Exits
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.
India's Freshworks flourishes on NASDAQ debut
Freshworks, one of India's leading software-as-a-service (SaaS) businesses, traded strongly on its NASDAQ debut following a $1 billion IPO.
Singapore plans pre-IPO fund to attract listings
Singapore’s EDB Investments (EDBI) will establish a pre-IPO fund – with an initial commitment of S$500 million ($370 million) – that is intended to encourage high-growth companies to list in the city-state.
Hong Kong outlines plans for local SPAC listings
Hong Kong Exchanges & Clearing (HKEx) has proposed rules for IPOs by special purpose acquisition companies (SPACs), admitting they are more stringent than the US system, but noting the need for more safeguards in a relatively retail investor-heavy market....
Taiwan's Gogoro set for $2.3b SPAC merger
A special purpose acquisition company (SPAC) backed by Homer Sun, former CIO of Morgan Stanley Private Equity Asia (MSPEA), has agreed a $2.35 billion merger with Taiwan-based electric scooter manufacturer Gogoro.
Hong Kong's Prenetics agrees $1.25b SPAC merger
Hong Kong-based genetic testing business Prenetics has agreed to merge with a special purpose acquisition company (SPAC) sponsored by Adrian Cheng, scion of local property developer New World Development and managing partner of C Ventures, at an enterprise...
India's FreshWorks targets $912m US IPO
Freshworks, which earlier this year lost its status as India’s most valuable software-as-a-service (SaaS) start-up, is looking to raise up to $912 million through a US IPO.
Fund focus: AGIC sticks to cross-border growth thesis
Having found its sweet spot bridging the middle markets of Asia and Europe, AGIC Capital plans to stay there – although Fund II will move earlier to capture technology hardware post-commercialization
India media SaaS platform Amagi raises $100m
Accel Partners, Avataar Ventures, Norwest Venture Partners, and Premji Invest, have committed $100 million in funding to Amagi, an India-based software-as-a-service (SaaS) platform aimed at TV broadcasters.
China's Ximalaya abandons US IPO
Ximalaya, a Chinese online audio platform backed by the likes of Tencent Holdings, General Atlantic, and Goldman Sachs, has canceled its planned IPO.
GPs see more paths to liquidity in Southeast Asia - AVCJ Forum
SPAC deals and GP-led secondary transactions are bringing more liquidity options to Southeast Asia, a geography where private equity investors have often struggled to achieve exits, industry participants told the AVCJ Singapore Forum.
Apax-owned Healthium Medtech files for India IPO
Apax Partners-owned Helthium Medtech, an India-based medical devices manufacturer formerly known as Sutures India, has filed for a domestic IPO.
PE investors exit Indonesia telecom towers business
The Carlyle Group has exited what was its debut investment in Indonesia – after a nine-year holding period – with the sale of telecom towers operator Solusi Tunas Pratama (STP).
PayPal to acquire Japan's Paidy for $2.7b
PayPal has agreed to buy Japan’s Paidy, a specialist in deferred e-commerce payments backed by several private equity investors, for about JPY300 billion ($2.7 billion).
Kyobo Life arbitration favors GPs, but resolution still elusive
A private equity consortium's right to enforce a put option against the chairman of Korea's Kyobo Life Insurance has been upheld following arbitration, though the ruling stopped short of endorsing a price for the transaction.
Deal focus: Affinity capitalizes on enforced divestment
Delivery Hero was instructed to offload Yogiyo as a condition of buying Woowa Brothers. Affinity, Permira, and GS Retail made the most of a $685 million opportunity to enter Korea’s food delivery space
JD.com set to assume control of China Logistics Property
China e-commerce giant JD.com has agreed to buy a 26.38% stake in Hong Kong-listed China Logistics Property Holdings (CNLP) from the company’s founder, which will trigger a mandatory takeover offer for the entire business at a valuation of more than $2...
VIG makes partial exit from Korea funeral services business
Korea’s VIG Partners has sold a 10% stake in funeral services provider Preed Life to Mastern Partners, a local PE platform, for KRW50 billion ($43.2 million).
Naspers-owned PayU to buy India's BillDesk for $4.7b
PayU, a payments provider owned by South African conglomerate Naspers, has agreed to acquire 100% of Indian payments app BillDesk for $4.7 billion, setting up several private equity exits.
Tata VC fund to exit India thermal energy business
Tata Capital Innovations Fund is set to exit Indian industrial materials developer Pluss Advanced Technologies to a local conglomerate in a deal worth INR1.1 billion ($15.7 million).