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Daily Briefs

Daily Brief South Korea: EcoPro Materials, Fadu , Seoul Guarantee Insurance and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Ecopro Materials IPO Prospectus Filed Today: Anticipating Inevitable Valuation Controversy
  • Ecopro Materials IPO Preview
  • KOSDAQ 150 Rebalance Candidates in December 2023
  • Seoul Guarantee Insurance Pre-IPO Peer Comparison – While ROE Lagged, Has Been Overcapitalised


Ecopro Materials IPO Prospectus Filed Today: Anticipating Inevitable Valuation Controversy

By Sanghyun Park

  • The indicative price band is ₩36,200 to ₩46,000. Accordingly, the market capitalization implied by the price band is ₩2.68T to ₩3.40T.
  • The concern arises as to whether Ecopro Materials can consistently deliver a level of profitability that justifies receiving an equivalent valuation multiple to that of Ecopro BM.
  • The timing of this IPO coincides with the ongoing valuation correction in the local battery sector, making the valuation issue the most critical point to watch in this IPO.

Ecopro Materials IPO Preview

By Douglas Kim

  • Ecopro Materials is getting ready to complete its IPO in KOSPI in November 2023. The IPO price range is from 36,200 won to 46,000 won. 
  • The IPO offering amount is from 524 billion won to 666 billion won. The expected IPO market cap is from 2.7 trillion won to 3.4 trillion won.
  • The bankers used four companies including CNGR, Posco Future M (003670 KS), L&F, and Cosmo AM&T (005070 KS) as comps for Ecopro Materials.

KOSDAQ 150 Rebalance Candidates in December 2023

By Douglas Kim

  • In this insight, we discuss the potential inclusion and exclusion candidates for the KOSDAQ 150 rebalance in December 2023. 
  • The 8 lowest market cap stocks in KOSDAQ 150 are among the main candidates to be excluded from the KOSDAQ 150 rebalance in December 2023.
  • Potential inclusions for KOSDAQ 150 rebalance in December 2023 include Fadu, GigaVis, Jeio, PhilEnergy, and Manyo Factory.

Seoul Guarantee Insurance Pre-IPO Peer Comparison – While ROE Lagged, Has Been Overcapitalised

By Clarence Chu

  • Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
  • Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
  • We have looked at the firm’s past performance in earlier notes. In this note, we undertake a peer comparison.

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Daily Brief Singapore: SIA Engineering, StarHub Ltd, Singapore Airlines, Mapletree Industrial Trust, TSH Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Tourism & Hospitality stocks poised to benefit from F1 and large scale events in coming months
  • Global Energy Stocks on the Move in Sep, while Telcos Lead Region
  • Wilmar’s Chairman Kuok & QAF MD Lin Kejian Continue to Build Interests
  • REIT Watch – Four industrial S-Reits among best performing in the year to date
  • TSH Resources – Malaysia’s Leading Palm Oil Producer – Debuts on SGX


Tourism & Hospitality stocks poised to benefit from F1 and large scale events in coming months

By Geoff Howie

  • Singapore received over 9 million tourist arrivals from the start of 2023 to end August, a 204.5% year-on-year increase.
  • The 10 most actively traded stocks in the tourism and hospitality sectors have booked net institutional inflows of S$2 million, and returned an average 2.3% total returns in the year-to-date ending 21 Sep.
  • International visitor arrivals to Singapore in August dipped slightly to 31 million in August, due to seasonality and after school holidays.

Global Energy Stocks on the Move in Sep, while Telcos Lead Region

By Geoff Howie

  • Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region.
  • In Singapore, the trio of most traded energy stocks Rex Int, Geo Energy Resources and RH Petrogas have generated median gains of 8.2%, with a skew to their average gain given Rex International’s 357% gain from 31 Aug through to 22 Sep.
  • These two Sectors have recently been in play, with the past three weeks have seeing energy stocks lead the global stock market, while telecommunication stocks have led the region.

Wilmar’s Chairman Kuok & QAF MD Lin Kejian Continue to Build Interests

By Geoff Howie

  • Wilmar chairman Kuok, QAF MD Lin Kejian continue to build interests OCBC led the share buyback consideration tally, buying back 2 million shares at an average price of S$12.67 per share, followed by Olam Group, which bought back 7 million shares at an average price of S$1.08 per share.
  • Between Sep 13 and Sep 15, QAF joint group managing director and executive director Lin Kejian acquired 945,600 shares at an average price of S$0.824 per share.

REIT Watch – Four industrial S-Reits among best performing in the year to date

By Geoff Howie

  • While the iEdge S-Reit Index (benchmark for the S-Reits cluster) returned flat in the year to date, the top 10 performing S-Reits within the benchmark averaged 11.1 per cent total returns.
  • Of these, four were industrial Reits – AIMS Apac Reit (11.2 per cent in total returns), Mapletree Logistics Trust (9.3 per cent), Mapletree Industrial Trust (7.7 per cent), and CapitaLand Ascendas Reit (7.3 per cent).
  • The four industrial Reits averaged 9 per cent in total returns in the year to date and recorded combined net institutional fund inflows of S$18.9 million.

TSH Resources – Malaysia’s Leading Palm Oil Producer – Debuts on SGX

By Geoff Howie

  • TSH Resources – one of Malaysia’s leading plantation groups – made its debut on SGX through a secondary listing.
  • Through its secondary listing, TSH is aiming to strengthen its presence in Singapore and garner interest from investors and traders worldwide with higher visibility.
  • TSH Resources is a producer of Crude Palm Oil and Palm Kernel, with its oil palm plantations located in Malaysia and Indonesia.

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Daily Brief United States: Airbnb , Palantir Technologies , Akamai Technologies, Blackline Inc, Lyft , Monster Beverage, Viatris, Eog Resources, Iridium Communications, Kroger Co and more

By | Daily Briefs, United States

In today’s briefing:

  • Airbnb Inc.: New Strategies Tapping into Price-Sensitive Travelers! – Major Drivers
  • Palantir Technologies Inc.: Why Their Commercial Business in the US is Soaring! – Major Drivers
  • Akamai Technologies Inc.: The True Reasons Behind the Acquisition from StackPath! – Major Drivers
  • BlackLine Inc.: Launch of AI-Enabled Intercompany Accounting Tool & Other Major Drivers
  • Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers
  • Monster Beverage Corporation: Can The Bang Energy Acquisition Become A Growth Driver? – Major Drivers
  • Viatris Inc.: Unveiling the Power of Popular Brands like Lipitor and Lyrica! – Major Drivers
  • EOG Resources Inc.: Why They’re Bullish on Natural Gas’s Long-Term Prospects! – Major Drivers
  • IRDM: Highlights from Investor Day
  • The Kroger Co.: Will The Partnership With Performance Kitchen Catalyze Revenues? – Major Drivers


Airbnb Inc.: New Strategies Tapping into Price-Sensitive Travelers! – Major Drivers

By Baptista Research

  • Airbnb delivered a solid result and managed an all-around beat in the recent quarterwith over 115 million Nights and Experiences Booked, resulting in revenue of $2.5 billion, marking an 18% year-over-year growth.
  • Net income for the quarter stood at $650 million, reflecting a net income margin of 26%, the highest second-quarter margin ever achieved.
  • Additionally, free cash flow reached $900 million, a 13% increase from the previous year, with a trailing 12-month free cash flow of $3.9 billion and a margin of 43%.

Palantir Technologies Inc.: Why Their Commercial Business in the US is Soaring! – Major Drivers

By Baptista Research

  • Palantir Technologies maintained a GAAP operating income in Q2 and achieved GAAP profitability for the quarter.
  • In Q2, Palantir closed deals in the US commercial market in about 30 sectors, including pharmaceuticals, energy, consumer goods, utilities, health care, construction, automotive, transportation infrastructure, etc.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Akamai Technologies Inc.: The True Reasons Behind the Acquisition from StackPath! – Major Drivers

By Baptista Research

  • Akamai Technologies, Inc. delivered a positive result and managed an all-around beat last quarter.
  • Akamai is pursuing a completely different approach to cloud computing, making it fully distributed with many more points of presence than typical systems provide.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

BlackLine Inc.: Launch of AI-Enabled Intercompany Accounting Tool & Other Major Drivers

By Baptista Research

  • BlackLine, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street.
  • BlackLine generated $145 million in total revenue in the quarter and $31 million in non-GAAP net profitability.
  • BlackLine also completed its largest middle market transaction ever, driven by the demand for cutting-edge solutions to challenging intracompany workflows.

Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers

By Baptista Research

  • Lyft, Inc. delivered significant results in the quarter.
  • Revenue increased by 3% year over year to $1.021 billion.
  • In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.

Monster Beverage Corporation: Can The Bang Energy Acquisition Become A Growth Driver? – Major Drivers

By Baptista Research

  • Monster Beverage Corporation generated below par revenues in the last quarter and its earnings were on par with market expectations.
  • The rise in gross profit as a percentage of net sales was primarily due to price actions, lower freighting expenses, and higher aluminum can costs.
  • Besides that, the company introduced The Beast Unleashed in the quarter.

Viatris Inc.: Unveiling the Power of Popular Brands like Lipitor and Lyrica! – Major Drivers

By Baptista Research

  • Viatris Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.
  • The company exceeded its expectations in the quarter, delivering total revenues of $3.9 billion, or about 2% year-over-year growth on an operational adjusted basis, as well as adjusted EBITDA of $1.3 billion and free cash flow of $447 million.
  • Tyrvaya’s bridge program was improved during the quarter to boost value per script and produce the greatest quarterly TRx launch.

EOG Resources Inc.: Why They’re Bullish on Natural Gas’s Long-Term Prospects! – Major Drivers

By Baptista Research

  • EOG Resources, Inc. managed to surpass the revenue and earnings expectations of Wall Street.
  • This quarter, they emphasized improved drilling performance in the South Powder River Basin, Mowry, and Ohio Utica Combo plays.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

IRDM: Highlights from Investor Day

By Hamed Khorsand

  • The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then
  • IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend
  • We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024

The Kroger Co.: Will The Partnership With Performance Kitchen Catalyze Revenues? – Major Drivers

By Baptista Research

  • The Kroger Co. delivered a mixed result in the recent quarter, with revenues below market expectations but surpassing the analyst consensus regarding earnings.
  • The total effect on operating profit during the second quarter was somewhat positive, and they expect this to continue for the remainder of the year.
  • Besides these results, their healthcare subsidiary, Kroger Health, entered into a collaborative partnership with Performance Kitchen to provide medically customized meals (MTMs).

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Daily Brief Indonesia: Indika Energy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Indika Energy, Tata Steel Thailand


Morning Views Asia: Indika Energy, Tata Steel Thailand

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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Daily Brief India: JSW Infrastructure, Ajanta Pharma, HDFC Bank, Indika Energy, IREDA and more

By | Daily Briefs, India

In today’s briefing:

  • JSW Infrastructure Ltd IPO- Forensic Analysis
  • Ajanta Pharma (AJP IN): Starts FY24 With Healthy Branded Generics Growth and Improving Margins
  • [Week 4] Namaste India 🙏 | HDFC Bank (HDFCB IN) | Asset Quality Concerns, but Why Now?
  • Morning Views Asia: Indika Energy, Tata Steel Thailand
  • Indian Renewable Energy Development Authority Pre-IPO Tearsheet


JSW Infrastructure Ltd IPO- Forensic Analysis

By Nitin Mangal

  • JSW Infrastructure (5978490Z IN) will open up for its IPO subscription this week.
  • The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.
  • While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.

Ajanta Pharma (AJP IN): Starts FY24 With Healthy Branded Generics Growth and Improving Margins

By Tina Banerjee

  • Ajanta Pharma (AJP IN) reported better-than-expected profitability in Q1FY24, due to softening of raw material prices and normalization of freight rates. EBITDA margin expanded 300bps YoY to 26%.
  • Revenue increased 7% YoY to INR10B, driven by superior execution in branded generics business and lesser price erosion in the U.S. 73% of the total sales came from branded generic.
  • Management maintained mid-teen revenue growth and EBITDA margin guidance of ~25% for FY24. Ajanta Pharma has a positive business outlook due to growing branded generic business and niche U.S. launches.

[Week 4] Namaste India 🙏 | HDFC Bank (HDFCB IN) | Asset Quality Concerns, but Why Now?

By Pranav Bhavsar

  • The markets closed below our stop of 19,900, primarily driven by weakness in global market sentiments. 
  • For HDFC Bank (HDFCB IN) while the street seems to be worried about asset quality, trends in whistle-blower complaints and the timing of the merger also raise alarms.  
  • Other names discussed this week include Delta Corp Ltd (DELTA IN) and Godrej Properties (GPL IN).  

Morning Views Asia: Indika Energy, Tata Steel Thailand

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


Indian Renewable Energy Development Authority Pre-IPO Tearsheet

By Ethan Aw

  • IREDA (1845911D IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by IDBI Capital, SBI Capital and Bob Capital.
  • Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). 
  • It is registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit-taking Non-Banking Finance Company (NBFCND-SI), with Infrastructure Finance Company (IFC) status.

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Daily Brief China: Tuhu Car, Zhejiang Leapmotor Technologie, Trip.com, Bank of Jiangsu , Beijing Yuanxin Technology Group Co Ltd and more

By | China, Daily Briefs

In today’s briefing:

  • Tuhu Car IPO Trading – Lukewarm Subscription, Small Float Could Impact Trading
  • Leapmotor IPO Lock-Up – US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot
  • Monthly Chinese Tourism Tracker | ‘Pent-Up’ Travel Demand — Does China Have Any? | (September 2023)
  • Bank of Jiangsu – Fees -33%, Gains +64% Credit Costs -19%, Does Not Suggest Quality Earnings
  • Pre-IPO Beijing Yuanxin Technology Group – Some Points Worth the Attention


Tuhu Car IPO Trading – Lukewarm Subscription, Small Float Could Impact Trading

By Clarence Chu

  • Tuhu Car (2007986D HK) raised around US$151m in its Hong Kong IPO.
  • Tuhu is an integrated online and offline platform for automotive services in China.
  • We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.

Leapmotor IPO Lock-Up – US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

By Sumeet Singh

  • Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.
  • LM is a smart EV company based in China, founded in 2015.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

Monthly Chinese Tourism Tracker | ‘Pent-Up’ Travel Demand — Does China Have Any? | (September 2023)

By Daniel Hellberg

  • August outbound travel activity surged against easy 2022 comps, but offered no surprises
  • The pace of outbound capacity rebuild slowed in August — what do airlines see ahead?
  • Is there really “pent-up” tourism demand among Chinese consumers? We don’t think so

Bank of Jiangsu – Fees -33%, Gains +64% Credit Costs -19%, Does Not Suggest Quality Earnings

By Daniel Tabbush

  • Fee income is down 33% in the most recent quarter which may have prompted the bank to realize gains up 63% in the period to preserve profit growth
  • Quality of earnings is not strong, with more than half of the bank’s pre-tax income delta driven by realized and unrealized gains, with credit cost decline the other key driver
  • Loss NPLs are now 26% of total NPLs, from 11% a few year ago, suggesting worsening credit metrics. Declining credit costs seem at odds with economy, NPL distribution.

Pre-IPO Beijing Yuanxin Technology Group – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • Yuanxin’s financial performance has not improved and it is still in a state of continuous loss. At such low gross margin level, Yuanxin will find it difficult to make money.
  • As China’s retail pharmacy market has entered a new era of integration as the industry growth is slowing down, the challenges Yuanxin has to face would be different from before.
  • When the market pattern has been basically determined, Yuanxin has little chance to break through. Being acquired may be a better outcome. If IPO, valuation would be lower than peers.

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Daily Brief Japan: Kokusai Electric , Toyo Construction, Tsuruha Holdings, Kosaido and more

By | Daily Briefs, Japan

In today’s briefing:

  • Kokusai Electric Pre-IPO – The Positives – Well Established with High Market Share
  • Kokusai Electric (6525 JP) IPO – Index Demand On The Follow
  • YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
  • Activists May Be Pushing Tsuruha Towards a Merger with Welcia
  • Kokusai Electric Pre-IPO – The Negatives – Can’t Avoid the Cycles
  • KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage


Kokusai Electric Pre-IPO – The Positives – Well Established with High Market Share

By Sumeet Singh

  • KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
  • KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
  • In this note, we talk about the positive aspects of the deal.

Kokusai Electric (6525 JP) IPO – Index Demand On The Follow

By Travis Lundy

  • Niche Japanese Semiconductor Production Equipment specialist Kokusai Electric (6525 JP) last Thursday announced the TSE approved its late October IPO (with indicative pricing, shares to be sold, and initial prospectus).
  • This insight looks at initial shareholder structure, selling group, post-IPO shareholder structure with index inclusion timing, and follow-on flow possibilities. 
  • At ¥435bn indicative market cap, it will be the largest IPO in Japan since pre-covid, despite coming in a cycle trough. I expect it will be hot. 

YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share

By Travis Lundy

  • Last night Reuters teased a headline saying the Nintendo Family Office called YFO (and related entities) would raise its proposed takeover price for Toyo Construction to ¥1255/share.
  • Recently, the company had agreed to start an investigation and YFO had dropped its demands for an EGM. In Q1, the company reporetd Revenues +18.6%yoy, reasonably in-line with original guidance.
  • This new price comes at a 1% premium to previous close, and is meant to start discussions. The Board has indicated it will start deliberations tomorrow.

Activists May Be Pushing Tsuruha Towards a Merger with Welcia

By Michael Causton

  • Tsuruha is the latest retailer to come under attack from an activist investment fund. 
  • As with Seven & I, the company fended off demands to shake up its board, crucially with the support of Aeon, its largest stakeholder.
  • The move will likely lead to some careful reconsideration of how Tsuruha and Aeon could work together and may even lead to a Welcia/Tsuruha merger.

Kokusai Electric Pre-IPO – The Negatives – Can’t Avoid the Cycles

By Sumeet Singh

  • KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
  • KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
  • In this note, we talk about the not-so-positive aspects of the deal.

KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage

By Astris Advisory Japan

  • Robust barriers to entry and generating attractive returns – KOSAIDO Holdings is the market-leading funeral services operator in the Tokyo metropolitan area, with a 70% market share in cremations.
  • The company’s robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.
  • The low likelihood of new entrants due to stringent legal and political barriers further solidifies its competitive advantage. 

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APAC IPOs Pipeline & ECM Offerings Monthly Update | Sep 25, 2023

By | ECM, Smartkarma Newswire

Upcoming APAC Transactions:

CompanyCountryIndustryDescriptionBookrunners
ASK AutomotiveThe New Delhi-based supplier to motorcycle makers has sought the Indian market regulator’s approval for an initial public offering in which two of its founders will sell as many as 29.6 million shares, according to its initial prospectus on June 13
Advanced MedTech HoldingsThe medical device maker backed by Singapore’s state-owned investment firm Temasek Holdings Pte has chosen to list in Singapore instead of the US, reported on Sept. 11. A listing in the city-state may take place as early as the end of this year and could value the firm at about $1 billion.Goldman Sachs Group, Morgan Stanley and Oversea-Chinese Banking Corp.
Beijing Taoche TechnologyThe used car sales platform in China is considering raising as much as $200 million in fresh funds, reported on July 28. Taoche is targeting an initial public offering as soon as 2024, and is considering the US among potential listing venues
Busy For YouBusy For You, a Chinese snack shop chain, is considering an initial public offering that could raise $100 million to $200 million, reported on July 24
Cainiao Network TechnologyCainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., is considering an initial public offering that could raise $100 million to $200 million, reported on July 24
Cello WorldThe maker of consumer household products, writing instruments and stationery, along with molded furniture, filed for initial public offering with India’s capital markets regulator, SEBI, according to its draft red herring prospectus on Aug. 15
Changxin Memory TechnologiesThe Chinese chipmaker plans to file for a domestic IPO this year that could value it at more than $14.5 billion, reported on April 20
Charoen Pokphand Group’s unitThe firm is exploring an initial public offering of its seed and animal feed business that could raise as much as $1 billion in Thailand as early as next year, reported on March 16
Charoen Pokphand FoodsThailand’s largest meat producer plans to sell up to a 30% stake in an initial public offering of its distribution unit to raise funds for business expansion, including overseas acquisitions, reported on April 12
China Gas HoldingsThe company is considering spinning off its value-added services unit through an IPO in Hong Kong that could raise between $500 million to $800 million and could come as early as the second half of the year, IFR reported on Feb. 6
Cloudbreak PharmaceuticalChina PharmaThe company is planning an IPO as large as $200 million in Hong Kong this year, IFR reported on March 21, citing unidentified people familiar with the matter
CloudMindsThe SoftBank-backed, artificial intelligence-powered robot developer is considering a Hong Kong initial public offering that could raise as much as $500 million, reported on March 7CICC, Haitong
Concord BiotechThe Ahmedabad-based pharmaceutical ingredients maker’s IPO received bids for about 364.3 million shares, compared with 14.65 million on sale, on last day of the offering Aug. 8, according to stock exchanges data
Cowell HealthThe  Chinese drugstore chain backed by Hillhouse Capital has selected banks for its Hong Kong initial public offering that could raise more than $500 million, reported on March 21
DeepBlue TechnologyThe self-driving vehicles AI company is planning to raise up to $500 million from a Hong Kong IPO this year, IFR reported on March 14
Deewin TianxiaChina Automobile Service ProviderThe company is considering to start taking investor orders for its planned Hong Kong IPO, News reported. It’s planning to raise slightly more than $100 millionChina Securities International
DidaThe firm is considering raising about $200 million through its planned Hong Kong IPO, reported on Feb. 20, paving the way for the first listing by a Chinese ride-hailing startup since Didi Global’s ill-fated share sale in 2021
Dmall E-commerceChina E-CommerceThe online retail service provider could raise between $100m and $200m in its Hong Kong initial public offering, IFR reports
Doms IndustriesThe Indian stationery company has sought the market regulator’s approval for an initial public offering that aims to raise as much as 12 billion rupees, according to its draft prospectus.
Dongwon GroupDongwon Group is seeking review over IPO of 3 units in an effort to raise funds to purchase HMM, Maeil Business Newspaper says on Sept. 18. Dongwon is considering IPO of US unit StarKist, Dongwon Loex, Dongwon Home Food
Doosan RoboticsThe company raised 421.2 billion won ($319 million) after pricing South Korea’s largest initial public offering this year at the top of a marketed range on Sept. 19. It expects to have a market capitalization of 1.68 trillion won after listing on the Kospi Index on Oct. 5, it said.
Eco-Shop MarketingMalaysia RetailThe budget retail chain in Malaysia is weighing an initial public offering in Kuala Lumpur that could raise as much as 800 million ringgit, reported on March 15
ESR GroupESR Group is considering a listing of three logistics projects through a publicly offered infrastructure securities investment fund on the Shanghai Stock Exchange
FirstMeridian Business ServicesThe company sought regulatory approval for an IPO that could raise as much as 8 billion rupees, according to a draft red herring prospectus on issue manager IIFL’s websiteJM Financial, DAM Capital Advisors, Edelweiss Financial Services and IIFL Securities
Five Star Business FinanceThe firm is aiming to launch a domestic IPO of up to 27.5 billion rupees late in October, IFR reported on Oct. 7. The offering will comprise entirely secondary shares from shareholders including Sequoia Capital India, TPG Capital, Matrix Partners India and Norwest Venture PartnersEdelweiss, ICICI Securities, Kotak, Nomura
Beijing Fourth Paradigm TechnologyBeijing Fourth Paradigm Technology offers about 18.4 million shares at HK$55.60-HK$61.16 apiece in Hong Kong initial public offering, according to statement to Hong Kong stock exchange on Sept. 18CICC
Foxtron Vehicle TechnologiesTaiwan VehiclesFoxtron Vehicle Technologies, jointly established by Hon Hai and Yulon, plans to raise at least NT$10b at a list price of not less than NT$70 in the first quarter of this year, Economic Daily News reports, citing unidentified people in the industry.
GAC AIONGuangzhou Automobile’s EV unit has picked CICC and Huatai United Securities for a Shanghai STAR IPO, IFR reported on April 20, citing people it didn’t identify
Genesis MedTech GroupThe Singapore-based medical device company has selected advisers for a potential initial public offering in Hong Kong, reported on July 11CITIC Securities, Goldman Sachs, Morgan Stanley
GCashGlobe Telecom Inc., the Philippines’ second-biggest telecommunications company, expects its e-wallet unit GCash to be ready for an initial public offering by yearend, President and CEO Ernest Cu said on June 8
Global HealthThe operator of hospitals under the Medanta brand has set a price range of 319 rupees to 336 rupees per share for an IPO set to raise about 22.05 billion rupees, according to an advertisement in the Financial Express newspaper on Oct. 28
GoodMeThe company, known as Gu Ming in Chinese, picked Goldman Sachs and UBS to arrange a Hong Kong IPO of about $300m, IFR reports on June 29. IPO expected early 2024
Guangdong Anda Automation SolutionsThe automation-machines maker is set to conduct price consultation for a proposed 1.17 billion yuan IPO in Shanghai, IFR reportedCICC
Guangdong Ubridge New Material TechnologyThe refiner of minerals including titanium and zirconium, is considering a Hong Kong initial public offering that could raise about $300 million, reported on July 27BNP Paribas, China Securities International
Guizhou Guotai Liquor GroupThe Chinese white liquor brand is considering a Hong Kong IPO that could raise more than $500 million as soon as this year, reported on Feb. 8
Guoquan FoodShanghaiThe hotpot and barbecue ingredient supermarket chain has filed for an initial public offering in Hong Kong. The company is considering raising $300 million to $500 million in the share sale, reported on April 3Huatai Securities, China International Capital Corp.
Haidilao InternationalChina’s largest hotpot restaurant chain is considering listing its overseas business in Hong Kong by way of introduction, according to a filing in July
Happy ForgingsThe company is planning to raise as much as 12b rupees in a domestic IPO, Economic Times reports on May 26, citing unidentified person with direct knowledge of the matter.
Hanwha REITThe real estate investment trust is seeking to raise 116b won in a initial public offering, listing shares in late March, according to a statement on March 2
Haomo Zhixing TechnologyThe self-driving unit of China’s Great Wall Motor Co., is considering to raise as much as $400m in a Hong Kong IPO next year, IFR reports on July 26, citing unidentified people with knowledge of the matter
HealthVista IndiaThe Bengaluru-based company has filed a prospectus with India’s markets regulator to raise as much as 2 billion rupees selling new shares at a face value of 1 rupee each, according to a copy of its draft red herring prospectus on July 1SBI Capital, IIFL Securities, JM Financial
Hozon New Energy AutomobileThe manufacuter of affordable electric vehicles in China is considering filing for its $1 billion Hong Kong initial public offering as soon as June, reported on June 1ABCI, CMBI,CICC, Citic Securities, Morgan Stanley
IndegeneIndegene is planning a domestic IPO of around $400m early this year, IFR reportedCitigroup, Kotak, Nomura
India Shelter FinanceThe lender to buyers of affordable homes, seeks to raise as much as 10 billion rupees selling new shares in an initial public offering, according to a draft prospectus on Aug. 9ICICI Securities, Citi, Kotak Mahindra Capital, Ambit
Indorama VenturesThe acquisitive Thai chemicals company is considering a US initial public offering of its integrated oxides and derivatives business that could raise about $1 billion, reported on March 17
iQiyiThe firm is again exploring a second listing in Hong Kong just as China’s answer to Netflix Inc. looks on track to reverse years of losses. The company is now working on “technical details” for a Hong Kong share float, CEO Gong Yu said in an interview on May 25
IspaceThe Japanese lunar exploration startup , which partnered with Elon Musk’s SpaceX to deliver its lander to the moon, will list on the Tokyo Stock Exchange’s Growth Market on April 12. Market cap at the time of the IPO would be around 19.2 billion yen, based on the indicative price of 244 yen/share
JD.com unitsJD.Com is weighing an option to list its logistics property and industrial e-commerce units, which could each raise about $1b from an IPO, IFR reported on Jan. 13, citing unidentified people
JSW InfrastructureJSW Infrastructure has set the price range for an IPO at 113 rupees to 119 rupees to raise as much as 28b rupees, IFR reported on Sept. 18, citing a term-sheet
iMotion Automotive Technology SuzhouThe Chinese developer and provider of AI automated driving solutions is considering a Hong Kong IPO that could raise up to $300 million this year, reported on March 1CCB International, Citigroup, Huatai Securities
Infrabuild AustraliaThe firm has taken pitches from investment banks to re-list on the ASX, AFR reported
ITCThe cigarette maker is planning to list its hotels business in the next six to nine months, The Economic Times reported on Aug. 5 citing people familiar with the matter
Ito-YokadoJapan SupermarketSeven & i Holdings will seek to list its supermarket business that will have Ito-Yokado at its core, Kyodo reported CEO Ryuichi Isaka as saying on April 27
Jianzhi Education TechnologyThe firm filed to offer 5 million American Depositary Shares in a Nasdaq IPO, pricing them between $5-$7 each
Jio Financial ServicesReliance Industries Ltd. is planning to list its digital financial services unit as soon as October, reports on April 28
JM BaxiThe firm intends to file for IPO of as much as 25b rupees ($320m), IFR reportedAxis Capital, Bank of America, Credit Suisse and Kotak
KK GroupChina RetailerThe Chinese retailer has filed for an IPO in Hong Kong, according to pre-listing documents posted on HKEX website on Jan. 20Morgan Stanley, Credit Suisse
Kokusai ElectricKKR targets a Tokyo IPO for Kokusai Electric Corp., Reuters reports, citing people familiar with the matterSMBC Nikko Securities, Goldman Sachs
LenskartThe SoftBank-backed company is planning an initial public offering within 48 months, CEO Peyush Bansal said in an interview to TV on July 14
LFM PropertiesPhilippines’ Securities and Exchange Commission said it has approved LFM Properties’ plan to list on the stock exchange by way of introduction
LS CableThe firm signed agreement with KB Securities and Kiwoom Securities to arrange an IPO on South Korea’s Kosdaq market, Seoul Economic Daily reported on April 4, citing LS Cable
Longfor Intelligent LivingThe unit of Chinese developer Longfor Group Holdings Ltd. got the green light for an IPO in Hong Kong of around $1 billionCCB International, CICC, HSBC, JPMorgan
Lu DaoPei Medical GroupThe Chinese hematology healthcare services provider submitted pre-listing documents with the Hong Kong stock exchange, according to a filing on July 6
Metro Pacific HospitalThe Philippines’ largest private hospital group, backed by KKR & Co. and Singapore’s sovereign wealth fund GIC, is considering reviving an initial public offering in Manila that could raise $500 million to $1 billion, reported on Feb. 23
Midea GroupThe home appliance giant has selected Bank of America Corp. and China International Capital Corp. to arrange its planned Hong Kong listing, reported on Aug. 10
MobvoiThe Chinese artificial intelligence company and smart device maker has selected banks for a Hong Kong initial public offering that could raise about $200 million to $300 million, reported on May 10
MolycopAmerican Industrial Partners are hiring Goldman Sachs to take Molycop public, Australian Financial Review reports on May 1
MomentaChinese self-driving firm Momenta is considering an IPO in Hong Kong or US that could raise as much as $1 billion as early as this year, IFR reported on March 6
New Ruipeng Pet GroupThe largest pet care platform in China said it intends to apply to list ADSs on the Nasdaq under the symbol “RPET.” It filed for an IPO with size of $100 million, News reported on Jan. 24
Newlink GroupChina EnergyThe Chinese energy startup, which planned for a Hong Kong IPO last year, is opting for a US listing instead that could raise about $400 million, IFR reported on March 1Bank of America, BNP Paribas, CMB International, Morgan Stanley
NexteelThe steel products manufacturer has won listing approval for a Korea Exchange IPO, IFR reported on June 27, citing unidentified people familiar with the situation
Nexus Select TrustIndia ReitA 32 billion-rupee initial public offering of the real estate investment trust that houses Blackstone Inc.’s Indian shopping mall portfolio will be open for subscription between May 9-11
Ningbo Ronbay New Energy TechnologyChinese billionaire Bai Houshan’s Ningbo Ronbay New Energy Technology Co. is mulling plans to separate its Korean operations from its Shanghai unit, the Financial Times reports on Aug. 22, citing three unidentified people familiar with the matter
Ola ElectricThe EV maker will hold talks from June 19 with investors in the US and Singapore about its IPO, Reuters reported on June 9, citing two unidentified people with direct knowledge
OMS GroupMalaysia CablesThe Malaysia-based company that installs cable underwater, is weighing a listing in Kuala Lumpur as soon as 2023 that could raise as much as $300 million, News reported on July 27
Orca Cold ChainOrca and its owners plan to sell 1.48 billion shares at up to 0.88 pesos each in a 1.3b-peso IPO, according to a statementInvestment & Capital Corp
Oyo HotelsOyo Hotels is reducing the shares it aims to sell via a stock-market debut by about two-thirds, an effort by its founder to get the sale done even after tech valuations plunged, reported on March 27
Symmetry GroupIPO book building was oversubscribed by 1.56 times, according to data on the Pakistan Stock Exchange website on Aug. 9. The indicative price is 4.3 rupees per share after a price range of 4.25-4.67 rupees
PayPaySoftBank Group Corp.’s telecom arm is exploring a US listing for its loss-making PayPay mobile payments business, Reuters reported on July 12, citing unnamed sources familiar with the matter.
PayUProsus-backed digital payments company PayU has invited bids from banks to manage a $500m–$1b domestic IPO of its India business, IFR reported on Sept. 4
PhonePeWalmart Inc.-owned digital payments brand PhonePe is seeking to raise as much as $1 billion from General Atlantic and existing investors including Tiger Global Management, Qatar Investment Authority and Microsoft Corp.
Pinkfong CompanyThe producer of “Baby Shark” viral YouTube video said in May it will keep reviewing the appropriate timing for an IPO, prioritizing the company’s continued growth
Pupuk KaltimThe firm plans for a $500m to $1 billion domestic IPO this year, IFR reports on Jan. 4. It’s working with Citigroup and Credit Suisse on the deal, and more banks are likely to join the syndicate
Qualitas SemiconductorThe company is offering 1.8m shares at 13,000 won-15,000 won each in an initial public offering in Seoul, reported on Sept. 20
Rakuten’s credit card unitRakuten Group Inc. is considering taking its credit card unit public to streamline its operations in the face of climbing mobile losses, public broadcaster NHK reported on Aug. 10
RedoxThe Australian chemical distribution firm has priced its initial public offering at A$2.55 per share for an offer size of A$402 million, setting up the country’s largest listing this year, reported on Aug. 6. The listing is slated for July 5
REPT Battero EnergyThe Chinese battery maker for electric vehicles has lined up banks to arrange its planned Hong Kong initial public offering, which could raise as much as $1 billion as soon as the first half of this year, reported on Feb. 15Credit Suisse, Morgan Stanley, Citic Securities
Repower Energy DevelopmentThe firm plans to sell 200m primary shares at 5 pesos each, it says in a Philippine Stock Exchange filing on June 23
R R KabelThe Mumbai-based maker of electric cables and switches sought the approval of India’s capital markets regulator SEBI for an initial public offering that includes an issue of new shares worth as much as 2.25 billion rupees, according to draft papers on May 8
Sai Silks KalamandirThe Hyderabad-based firm has filed a prospectus with India’s markets regulator to raise as much as 6 billion rupees through the sale of new shares at 2 rupees each, according to its draft red herring prospectus
Samhi HotelsThe company’s initial public offering will also include the sale of as many as 13.5m shares by holders including Blue Chandra Pte, according to a document available on issue manager Kotak’s website on Sept. 6
SBFC FinanceThe company set a price range of 54 rupees to 57 rupees per share for an IPO that could raise as much as 10.25 billion rupees, according to an ad in the Financial Express newspaper on July 29ICICI Securities Ltd., Axis Capital Ltd., Kotak Mahindra Capital Co.
SBI Sumishin Net BankThe venture between SBI Holdings and Sumitomo Mitsui Trust Ban will list on the Tokyo Stock Exchange’s standard segment on March 29, according to a filing to Japan’s Finance Ministry
Samhi HotelsThe initial public offering of Goldman Sachs-backed Samhi Hotels Ltd. received bids for more than 333 million shares on the last day of its offering Monday, compared with 62.53 million on sale, according to stock exchanges data on Sept. 18
Senco GoldThe company filed a prospectus for an IPO of up to 5.25 billion rupeesAmbit, IIFL Securities, SBI Capital Markets
Semiconductor Manufacturing ElectronicsShaoxingThe chip foundry backed by China’s top semiconductor firm is set to raise $1.4 billion as Beijing ramps up efforts to finance its tech race against Washington, according to a filing on April 25
Seoul Guarantee InsuranceThe insurance firm has set a price range of 39,500-51,800 won per share for its IPO in South Korea, according to IPO prospectus filed to regulator on Sept. 12Mirae Asset, Samsung Securities
Sichuan Baicha BaidaoThe company has applied for a Hong Kong IPO, according to pre-listing documents posted on HKEX website on Aug. 15CICC
SF HoldingThe Chinese courier giant said the proposed secondary listing in Hong Kong will increase its competitiveness, according to an exchange filing on Aug. 1. The plan is subject to shareholders’ approval as well as regulatory approvals in Hong Kong and China
Shandong Taishan BeerThe firm is considering a Hong Kong IPO that could raise up to $300 million, reported on Feb. 24
Shanghai Duoning BiotechnologyThe company filed pre-listing documents with the HKEX, according to a statement on March 31Morgan Stanley, BofA Securities, Huatai
Shenzhen Cloudsky TechnologiesChina Computing ServicesThe digital storage and computing service provider is considering an IPO that could raise about $200 million as soon as this year, reported on Feb. 24
Shiyue DaotianThe company filed pre-listing documents with the HKEX on Friday, according to a statement on March 31.
Sichuan Kelun-Biotech BiopharmaceuticalSichuan Kelun-Biotech Biopharmaceutical is offering 22.4 million shares at HK$60.60-HK$72.80 each in a Hong Kong initial public offering, reported on June 28
SignatureGlobalThe firm is seeking the approval of India’s stock market regulator SEBI to raise as much as 7.5 billion rupees in an initial public offering, according to a draft red herring prospectus in JulyICICI Securities, Axis Capital. Kotak Mahindra Capital
Sinar Eka SelarasThe electronics and sporting goods retailer, a unit of Erajaya Swasembada, will offer as much as 1.04b shares or 20% stake at a price range of 370-410 rupiah per share in an IPO, according to its prospectus on July 14
SinotransThe company plans to apply for the issuance and listing of a publicly traded real estate investment trust fund for infrastructure assets on the Shanghai Stock Exchange
Smilegate RPGVideo game developer Smilegate is considering a Korea Exchange IPO for its Smilegate RPG unit as early as 2023, IFR reported on July 26Morgan Stanley and Huatai International
Sunwoda Electronic Vehicle BatterySunwoda Electronic plans to spin off its EV battery unit for a separate listing on the ChiNext board on the Shenzhen Stock Exchange, according to a filing on July 14
SyngentaSyngenta Group has approached a number of Middle Eastern sovereign funds as it seeks cornerstone investors for its 65 billion yuan ($9 billion) initial public offering, reported on July 14
T20 HoldingsSingapore Power Generation SolutionsThe company filed in July for an initial public offering on the Nasdaq, saying it has applied to list shares and warrants under the symbols “TWEN” and “TWENW,” respectivelyEF Hutton
Tata TechnologiesThe company has sought approval from India’s markets regulator for an IPO in which its parent carmaker Tata Motors Ltd. and other investors will sell as many as 95.7 million sharesJM Financial, Citigroup Global Markets India, BofA Securities India
Thai Credit Retail BankThe microfinance lender is planning a Bangkok IPO of up to $400m, IFR reported on July 20Bualuang Securities
Tian Tu CapitalChina Private EquityThe private equity investor and fund manager filed pre-listing documents with the HKEX, according to a filing to the HKEX on March 31JPMorgan, Huatai, BOCI Asia
Trade and Development Bank of MongoliaThe lender plans to raise about 83.5 billion tugrik in an initial public offering, the exchange said in a statement on Wednesday
Trial HoldingsThe Japanese conglomerate has set an indicative price of 2,000 yen per share for an initial public offering in Tokyo that seeks to raise 51.4 billion yen ($374m), IFR reported on March 8Daiwa, Morgan Stanley
T. S. LinesTaiwan Container ShippingThe Taiwan-based company is planning to raise up to $300 million through a Hong Kong IPO in the second half, IFR reports on May 3
Tsinghua Unigroup Co.The company’s new owners are exploring ways to stave off creditors after completing a $9 billion takeover, including industrial property sales and floating fast-growing business units such as a local rival to Qualcomm Inc., reports on Jan. 16
TuhuThe Tencent-backed firm is offering 40.6 million shares at HK$28.00-HK$31.00 apiece in its Hong Kong initial public offering, according to statement to Hong Kong stock exchange on Sept. 14. Trading expected to begin on Sept. 26Goldman Sachs, CICC, UBS, BofA
UBTech RoboticsChina RoboticsThe firm is planning to raise about $500m–$700m from a Hong Kong IPO this year, IFR reported on Feb. 23, citing unidentified people
UpsonPhilippines Computer RetailerThe computer retailer said it is looking to price its initial public offering on Feb. 28 as it obtained local bourse approval for a 4.88b-peso initial share sale, according to a statement on Jan. 30
Updater ServicesUpdater Services Ltd. has set a price band of 280 rupees-300 rupees a share for its initial public offering that could raise as much as 6.4 billion rupees, according to an advertisement in the Financial Express newspaper on Sept. 21
Valiant LaboratoriesThe company will launch its IPO of as much as 10.9 million fresh equity shares, the company said in a filing Monday. Anchor investor bid period, if any, Sept. 26; Issue will open on Sept. 27 and close on Oct. 3
VietcombankJSC Bank for Foreign Trade of Vietnam, known as Vietcombank, is seeking advisors for a plan to raise about $1 billion to boost its capital, reported on June 1
Virgin AustraliaBain Capital has picked the top arrangers for Virgin Australia Airlines Pty Ltd.’s initial public offering, which could be one of the country’s biggest listings this year, reported on Feb. 16Goldman Sachs, UBS, Barrenjoey Capital Partners
Visen Pharma ShanghaiThe Chinese biotech company submitted pre-listing documents with HKEX, according to a filing to the bourse on Aug. 17Morgan Stanley and Jefferies are joint sponsors
VKTR TeknologiThe electric vehicle trading firm seeks to raise up to 1.14t rupiah through the sale of as much as 8.75b shares in an IPO, according to a prospectus on May 25Samuel Sekuritas, Ciptadana, Trimegah Sekuritas
Wuhu Urban Construction GroupThe company submitted pre-listing documents to HKEX, according to a filing on the bourse’s website on Aug. 1Orient Capital is sole sponsor
XacBankThe Mongolian bank plans to raise 35.7 billion tugrik through the sale of shares in an IPO, according to a statement from the country’s stock exchange on May 26Ulzii & Co. Capital, RHINOS Investment
Xiamen International BankXiamen International Investment submits pre-listing documents with HKEX, according to a filing to the bourse on July 13
Xiamen Yan Palace BioengineeringThe Chinese edible bird’s nest producer is considering a Hong Kong initial public offering that could raise about $200 million, reported on May 5
Xinyi SolarThe board of the Hong Kong-listed company approved the proposed listing of yuan shares on Shenzhen’s ChiNext Market, according to statement to Hong Kong stock exchange on Oct. 21Guotai Junan
Yatra OnlineThe operator of flights and hotels booking portal is expecting to raise as much as 7.75 billion rupees. It received bids for about 49.9 million shares, compared with 30.94 million on sale, according to stock exchanges data on Sept. 20
YLAB CorporationThe company is offering 3m shares in an initial public offering in Seoul that’s set to raise up to 24b won, according to terms of the deal obtained by News on June 12
ZiroomThe Chinese home rental platform is considering a Hong Kong IPO that could raise about $1 billion as soon as this year, reported on March 8Citic, Goldman Sachs, Morgan Stanley

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Delayed deals:

CompanyCountryIndustryDescriptionBookrunners
Amman Mineral InternasionalThe firm pushed back its domestic IPO launch to 2Q because of volatile market conditions, IFR reported on March 16, citing people it didn’t identify with knowledge of the transaction.CLSA
API HoldingsThe owner of India’s largest online pharmacy PharmEasy has withdrawn its preliminary filing for an IPO, citing market conditions and strategic considerations
Bank SumutIndonesia BankThe Indonesian lender decided to delay its IPO after taking into account market conditions, reports Kompas.com, citing Bank Sumut Corporate Secretary Agus Condro Wibowo
Bharat FIHFIH Mobile says it has decided to delay the timetable for the proposed spinoff of its subsidiary Bharat FIH in view of current market conditions, according to a statement to the Hong Kong stock exchange on Oct. 20Kotak Mahindra Capital, Citi, BNP Paribas, HSBC
Big C SupercenterThe supermarket and convenience store company controlled by Thailand’s richest person postponed a planned initial public offering on Aug. 29, citing market conditions. Big C was seeking to raise about $1 billion in its first-time share sale, News reported in January.
Aakash Educational ServicesByju’s seeks to have the stock-market debut of its tutoring unit next year, later than it had previously envisaged as the Indian education-technology company struggles with financial challenges, according to a statement on June 5.
CrownXMasan Group is still working on a listing plan for its unit The CrownX, but may delay the IPO by 12-18 months to 2024-2025 due to market conditions, CEO Danny Le says on April 24
Earth TechnologyJapanese IT solutions provider Earth Technology Group cancels a planned new share sale to list on the Tokyo Stock Exchange due to factors including “recent stock market conditions.” The company had planned to list on the TSE’s growth market on Oct. 6
FabindiaThe company has shelved an IPO due to low valuations, IFR reported on Feb. 27, citing unidentified people familiar with the matter
Fedbank Financial ServicesFederal Bank’s unit Fedbank Financial Services Ltd. is planning an IPO that will include issue of new shares and an offer for sale by the lender, according to a statement to exchanges on July 18
FreshippoAlibaba Group Holding Ltd. is putting a potential Hong Kong initial public offering of its Freshippo grocery chain on the backburner amid weak sentiment for consumer stocks, reported on Sept. 8.
FWD Group HoldingsFWD Group Holdings Ltd. has refiled pre-listing documents with the Hong Kong stock exchange, according to a filing on the bourse’s website on March 13Morgan Stanley, Goldman Sachs, CMB International, JPMorgan
Growatt TechnologyGrowatt Technology has delayed its IPO launch in Hong Kong as market sentiment remains challenging, IFR reports on May 29, citing unidentified people with knowledge of the matterCICC, Credit Suisse
Honasa ConsumerMamaearth’s parent Honasa Consumer has decided to put an initial public offering of its Indian skincare startup on hold due to market conditions, Reuters reported on March 27
Hyundai Samho Heavy IndustriesKorea Shipbuilding withdrew plan to list shares of Hyundai Samho by ending a contract with South Korean private equity fund IMM, Yonhap reports on Jan 3, citing the shipbuilder. IMM PE signed a deal with Korea Shipbuilding in 2017 to buy Hyundai Samho shares under the condition of IPO
K BankThe South Korea-based online lender has decided to delay its IPO, given weak investment sentiment, Yonhap News reported on Feb. 2, citing the bankNH Investment, JPMorgan and Citi
Kakao PiccomaKakao Corp. dropped plan to list operator of global webtoon platform Kakao Piccoma and will seek extra investment for Kakao Entertainment, Seoul Economic Daily reported on Feb. 16, citing unidentified investment banking sources
KurlyThe maker of a Korean mobile app for delivering fresh groceries decided to delay its IPO amid weak investment sentiment due to worsening global economic condition, reported on Jan. 4
OasisThe South Korean grocery delivery app that competes with US-listed Coupang Inc. decided to withdraw what was expected to be the nation’s largest initial public offering in five months amid difficulty in reaching expected valuation, according to a statement on Feb. 13
Olam Agri HoldingsOne of Asia’s biggest agricultural commodity traders said the listing of its agribusiness unit in Saudi Arabia won’t be completed by the first half of the year as planned, according to a statement on May 30
Pertamina Hulu EnergiThe unit of state-owned energy company Pertamina will delay its IPO due to market and oil price situation, said Deputy State-Owned Enterprises Minister Kartika Wirjoatmodjo by text message on July 26Credit Suisse, Citi
PKH VenturesPKH Ventures has withdrawn its initial public offering due to lack of demand from funds, according to a public notice in the Financial Express newspaper on July 5
SM Prime HoldingsThe Philippine builder said on Aug. 17 it plans to defer a planned maiden share sale for its REIT into 2024, confirming a statement by an executive at its parent SM Investments
Shanghai Biren Intelligent TechnologyThe Chinese chip startup is considering an initial public offering in Hong Kong as soon as this year, reported on July 18, aiming to capitalize on a wave of local clients turning to its AI chips as an alternative to banned Nvidia Corp. silicon
Siam Cement’s chemicals unitSiam Cement Pcl, one of Thailand’s largest industrial conglomerates, scrapped a proposed initial public offering for its chemicals unit on Aug. 28, citing unfavorable market conditions.
Star Plus LegendStar Plus Legend decided to postpone its global offering in Hong Kong, the company said in a statement to HKEX on June 9. Application fees will be refunded in full without interest
Zhong An Intelligent Living ServiceThe firm pulled a Hong Kong IPO of as much as $29 million because of market conditions, IFR reports on Jan. 12, citing unidentified people

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