Exits
Carlyle gets $543m through partial exit from India's SBI Card
The Carlyle Group has sold approximately one-quarter of its remaining 15.8% stake in SBI Cards & Payment Services – a year after the Indian company’s IPO – for INR39.4 billion ($543 million).
WingArc raises $179m in Japan IPO, Carlyle makes full exit
The Carlyle Group has completed a full exit from Japanese enterprise software developer WingArc1st via the company’s JPY19.4 billion ($179 million) IPO.
Fund focus: Openspace says it with distributions
Openspace Ventures launched its $200 million third fund comfortable in the knowledge that the first two were top-quartile performers. IPOs, trade sales and partial secondary exits have all played a role
VCs to exit New Zealand-based software developer
Canada’s Lightspeed POS, a global technology supplier for consumer-facing businesses, has agreed to buy New Zealand retail software player Vend for $350 million. It sets up several VC exits.
China mobile charging business targets US listing
Energy Monster, China’s largest mobile device charging service provider by gross revenue, has filed for a US IPO.
New Zealand's Seequent sold to US trade buyer for $1b
Accel-KKR, a private equity firm created by Accel Partners and KKR, is set to exit New Zealand engineering software provider Seequent to a US strategic in a deal worth $1 billion.
SPACs in Asia: Out of the comfort zone
Several Asian stock exchanges will consider allowing SPAC offerings, but implementation may run contrary to their regulatory ethos – and there is no guarantee of a strong market response
L Catterton Asia raises SPAC for consumer deals
L Catterton Asia has raised $250 million for a special purpose acquisition company (SPAC) that will focus on high-growth consumer technology assets within the region.
Korea's Coupang gains 41% on debut after $4.5b US IPO
BlackRock Private Equity Partners received proceeds of $936 million through a partial exit from Korean e-commerce business Coupang, which raised $4.55 billion in its US IPO. The stock gained 41% on debut.
Singapore's Azalea launches PE-backed bond offering
Temasek Holdings-owned Azalea Asset Management plans to sell S$250 million ($186 million) worth of bonds – backed by LP interests in private equity funds – to retail investors in Singapore.
CPE sells Australia biscuit business to Mondelez
Australian mid-market private equity firm CPE Capital has agreed to sell Gourmet Food Holdings (GFH) – a local producer of crackers and biscuits – to US-based food multinational Mondelēz International.
China regulation: Taming the giants
Recent regulatory reforms suggest that China will not let the growth of large technology companies go unchecked. The implications could be far-reaching, not least for VC investors and start-ups
My Food Bag completes largest New Zealand IPO in seven years
My Food Bag, a cook-your-own meal kit delivery service backed by Waterman Capital, has raised NZ$342.2 million ($245.5 million) in New Zealand’s largest IPO since 2014.
Founder of China's Zhencheng Capital launches SPAC
Jianwei Li, founding and managing partner of Chinese venture capital firm Zhencheng Capital and previously CIO at ZhenFund, has launched a special purpose acquisition company (SPAC).
PE-backed SciClone achieves $1.6b market cap on HK re-listing
SciClone Pharmaceuticals, a Chinese drug developer privatized by a PE consortium at a valuation of $605 million in 2017, has relisted in Hong Kong and ended its first day of trading with a market capitalization of HK$12.7 billion ($1.64 billion).
Platinum exits Australia's Sensis to US strategic
US-based Platinum Equity has exited its control position in Sensis, best known as the operator of Australia’s White Pages and Yellow Pages directories, in a deal worth $200 million.
Baring Asia to make $1.1b partial exit from Lumenis
Baring Private Equity Asia has agreed to sell the surgical devices business of Lumenis, an Israel-headquartered company that counts Asia as its largest market, to Boston Scientific for $1.07 billion in cash.
Rocket Lab to go public via SPAC merger
Rocket Lab, a US-based space technology company that operates primarily in New Zealand, as agreed to merge with a special purpose acquisition company (SPAC) at an enterprise valuation of $4.1 billion.
GPs & SPACs: Filthy lucre?
The global SPAC craze is percolating into Asia, with private equity firms among the sponsors. LPs aren’t necessarily comfortable with the development, but there’s only so much they can do about it
China cloud IoT provider Tuya files for US IPO
Tuya, a Chinese software platform for internet-of-things (IoT) systems that mainly offers platform-as-a-service (PaaS) products is pursuing a US IPO.
FountainVest buys China logistics business
FountainVest Partners has agreed to acquire a majority stake in China-based CJ Rokin Logistics from Korea’s CJ Logistics for KRW733.8 billion ($661.3 million).
Everstone exits India bakery business
Everstone Capital has exited Indian bread brand Modern Foods to a local subsidiary of Grupo Bimbo, a global strategic headquartered in Mexico, for an undisclosed sum.
VC-backed Appier files for Japan IPO
Appier, a Taiwan-based advertising technology provider, has filed for a JPY26.4 billion ($250 million) Japan IPO. It sets up exits for several VC investors, including Sequoia Capital.
MBK exits China's Apex International
MBK Partners has agreed to sell Apex International, China’s second-largest air freight forwarder, to Swiss logistics giant Kuehne + Nagel.
