Exits
China fitness app Keep pursues Hong Kong listing
Keep, a China-focused fitness app operator backed by the likes of GGV Capital, SoftBank Vision Fund 2, and 5Y Capital, has filed for a Hong Kong IPO.
China's Welkin Capital targets London IPO
China-focused Welkin Capital is looking to raise up to USD 300m through an IPO for a London-listed investment entity seeded with assets from its debut private equity fund, which closed in 2017.
Anchorage exits Australia rail operator
Australia’s Anchorage Capital Partners has sold local rail operator Rail First Asset Management for AUD 425m (USD 290m) to Dutch GP DIF Capital Partners and Amber Infrastructure of the UK.
China EV player Leapmotor targets Hong Kong IPO
LeapMotor has filed for an IPO in Hong Kong, putting it on course to become the fourth of China's "new force" electric vehicle (EV) manufacturers to go public.
Australia branding platform Outfit acquired by US strategic
Australia’s Outfit, a VC-backed brand management business, has been acquired by Smartsheet, a New York-listed enterprise workflow management platform for an undisclosed sum.
Navis exits Singapore's Adampak after 10-year hold
Navis Capital Partners has sold 100% of Singapore-based Adampak, a diversified manufacturer specialising in labels and barcode stickers, to Oji Imaging Media, a leading Japanese paper company.
Allegro makes partial exit from Australian retailer Best & Less
Allegro Funds has completed another partial exit from Australian baby and kids retailer Best & Less, generating proceeds of AUD 29.7m (USD 20.2m) through a block trade.
Kedaara buys minority stake in India's Oasis Fertility
Kedaara Capital has invested USD 50m for a significant minority stake in Oasis Fertility, a fertility treatment business with more than 26 centres across India.
GPs exit Australian quantity surveyor to management
The management team of Australia-based quantity surveyor BMT Tax Depreciation has assumed control of the business, ending a seven-year holding period for private equity backers CHAMP Ventures and Yorkway Equity Partners.
Keppel buys Singapore waste management player 800 Super
Keppel Corporation has purchased a majority interest in Singapore waste management services business 800 Super Holdings, which was delisted in 2019 through a KKR-backed take-private, at a valuation of SGD 380m (USD 273m).
NZ Super, ACC exit Kiwibank via $1.3b NZ government buyout
New Zealand Superannuation Fund (NZ Super) and Accident Compensation Corporation (ACC) have exited state-owned Kiwibank at an implied valuation of NZD 2.1bn (USD 1.3bn).
Blackstone part-exits Indian auto components maker
The Blackstone Group has realised proceeds of INR 40.4bn (USD 506m) through a partial exit from Sona Comstar, an India-listed manufacturer of automotive systems and components that trades as Sona BLW Precision Forgings.
PE-backed Korean ride-sharing player Socar drops on debut
Socar, a Korea-based car-sharing business backed by the likes of Bain Capital, IMM Private Equity, and SoftBank Ventures Asia, traded down on debut following a KRW 101.9bn (USD 76m) IPO.
AVCJ Awards 2022 - nominations have closed
Nominations for the 2022 AVCJ Private Equity & Venture Capital Awards have now closed. Many thanks to all those who participated.
Korea's Kakao abandons plans for mobility unit stake sale
South Korean internet giant Kakao has abandoned plans to partially divest Kakao Mobility, its transportation division.
Denham, Nexif sell Australia, SE Asia energy assets for $1b
Resources-focused GP Denham Capital and power infrastructure company Nexif have agreed to sell jointly held energy assets across Australia and Southeast Asia at an enterprise value of USD 1bn.
OTPP to acquire majority stake in India's Sahyadri Hospitals
Ontario Teachers' Pension Plan (OTPP) has agreed its first control private equity buyout in India, taking a majority stake in Sahyadri Hospitals and setting up a partial exit for Everstone Group.
KKR makes $1.2b exit from Indian hospital chain
KKR has exited its entire interest in Indian hospital operator Max Healthcare Institute – nearly four years after assuming control of the business by merging it with an existing portfolio company – with proceeds of approximately INR 91.9bn (USD 1.15bn).
Quadria plans full exit through Concord Biotech's India IPO
Singapore-based healthcare specialist Quadria Capital is set for a full exit from pharmaceuticals industry supplier Concord Biotech via an India IPO.
Blackstone set for exit from New Zealand's Partners Life
The Blackstone Group will exit its majority stake in New Zealand-based insurer Partners Life following the announcement of a full acquisition of the company by Japan’s Dai-ichi Life Holdings at a valuation of approximately NZD 1bn (USD 645m).
Endeavour United exits Pizza Hut Japan
Endeavour United, a Japanese private equity firm established by the team behind turnaround investor Phoenix Capital, has ended its five-year tenure as owner of Pizza Hut Japan with a sale to Yamae Group Holdings
Navis exits medical cold chain player to US strategic
Navis Capital Partners has sold 100% of B Medical Systems, a Luxembourg-based biotech cold chain provider with significant Asian operations, at an enterprise value of EUR 460m (USD 469m).
Asia agtech: Work in progress
Global food supply issues and local economic realities are driving more capital into Asia’s agricultural technology space, where business models – from marketplaces to deep-tech – are still being proven
Uber, Tiger make Zomato realisations
Uber has fully exited its stake in India-based food services platform Zomato, which completed a domestic IPO just over 12 months ago, while Tiger Global has sold down part of its position.
