Exits
Hong Kong IPOs: Winner by default
New York’s loss is expected to be Hong Kong’s gain as regulatory and political turbulence drives Chinese start-ups to look for alternative listing destinations – unless valuations become a sticking point
Singapore audience data business sold to trade buyer
US data and analytics services provider Dun & Bradstreet has agreed to acquire Singapore audience data business Eyeota, setting up exits for several private equity investors.
PE-backed Delhivery files for India IPO
India-based e-commerce logistics provider Delhivery is looking to raise up to INR74.6 billion ($1 billion) through a domestic IPO that would facilitate partial exits for The Carlyle Group, Fosun Group, SoftBank Vision Fund 1, and Times Internet.
Baring Asia buys Tricor from Permira for $2.7b
Baring Private Equity Asia (BPEA) is set to expand its corporate services provider portfolio, having agreed to buy Tricor Group from Permira for an enterprise value of $2.76 billion.
PE-owned APM Human Services set for $743m Australia IPO
APM Human Services, an Australia-based employment services provider with operations in 10 countries, is looking to raise A$986.2 million ($743 million) through a domestic IPO that will facilitate a partial exit for Madison Dearborn Partners (MDP).
SPACs: Longer menu
As the US recovers from a glut in SPAC fundraising, Asian jurisdictions are launching their own regimes. Not every start-up is a good fit for New York. Is Singapore or Hong Kong a good fit for them?
CLSA completes exit from Japan cram school
CLSA Capital Partners (CLSA CP) has sold its remaining shares in Japanese cram school operator BC Ings to Eishinkan, a major player in the segment.
Reliance Retail buys Indian fashion brand, Everstone exits
Everstone Group has exited its minority position in India-based design house Rita Kumur after domestic behemoth Reliance Industries moved to buy a 55% stake in the company.
Hahn & Co's K Car raises $285m in Korean IPO
K Car, a Korean automotive marketplace created by Hahn & Company through the merger of SK Encar and Joy Rent a Car, has raised KRW336.6 billion ($285 million) in a domestic IPO.
PE-backed Abbisko trades up after $225m Hong Kong IPO
China-based oncology drug developer Abbisko Therapeutics gained nearly 10% on its Hong Kong trading debut following a HK$1.75 billion ($225 million) IPO.
3Q analysis: India advances
India technology investment continues to ramp up as China flatlines; international payments M&A drives Asia trade sale revival, but IPOs slump; fundraising remains slow
Stonebridge Ventures targets Korea IPO
Stonebridge Ventures, a Korean venture capital firm with more than KRW700 billion ($595 million) in assets under management, has filed to list on KOSDAQ.
Eneos to buy PE-backed Japan Renewable Energy for $1.8b
Eneos Holdings, an oil company and active technology investor, has agreed to acquire Japan Renewable Energy (JRE) from Goldman Sachs Asset Management and GIC.
China in six trends
Key themes in China private equity fundraising, investment, and exits
PE-backed MicroTech Medical targets $254m Hong Kong IPO
MicroTech Medical, a China-based manufacturer of insulin pumps for diabetes sufferers that counts Lilly Asia Ventures (LAV) and Qiming Venture Partners among its investors, is looking to raise up to HK$1.98 billion ($254 million) in a Hong Kong IPO.
China biotech start-up LianBio files for US IPO
LianBio, a two-year-old Chinese biotech start-up incubated by life sciences investor Perceptive Advisors, has filed for a US IPO.
Allegro sells New Zealand retailer to Pencarrow
Australian turnaround investor Allegro Funds has sold The Interiors Group – a New Zealand-based home interiors retailer formerly known as Carpet Court – to Pencarrow Private Equity.
Q&A: Poema Global's Homer Sun
Morgan Stanley Private Equity Asia’s former CIO explains why he likes special purpose acquisition companies (SPACs) and what drew him to electric scooter and mobility technology player Gogoro
PE-backed Oyo targets $1.1b India IPO
Oyo, an India-focused budget hotel platform backed by the likes of SoftBank Vision Fund, is looking to raise up to INR84.3 billion ($1.1 billion) through a domestic IPO.
Evergrande EV unit cancels listing, suffers cash crunch
Evergrande New Energy Vehicle (NEV) Group, the Hong Kong-listed electric vehicle unit of troubled Chinese real estate developer Evergrande has canceled a planned secondary listing on Shanghai's Star Market and warned investors of a cash shortage.
China's Broncus raises $215m in IPO, struggles on HK debut
Broncus Holding Corporation, a China-based manufacturer of medical devices used to treat lung diseases, plunged 12.8% on its Hong Kong trading debut following a HK$1.67 billion ($215 million) IPO.
Riverside exits Japan bicycle business to Daiwa
The Riverside Company has sold Japan-based bicycle retailer Y International to domestic private equity firm Daiwa PI Partners for an undisclosed sum.
Platinum sells Singapore's PCI for $306m
Platinum Equity has agreed to sell PCI, a Singapore-headquartered electronics manufacturing services provider it acquired in 2019, to US-listed Celestica for $306 million in cash.
True North exits India's RDC Concrete after 16-year hold
True North has agreed to sell India-based RDC Concrete, a company it has owned since 2005, to private equity-backed online construction marketplace Infra.market.