completed its second exit in a month with the sale of Australian magazine publisher nextmedia to Forum Media Group.
India eases offshore listing rules
Indian companies will be allowed to pursue IPOs overseas without first listing domestically in a move that should please private equity and venture capital investors looking for alternative exit routes. The broader policy objective is to shore up capital...
VC-backed Montage raises $71m in US IPO, closes up on first day trading
Montage Technology Group, a China-based semiconductor manufacturer backed by AsiaVest Partners and Intel Capital, saw its stock jump 28% to close at $12.80 on its first day of trading on NASDAQ. It is the second PE-invested Chinese company to go public...
Alibaba acquires VC-backed cloud computing Kanbox
Alibaba Group has agreed to buy Kanbox, a Chinese cloud storage service provider backed by Susquehanna Asia Investment and DCM. The value of the deal was not disclosed.
TPG exits China leasing business to Haitong Securities for $715m
TPG Capital has agreed to sell Chinese financial leasing business UT Capital Group to Haitong International Holdings for approximately $715 million. It brings to an end a five-year ownership period during which UT Capital has expanded its activity from...
Australia's Ironbridge alters LP secondary exit proposal
Ironbridge Capital’s LPs will not be obliged to commit capital to a new fund as a condition of participation in a vehicle set up by the Australian GP to absorb assets held by its first two funds. AVCJ understands that the proposal has been amended so...
PE-backed OzForex plans $413m IPO
OzForex Group - an Australian online foreign exchange services provider backed by The Carlyle Group, Accel Partners and Macquarie Group - plans to raise $440 million in its Australian IPO scheduled for October 11.