Exits
ICICI Prudential exits Indian residential investment
ICICI Prudential AMC, a joint venture between India’s ICICI Bank and Eastspring Investments, has exited investments in two Shriram Properties residential projects in Bangalore with returns upwards of 20%.
China's Jiuding committed to pre-IPO strategy
China pre-IPO specialist Kunwu Jiuding Capital will not change its strategy despite a slump in listings - and exit multiples - before domestic regulators slammed the door on new share offerings completely towards the end of last year.
Orix, Perigon to make partial exits from Air Asia X via IPO
Orix Corp. and Perigon Advisory will make partial exits from regional budget carrier AirAsia's long-haul subsidiary through an IPO that is targeting up to $370 million.
Morgan Stanley-backed Hyundai Rotem gets green light for IPO
Hyundai Rotem, a South Korean railway vehicle manufacturer backed by Morgan Stanley Private Equity Asia (MSPEA), has received approval to list on the Korea Stock Exchange. It will likely be the country’s largest share offering so far this year and the...
China IPOs: Different this time
There are signs that the China listings logjam is gradually becoming unstuck, sowing seeds of hope for PE equity and VC investors fielding awkward questions from LPs about liquidity horizons. But markets are unlikely to bounce back to their former highs...
Apollo exits Welspun Maxsteel stake to promoter
Apollo Global Management has sold a 12.5% stake in India’s Welspun Maxsteel Limited (WMSL) to parent company Welspun Corp at a 30% discount to the fair market value. It’s the second part of a larger INR22.5 billion ($502.9 million at the time) deal between...
Japan's Marubeni scales back deal for PE-owned Gavilon
Marubeni has scaled back its offer for General Atlantic-owned US grain trader Gavilon by $1 billion after cutting the company's energy trading arm out of the deal.
Quadrant-backed Virtus Health jumps 9% on ASX debut
Shares in Virtus Health, an Australian in-vitro fertilization company backed by Quadrant Private Equity, closed up 9% at A$6.20 on its first day of trading on the Australian Securities Exchange. The IPO had been priced at the top end of the indicative...
GIC in $50m partial exit from India's Adani Ports
Government of Singapore Investment Corporation (GIC) has sold part of its 1.78% stake in India’s Adani Ports & Special Economic Zone (APSEZL) for INR2.9 billion ($50.6 million).
China's LightInTheBox raises $79m through US IPO
VC-backed Chinese online retailer LightInTheBox saw its stock jump 22% on its first day of trading in New York, following an IPO that raised $79 million. It is the first Chinese company to go public in the US this year, and only the second to make the...
Dalian Wanda to buy PE-owned UK yacht maker – report
Dalian Wanda Group is expected to buy Britain’s largest luxury yachtmaker Sunseeker - currently owned by Irish private equity firm FL Partners - for EUR300 million ($400 million).
Regulator blocks Anacacia exit of Rafferty's to Heinz
Anacacia Capital’s sale of baby-food producer Rafferty’s Garden to H.J. Heinz has been blocked by the Australian Competition and Consumer Association (ACCC). The regulator decided that the transaction would give Heinz an unfairly dominant market position....
CVC eyes IPO for Indonesian cable operator LinkNet - report
LinkNet, the Indonesian cable television and broadband operator in which CVC Capital Partners holds a 49% stake, is reportedly targeting an IPO this year. It would be the second share offering in 2013 by one of the private equity firm’s Indonesia-based...
JAIC, CyberAgent-backed dating site in Taiwan IPO
Sunfun Info, an online dating platform backed by Japan Asia Investment (JAIC) and CyberAgent Ventures, has debuted on the Taiwan over-the-counter Gre Tai Securities Market.
PE firms struggle with rich valuations in Southeast Asia – survey
Increased competition for deals and buoyant equity markets have pushed up valuations in Southeast Asia, prompting private equity investors to hold back, according to a new survey. While the region is becoming more important in investment strategies, returns...
Warburg sells stake in Havells India
Warburg Pincus has sold an 8.35% stake in electrical products maker Havells India for INR7.2 billion ($129.5 million) on the open market. The private equity firm sold 10.4 million shares at INR700 apiece, below the NR708 price at which the stock had been...
Korea's Access Bio goes public, STIC PE expects 5x return
STIC Private Equity has made a partial exit from Korean biotech firm Access Bio after the company went public on the KOSDAQ exchange. The PE firm sold shares in two tranches – one just before the IPO and one during it – and has generated a money multiple...
End of an era as KKR sells Seven West
With KKR's exit from Seven West Media, the two investments that arguably defined Australia’s boom market of the mid-2000s have now entered the history books.
Goldman exits ICBC as banks face squeeze
Goldman Sachs has toppled The Carlyle Group at the top of China’s exit rankings, with $9.85 billion in proceeds generated from its investment in Industrial and Commercial Bank of China (ICBC) against an initial commitment of $2.58 billion.
Indonesia's MPM to boost auto rental exposure, preps IPO
Mitra Pinasthika Mustika (MPM), the Indonesian motorcycle distributor in which Affinity Equity Partners and Saratoga Capital invested around $100 million last year, is looking to boost its car rental business. The comes as the company prepares to raise...
Capital18 exits India's Webchutney, sees 3x return
Capital18, the venture capital arm of Indian media conglomerate Network18, has sold its 70% stake in Webchutney Studio to Dentsu Media and Holdings India (DMHI), a subsidiary of Japanese advertising company Dentsu, generating a 3x money multiple.
PE-controlled Chinese cinema equipment maker files for US IPO
Chinese digital cinema equipment manufacturer GDC Technology, a portfolio company of The Carlyle Group and Yunfeng Capital, has announced plans to raise up to $75 million through a NASDAQ IPO. With only two Chinese firms managing to go public in the US...
VC-backed Just Dial's IPO 11x subscribed
Indian search engine Just Dial’s IPO was subscribed 11.6 times when it closed on Wednesday. The company will raise INR8.2-9.5 billion ($148-171 million), depending on the final issue price.
CDH to make distributions of $1b for the year
CDH Investments has distributed $500 million to LPs in the last seven months and is on course to return a similar amount by September. The China GP has made full exits from real estate developer Sunac and auto parts firm Nanjing Aotecar during the period,...