Exits
NetEase music spinout completes $449m Hong Kong IPO
Cloud Village, a music streaming business controlled by Chinese internet giant NetEase and backed by several private equity investors, has raised HK$3.5 billion ($449 million) through a Hong Kong IPO.
China IPOs: The star still wanes
Proceeds from private equity-backed offerings on China’s Star Market are down 75% from their peak one year ago, reflecting ongoing regulatory interference and diminished investor confidence
Deal focus: Icon retains its private equity appeal
EQT’s $1.67 billion acquisition of Icon Group underscores the recent trend in large-cap buyouts, as well as the long-term growth potential for cancer care specialists in Australia and the wider Asian region
Investors see China regulatory turbulence as short-term - AVCJ Forum
Regulatory uncertainty overshadowing China's technology sector is a temporary phenomenon, investors told the AVCJ Private Equity & Venture Forum, while noting that targeting areas favored by the government remains a safe play.
EQT buys Australia cancer care business from PE consortium
Goldman Sachs Asset Management, QIC, and Pagoda Investment – a China-focused GP set up by a former QIC executive – have agreed to sell Australia cancer care provider Icon Group to EQT for a reported valuation of A$2.3 billion ($1.67 billion).
Carlyle acquires Korean cafe operator, Anchor Equity exits
The Carlyle Group has acquired A Twosome Place, a Korea-based café operator with more than 1,400 stores nationwide, from Anchor Equity Partners.
PE-backed Paytm raises $2.5b in India's largest-ever IPO
Indian digital payments platform Paytm completed the country’s largest-ever IPO – raising INR183 billion ($2.47 billion) – but then saw its stock fall 27% on debut.
MBK sells Japan's Accordia Golf to Fortress
MBK Partners has agreed to sell Japan-based golf course operator Accordia Golf, which it acquired in 2017 via a tender offer, to Fortress Investment Group.
Baring, Quadrant claim firm of the year prizes at AVCJ Awards
Baring Private Equity Asia (BPEA) and Quadrant Private Equity won the firm of the year prizes at the 2021 AVCJ Private Equity & Venture Capital Awards, as KKR and NewQuest Capital Partners secured two victories apiece, and Weijian Shan received the AVCJ...
India's Nykaa trades up after $719m IPO
India-based beauty e-commerce platform Nykaa is trading at more than 100% premium to its IPO price after completing a INR53.5 billion ($719 million) offering that facilitated partial exits for TPG Capital and Lighthouse Funds.
Potentia exits Australia SaaS provider to UK strategic
Australia’s Potentia Capital has exited compliance software-as-a-service (SaaS) supplier CompliSpace to UK-based Ideagen for about A$110 million ($81 million) after a less-than-two-year hold.
North Asia IPOs: Welcome eruptions
A steady rhythm of small and mid-sized IPOs in North Asia is now being punctuated by globally noticeable events. Valuations are up, but Korean and Japanese investors are game
Southeast Asia IPOs: Opportunity knocks
A breakthrough offering in Indonesia and regulatory progress in Singapore highlight Southeast Asia’s growing viability as a tech IPO market. It’s unclear how well this is being communicated globally
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