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Tag: ipo

  • Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesian e-commerce firm Bukalapak is keen to raise as much as US$800 million in an initial public offering (IPO) in August, two people with knowledge of the matter said, the first of two big tech listings in Jakarta this year that will add long-sought luster to the local bourse.

    A mid-year debut could see it become Indonesia’s biggest listing in 10 years and the largest ever for the country by a startup. But those milestones will likely later be overtaken by the planned listing of GoTo – a new company to be formed by the merger of e-commerce rival Tokopedia and ride-hailing and payments firm Gojek.

    Tapping a sharp pick-up in investor interest in Southeast Asia’s rapidly expanding technology sector, Bukalapak, the country’s No 4 e-commerce firm, is aiming to sell 10 to 15 percent of the company and wants a valuation of between US$4-5 billion, the people said.

    A confidential listing prospectus has been submitted to the Indonesia stock exchange, one of the sources said.

    Proceeds from the offering could range between US$500 million and US$800 million depending on investor demand and market conditions, said the sources who were not authorized to speak on the matter and declined to be identified.

    Bukalapak, which said in 2019 it was valued at more than US$2.5 billion, declined to comment.

    The 11-year-old startup which claims to have more than 100 million users has a plethora of big-name investors backing it including Microsoft, Singapore sovereign wealth fund GIC, local media conglomerate Emtek, the investment arm of Standard Chartered, and South Korean web portal Naver Corp.

    Bukalapak was originally aiming to raise US$300 million from its domestic listing before looking to merge with a special purpose acquisition company (SPAC) in the United States, but it is now focusing solely on its IPO, one of the sources said.

    The listing, which sources say is set to take place mid-August, is a victory for Indonesia’s bourse which has been conducting an extensive charm offensive to convince the country’s thriving startups to list locally instead of heading to the US.

    Stagnant for many years, Indonesia’s total IPO deal value took a further hit during the coronavirus pandemic, more than halving in 2020 to US$470 million, Refinitiv data showed. So far this year, 15 companies have raised a combined US$125 million via IPOs.

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  • Thai AirAsia plans IPO for capital injection by new investor

    Thai AirAsia plans IPO for capital injection by new investor

    Thai AirAsia’s parent company has disclosed a corporate and capital restructuring plan for the airline, which involves listing it on the Stock Exchange of Thailand (SET) to accept a Bt3.15 billion ($100 million) loan from a new investor.

    Asia Aviation’s board approved the plan on 26 April, it says in a 27 April SET filing.

    The new investor is not connected to Asia Aviation or Thai AirAsia and will provide the funds in the form of a convertible loan agreement or convertible bonds with zero-coupon issued at par, with an approximately three-year term.

    This will be convertible to ordinary shares in Thai AirAsia at an agreed conversion price of about Bt20.4 per share. The conversion period is expected to be after Thai AirAsia receives approval for an initial public offering.

    Should the investor opt not to convert the loan or bonds into shares, it will hold the investment, which bears 3% interest, until maturity as a creditor.

    Asia Aviation says the investor is currently conducting due diligence and expects to complete the process in mid-May.

    It states that the investor wishes to invest directly in Thai AirAsia rather than through holding shares in Asia Aviation. Taking the airline public would also “increase the opportunities for Thai AirAsia to raise funds by itself rather than being dependent on [Asia Aviation] for fundraising”.

    Concurrently, Asia Aviation plans to convert its shareholders into direct shareholders of Thai AirAsia. This entails dissolving and liquidating Asia Aviation and the company says its board has yet to approve this.

    Asia Aviation holds shares equivalent to 55% of Thai AirAsia’s paid-up capital while AirAsia Investment, which is also the airline’s major creditor, holds shares representing 45%.

    Asia Aviation expects the new investor to hold 11.4% of Thai AirAsia X’s expanded shares issued after it goes public.

  • Deliveroo eyes US$10.5 billion listing after some funds steer clear

    Deliveroo eyes US$10.5 billion listing after some funds steer clear

    Deliveroo will price its initial public offering at 390 pence per share, banks working on the deal said on Tuesday, at the bottom end of previously indicated valuations for the food delivery group.

    Food delivery company Deliveroo will price its initial public offering at 390 pence per share, banks working on the deal said on Tuesday, at the bottom end of a previously indicated range for the food delivery group.

    That would indicate an overall valuation of 7.6 billion pounds (US$10.46 billion), less than initially expected, after a string of major UK fund managers said they would not take part, citing concerns about its dual-class share structure and its gig economy business model.

    The listing is covered multiple times over, the bookrunners said, with the deal expected to close at 1200 GMT.

    “Given volatile global market conditions for IPOs, Deliveroo is choosing to price responsibly and at an entry point that maximises long-term value for our new institutional and retail investors,” a spokesperson for Deliveroo said.

    The listing of London-based company, founded by boss William Shu in 2013, is set to be London’s biggest IPO since Glencore’s in May 2011 and also the biggest tech float on the London Stock Exchange.

    Heavyweight investors Aberdeen Standard Life, Aviva, Legal & General Investment Management and M&G have all said they will sit the deal out, amid criticism of its workers’ rights.

    Some of them also question whether the loss-making business can ever justify its valuation.

    Having initially looked for up to 8.8 billion pounds, the British tech firm on Monday went with a narrower price range, indicating a maximum valuation of up to 7.85 billion pounds, citing market volatility.

    Deliveroo’s self-employed drivers have seen a boom in demand during the COVID-19 pandemic, bringing food from otherwise-shuttered restaurants to housebound customers.

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  • Deliveroo confirms IPO Offer Price

    Deliveroo confirms IPO Offer Price

    The Offer Price has been set at £3.90 per Share, equating to a market capitalisation at Admission of £7.59 billion (excluding any over-allotment shares).

    • Commencement of conditional dealings on the London Stock Exchange is expected to take place at 8 a.m. (UKT) on 31 March 2021 under the ticker “ROO” (ISIN: GB00BNC5T391).
    • Deliveroo intends to use the net proceeds from the issue of the new Shares to continue to invest in the growth opportunities available:
    • 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.
    • We have executed well, from a growth, expansion, and profitability perspective, but we are just truly starting our journey.
    • 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: 

    “I am very proud that Deliveroo is going public in London – our home. As we reach this milestone I want to thank everyone who has helped to build Deliveroo into the company it is today – in particular our restaurants and grocers, riders and customers. In this next phase of our journey as a public company we will continue to invest in the innovations that help restaurants and grocers to grow their businesses, to bring customers more choice than ever before, and to provide riders with more work. Our aim is to build the definitive online food company and we’re very excited about the future ahead.”

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  • 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