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Tag: ipo

  • Deliveroo announces IPO Price Range

    Deliveroo announces IPO Price Range

    Deliveroo is providing an update on trading for the 2 month period January and February 2021 versus the comparable period in 2020.

    GTV – the total amount of transactions it processes on its platform – has grown +121% year on year at the group level in January and February 2021. GTV in the UK and Ireland has grown +130% year on year and GTV in the Group’s other markets has grown +112% year-on-year.

    This follows the Company’s Registration Document, published on 8 March 2021, which showed GTV grew64% in 2020. Fourth quarter 2020 run-rate GTV amounts to over £5 billion. In 2020, underlying gross profit margin as a percentage of GTV grew from 5.8% in 2018 to 8.8%, demonstrating fast growth underpinned by strong unit economics.

    IPO Offer Highlights

    • The price range for the Offer has been set at £3.90 to £4.60 per Share, implying an estimated market capitalisation at Admission of between £7.6 billion and £8.8 billion (excluding any over-allotment shares).
    • We will apply for admission of shares on the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange.
    • The Offer will comprise of new Shares to be issued by Deliveroo (expecting to raise gross proceeds of approximately £1 billion) (“New Shares”) and existing Shares to be sold by certain existing shareholders.

    o    Bringing the food category online represents an enormous market opportunity. The way we think about it is simple: there are 21 meal occasions in a week – breakfast, lunch, and dinner – seven days a week. Right now, less than one of those 21 transactions takes place online. We are working to change that.

    o    We have executed well, from a growth, expansion, and profitability perspective, but we are just truly starting our journey.

    o    We will continue to invest in the innovations that we believe will further enhance our core marketplace for consumers, restaurants and grocers, and riders, while also continuing to further develop our growth businesses, in particular, Editions, Plus and Signature.

    Will Shu, Founder and CEO of Deliveroo, said: 

    “We are proud to be listing in London, the city where Deliveroo started. Becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers, bringing them the food they love from more restaurants than ever before. This will help us in our mission to become the definitive food company. We have enjoyed a strong start to 2021 and we are only at the start of an exciting j

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  • SoftBank-backed Coupang raises $4.2 billion in US IPO

    SoftBank-backed Coupang raises $4.2 billion in US IPO

    Coupang LLC, South Korea’s largest e-commerce company, raised $4.2 billion in the biggest share offering in the United States this year after selling stocks in the IPO above its deal target range, people familiar with the matter said.

    The initial public offering price of $35 apiece, higher than the marketing range $32-$34 per share, gives Seoul-headquartered Coupang, which is backed by Japan’s SoftBank Group Corp, a market value of $60 billion.

    Coupang’s successful share offering comes as the U.S. IPO market is at its strongest in more than two decades and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.

    The IPO is the biggest in the United States this year, surpassing the $2.15 billion raised by dating app Bumble Inc. It also marks a jump in Coupang’s valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook.

    Analysts in South Korea said the strong response to Coupang’s offering was a result of its market-leader position in the country at a time when, like many other e-commerce firms, its sales have grown due to the COVID-19 pandemic.

    “Considering the high level of valuation inherent in the pricing, the market is giving a generous assessment of the company’s achieving the top spot in market share,” said Park Sang-joon, analyst at Kiwoom Securities.

    Coupang was the top-ranked South Korean e-commerce firm in 2020 with 19.2% market share, according to Euromonitor, compared to Naver Corp’s 13.6% and eBay Korea’s 12.8%. It was the 10th largest e-commerce firm in the world, based on retail value excluding sales tax.

    In 2020, Coupang’s net sales jumped 91% year-on-year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year.

    Founded in 2010 by Korean-American billionaire Bom Suk Kim, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank’s $100 billion Vision Fund owns 35.1% of Coupang.

    Achieving a $60 billion valuation would add to good news for the Vision Fund, which is bouncing back from an annual loss in March. Last month, it announced record quarterly profit.

    The company’s shares will begin trading on the New York Stock Exchange on Thursday under the symbol “CPNG.”

    Goldman Sachs, Allen & Co, JPMorgan and Citigroup are the lead underwriters for the offering.

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  • Asia’s Grab considering US IPO this year according to sources

    Asia’s Grab considering US IPO this year according to sources

    Southeast Asian ride-hailing and food delivery giant Grab is exploring a listing in the United States this year, encouraged by robust investor appetite for IPOs, three sources familiar with the matter told Reuters.

    The IPO could raise at least $2 billion, one of the sources said, which would likely make it the largest overseas share offering by a Southeast Asian company.

    “The market is good and the business is doing better than before. This should work well for public markets,” he said.

    The plans, including the size of the issue and timing, have not been finalized and are subject to market conditions, said the sources, who declined to be identified as they were not authorized to speak about the matter.

    Singapore-based Grab declined to comment on the potential IPO.

    Grab, whose backers include SoftBank Group Corp and Mitsubishi UFJ Financial Group, has expanded rapidly from its beginnings as a ride-hailing venture in Malaysia in 2012 to become the region’s most valuable startup worth more than $16 billion.

    The company, which also offers financial services and recently gained a digital bank license in Singapore, said this month that group revenue had recovered to be comfortably above pre-pandemic levels. It has also said its ride-hailing business is breaking even in all its operating markets, including Indonesia, the biggest. It expects its food delivery business to break even by the end of the year.

    The IPO plans would come after merger discussions with Indonesian rival Gojek were dropped.

    Gojek and Indonesian e-commerce leader Tokopedia are in advanced talks for a $18 billion merger ahead of a pote

  • Chinese bubble-tea chain Naixue Tea eyes IPO

    Chinese bubble-tea chain Naixue Tea eyes IPO

    Chinese bubble tea chain Naixue Tea – also known as Nayuki – is eyeing a listing in the US.

    The move could raise around US$400 million in capital, although many important details of the potential offering remain in flux as private discussions continue between the firm and its advisors.

    Naixue, which sells fresh fruit tea, cold-brew tea and cheese-tea blends as well as bakery items, operates more than 230 locations within China. The firm was launched in 2010 by Shenzhen Pindao Restaurant Management.

    Sources familiar with the transaction asked not to be identified, as the potential listing is still being discussed in private. Any plans may be impacted by the current coronavirus outbreak, which is still having a major effect on business within the country.

  • Tealive appoints advisors for IPO

    Tealive appoints advisors for IPO

    Malaysian bubble-tea chain Tealive parent, Loob Holding, has appointed advisors as it prepares for an IPO this year.

    Last year, the company said that it aimed to raise MYR300 million (US$72 million) for Malaysian IPO.

    According to The Malaysian Reserve, however, Tealive’s owner and the operator could raise MYR1 billion based on prior valuation, depending on the market and investors’ view.

    “There will never be the right timing in business, including when to list,” said Bryan Loo, founder and CEO at Loob Holding. “Our ultimate long-term mission is to build Malaysia’s very own global lifestyle tea brand.”

    Managing several F&B brands such as Ko Ko Kai and Define Food, Loob operates more than 500 Tealive outlets. It also has stores in China, Vietnam, Philippines, Brunei, Myanmar, Australia and the UK.

  • Body Shop Malaysia seeking for investment

    Body Shop Malaysia seeking for investment

    Body Shop Malaysia operator InNature Bhd is seeking to raise RM120.6 million (US$25.5 million) in funding from an IPO.

    The firm says some of the funds will be used to fund store network expansion in Vietnam and Cambodia.

    The Body Shop Malaysia business accounts for about 11 per cent of the country’s personal care & cosmetics market. It operates 89 locations in Peninsular Malaysia, Sabah and Labuan, as well as 34 outlets in Vietnam and one in Cambodia.

    “We will be focusing on an omnichannel strategy heavily focused on Natura’s business model of social commerce and e-commerce, which will be supported by a digital platform as well as physical stores for showrooming and raising awareness through customer experience,” the company said in a prospectus filed with Bursa Malaysia.

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  • Philippine grocery MerryMart to raise US$31 million in IPO

    Philippine grocery MerryMart to raise US$31 million in IPO

    Philippines grocery operator MerryMart has filed to raise up to PHP1.6 billion (US$31 million) in its forthcoming IPO.

    The firm is seeking the funds to finance its nationwide expansion program, according to DealStreetAsia. It expects to operate 1200 stores within the territory following its expansion drive, including potential franchises, in an attempt to reach its target revenue of PHP120 billion ($2.36 billion). It will also establish a network of warehouses and distribution centers.

    The firm intends to sell 1.6 million shares – about 21 percent of its total holdings – at PHP1 (2c) per share. PNB Capital and Investment will serve as lead underwriter, issue manager, and book-runner for the offering.

    “Our family initially had no plans to expand the retail business,” said company owner Edgar Sia, “but our recent experiences made us realize the need for us to be in the modern retail business, and we believe we will be in it while the transition from traditional retail to modern retail is still ongoing.”

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  • Thailand’s Central Retail Group confirms IPO launch

    Thailand’s Central Retail Group confirms IPO launch

    Central Group subsidiary Central Retail Corporation, aims to raise up to THB81.1 billion (US$2.7 billion) in an initial public offering (IPO), which will be Thailand’s largest yet.

    Central Retail’s IPO price will range between THB40 to 48 per share. The company will sell up to 22.1 per cent of its stock or 1.69 billion shares with an overallotment option of 169 million shares. Investors can subscribe from February 6.

    Central Retail’s planned offering would be Thailand’s largest on record ahead of the BTS Rail Mass Transit Growth Fund, which raised US$2.1 billion in 2013.

    Funds raised will be used to expand its domestic and international businesses and to pay off debt, according to a spokesperson.

    As part of its listing plans, Central Group will delist its retail subsidiary Robinson PCL and offer a share swap to Robinson’s existing shareholders with no cash alternatives. The share swap will start in late January.

    Central Retail achieved sales of $3.46 billion in the six months to June. Some 43 per cent of that came via its food business, 34 per cent from fashion and the remainder from hardware.

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  • Filipino kiosk chain Fruitas opened more than stores after IPO

    Filipino kiosk chain Fruitas opened more than stores after IPO

    Manila-based food-and-beverage kiosk operator Fruitas has grown its store network to 1036.

    The company, with a portfolio of banners, including Buko ni Fruitas, Juice Avenue, Black Pearl, and Johnn Lemon, has added 106 new stores this year to the 930 it ended last year with.

    Fruitas recently raised 896.55 million Philippine pesos (US$17.6 million) through an IPO, which it says will be used to further expand its network, upgrade existing outlets, develop new concepts, acquire new brands and repay debts.

    “We are happy with the results of the offering of Fruitas. The broker tranche was more than 2.5 times oversubscribed, while the local small investor tranche was a record amount for a Philippine IPO,” says Daniel Camacho, EVP of First Metro Investment Corporation (FMIC), the lead underwriter for the Fruitas listing.

    “The exceptional performance and positive response from the market prove that the public believes in Fruitas’ strong fundamentals and aggressive expansion plans in the country,” added Camacho.

    The company’s expansion plan includes opening 150 to 250 new stores per year through to 2022, as well as two new food parks by 2021.

    Founded in 2002 by Lester Yu, Fruitas now has 24 brands, making it a top player in fruit shakes, lemonade, buco and meat kiosk categories.

    Last year it acquired the Sabroso Lechon business.

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  • Alibaba Group’s Hong Kong IPO confirmed

    Alibaba Group’s Hong Kong IPO confirmed

    Alibaba Group has launched its Hong Kong public offering of 500,000,000 new ordinary shares on the SEHK, raising up to US$13.4 billion.

    Alibaba plans to use the proceeds from the offering for the implementation of its strategies of driving user growth and engagement, empowering businesses to facilitate digital transformation, and continuing to innovate and invest for the long term.

    The listing in Hong Kong will allow more of the company’s users and stakeholders in the Alibaba digital economy across Asia to invest and participate in Alibaba’s growth. In addition to expanding the company’s overall investor base, the offering will tap into substantial new capital pools in Asia and create a nearly round-the-clock market for global investors to trade Alibaba shares.

    “Alibaba is guided by our mission to make it easy to do business anywhere with the vision to be a good company that lasts for 102 years,” said Alibaba Group chairman and CEO Daniel Zhang.

    “We aim to serve global consumers, of which more than 1 billion will be Chinese consumers, and facilitate more than RMB10 trillion of consumption on our platform within the next five years by continuing to pursue our three strategic pillars of globalisation, domestic consumption and big data powered by cloud computing. Hong Kong is one of the world’s most important financial centres and we are grateful for the opportunity to participate in the future of Hong Kong.”

    The total number of shares available under the Public Retail Offering could be adjusted up to a maximum of 50,000,000 new shares, representing 10 per cent of total shares initially available under the offering. In addition, the company expects to grant the underwriters an over-allotment option to purchase up to an additional 75,000,000 new shares.

    The offer price for the Public Retail Offering will be no more than HKD188 (US$24) per share, which will be traded in board lots of 100 shares each.

    The firm’s American depositary shares will continue to be listed and traded on the New York Stock Exchange.

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  • WeWork to open 2 coworking offices in HCMC

    WeWork to open 2 coworking offices in HCMC

    Coworking startup WeWork plans to open two more offices in Ho Chi Minh City’s District 1 this month. One of them will be at Lim Tower 3, and rents will start at VND6.9 million ($297) per month for a single-seat, according to the company’s website. Another will be on Sonatus Building, with prices starting at VND7.8 million ($336).

    The New York-based startup opened its first working space in the city in District 4 in March. WeWork’s move comes in a market that has some serious players with a lot of locations.

    Vietnam’s Toong, backed by private-equity firm Indochina Capital, has 12 locations besides one each in Laos and Cambodia.

    Hanoi company UPGen, with funding from Singapore PE firm Northstar Group last year, has 13 offices in Hanoi and HCMC.

    Coworking spaces are becoming popular in HCMC’s central districts since the limited traditional office space there is unable to meet the burgeoning demand.

    As of the end of September, coworking companies had rented 52 percent of all office space in the central area, including in under-construction buildings, according to a report by real estate firm Savills Vietnam.

    HCMC has been ranked the 41st fastest-growing coworking markets in the world this year by consultancy Co-working Resources, which said a new coworking space opens in the city every 47.5 days.

    WeWork has added 114 new sites in the past four months, according to its website, and is planning to open another 208 in the next few months, bringing its total number to 850.

    The announcement came in the backdrop of the company’s failed IPO amid investor concerns that its valuation was inflated.

    WeWork owed $18 billion in a long-term lease at the end of June and is expected to lay off 4,000 of its more than 12,500 employees

  • Alibaba revives IPO plan, likely to list after 11.11 say sources

    Alibaba revives IPO plan, likely to list after 11.11 say sources

    Alibaba is resuming plans to list on the Hong Kong exchange in a move expected to raise US$10–15 billion.

    Earlier listing plans scheduled for August were put on hold during the recent political unrest in the territory. The firm may now seek a listing as early as this month, with official filings seeking approval for the listing set to occur following its 11-11 shopping event.

    Alibaba held the largest IPO in history in 2014 on the New York exchange, raising $25 billion. It currently has a market capitalisation of about $460 billion.

    Positive development in its e-commerce and cloud businesses saw the firm return better-than-expected profits in the last financial quarter.

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  • Thailand To Shine For IPOs in 2020

    Thailand To Shine For IPOs in 2020

    Amidst growing investor interests in firms focussed on Southeast Asian consumers, Thailand, and the Philippines are seeing a pick-up in initial public offerings (IPOs). Thailand is expected to shine next year, says Credit Suisse.

    Although Singapore still leads on overall first-time share sales in Southeast Asia in 2019, it has achieved this mainly through offerings of real estate and business trusts. In Thailand, 11 companies raised a total of $1.9 billion from January to 4th October, far surpassing the $100 million raised by five firms in the same period a year ago, according to Refinitiv data. The data excludes real estate and business trusts.

    We expect Thailand to be one of the stronger IPO markets in 2020. Some more large IPOs have started preparations this year and are set to list next year, said Ho Cheun Hon, head of Southeast Asia equity capital markets at Credit Suisse.

    Bankers point to the deal pipeline for Thailand next year, which includes fundraising by a subsidiary of the mega-retailer Central Group, a retail arm of oil company PTT and others.

    Ho explains that international fund managers continued to be attracted by the growth in consumption across Southeast Asia.

    On Thursday, Asset World Corporation, the hospitality and property firm listed by Thai billionaire Charoen Sirivadhanabhakdi, and Philippine home furnishing retailer AllHome Corp, would start trading. The two firms have raised $1.6 billion and $285 million, respectively.

    Asset World Corporation was the largest IPO by a Thai firm, while AllHome was the Philippines’ biggest in three years. In the Philippines, Allhome is the third company to tap the local market this year, compared to just one IPO last year.

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  • Topsports China plans IPO

    Topsports China plans IPO

    Chinese sportswear firm Topsports International is set to proceed with an IPO in Hong Kong, despite economic uncertainties and ongoing protests in the city.

    The Belle International subsidiary is expected to launch its IPO this month, provided it qualifies for the listing. It is expected to be raising up to $1 billion from the exercise, which will see it among the few major firms to start trading on the exchange amidst continuing protests.

    The spinoff was first proposed more than a year ago by the company’s private equity owners Hillhouse Capital and CDH who took Belle private in a US$6.8 billion deal in July 2017.

    The prospectus for Topsports’ IPO says the company is China’s largest sportswear retailer in terms of retail sales value. It enjoyed a 15.9 percent market share last year.

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  • Burger King China operator mulls Hong Kong IPO

    Burger King China operator mulls Hong Kong IPO

    Burger King China’s owner is mulling a public listing in Hong Kong which could value the business at around US$1 billion.

    According to sources quoted by international business media, the Hong Kong plan is a fallback after plans to list the business in the US last year were shelved.

    Burger King China is owned by Turkish-based company TAB Food Investments. It currently operates about 1000 stores across 150-plus cities in Mainland China.

    One source said the IPO could raise about $200 million, although a fixed figure has not yet been set and the idea is still under consideration. If an IPO proceeds, it would most likely be early next year.

    TAB Food Investments is the world’s largest master franchisee of the Burger King brand, with more than 1700 stores across China and its home market.

    Asked for comment on the reports, the company’s chairman Erhan Kurdoglu told a journalist: “We always assess IPO possibilities. However, there’s no concrete development on that front as of now.”

    TAB Food Investments also holds the franchise rights for Popeyes Louisiana Kitchen and recently announced plans to roll out more than 1500 outlets in China during the next 10 years.

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