It's safe to say that 2022 has been a slow year for IPOs, with the third quarter being one of the worst initial public offerings in a decade!
That could also be applied to Asia, where many companies IPOs underperformed because of hawkish monetary policies. Some enterprises even postponed going public until 2023!
Still, the sun always shines after the storm. That means you can expect to see large IPO deals approaching. So, what are the upcoming IPOs in Asia? Stick around to find out!
While they are based in Basel, Switzerland, ChemChina, a Chinese state-owned enterprise, acquired Syngenta in 2017.
The Chinese-acquired company specializes in agriculture science. Their primary products include seeds, fertilizers, pesticides, herbicides, and fungicides.
Syngenta plans to go public by the end of 2022 in the STAR Market. For those who don't know, STAR Market is a Chinese science and technology stock exchange market in Shanghai. It's the equivalent of America's Nasdaq stock market.
Syngenta is worth around $50 billion without debt, and its IPO launch is estimated to raise $9.7 billion globally. Investment banks involved in Syngenta going public are CITIC Securities, China International Capital Corp. (CICC), and Bank of China.
As the name implies, Weilong Delicious is a popular, spicy snack food enterprise based in Luohe, China. The company will launch its IPO on the Hong Kong stock exchange.
The spicy snack company plans on offering up to 96,397,000 shares, each costing 11.40 HKD. As a result, Weilong Delicious expects to raise around $141 million.
Weilong Delicious' expected IPO pricing date is December 8. As for disclosing the allocation results, the Chinese spicy snack company will share the IPO results on December 14. Plus, Weilong shares will be available on the stock market on December 15.
In case you're wondering, several banks will participate as joint book-runners of Weilong's IPO, including:
● UBS AG (Hong Kong Branch)
● Morgan Stanley Asia
● CICC
● Hong Kong Securities
● BNP Paribas Securities (Asia)
● Futu Securities International (Hong Kong)
● CCB International Capital
OfBusiness is an Indian start-up FinTech company. Founded by two entrepreneurs, Asish Mohapatra and Ruchi Kalra, the Indian company mainly deals with the manufacturing and infrastructure sectors.
The FinTech start-up helps companies buy raw materials, like metals, chemicals, and other building materials, at a competitive price. Plus, they provide efficient delivery services.
With an expected revenue run rate of $6 billion by March 2023, it's easy to see why OfBusiness is discussing raising $2 billion in an IPO.
At those numbers, OfBusiness is set to be India's largest tech IPO debut since Paytm. The eagerly anticipated IPO launch is estimated to happen between the end of 2022 and two years later.
Among the banks and investment firms backing OfBusiness's IPO launch are SoftBank, Matrix Partners, and Falcon Edge.
K Bank is South Korea's first-ever internet-only bank. Originally, K Bank wanted to launch its IPO by the end of 2022. That decision came after passing the preliminary examination for the IPO listing in September.
Targeting to raise around $1 billion, K Bank would have been Korea's second-biggest IPO in 2022 after LG Energy Solution. The latter company brought in $10.7 billion in January.
However, K Bank will delay going public until early next year. But why?
That probably has to do with KakaoBank, one of K Bank's competitors, having a declining stock price, among other reasons. After going public, KakaoBank's stock fell to more than half its initial IPO price due to unfavourable market conditions.
Rakuten Bank is another internet-based bank planning for an IPO. The Japanese company applied to the Tokyo Stock Exchange list in the second half of 2022. So, you can expect the Rakuten Bank IPO to be at the end of this year.
Daiwa Securities and Goldman Sachs are the two leading managers for Rakuten Bank's IPO. The Japanese internet bank plans to raise an IPO between $2.1 and $2.8 billion.
That establishes Rakuten as one of the highest IPO offerings in Japan since SoftBank's impressive $21.1 billion in December 2018.
Byju's is another company that's planning to go public next year. It's an Indian EdTech company with over 50 million students using the platform. Among that impressive number, over 3.5 million students paid for subscriptions.
The Indian EdTech company has around 20 acquisitions. One of the acquired companies is Akash Educational Services, for which Byju's paid $1 billion to close the deal.
Aside from the impressive acquisitions, Byju's managed to raise $5.5 billion from investors like Tiger Global, Qatar Investment Authority, and BlackRock.
Byju's is planning to go public with Akash in 2023 and is looking to raise between $800 million and $1 billion. The company will file for an IPO in early February, which takes six to nine months. So you can expect the Akash IPO listing in the second half of 2023.
The last on this list is Oravel Stays (OYO), an Indian hospitality platform. Initially, the company focused on listing and booking budget accommodations.
Soon, OYO grew, gathering around $4 billion in funds from investors like SoftBank, Didi Chuxing, Airbnb, and China Lodging Group. Oravel Stays now has over 1 million rooms in 80 different countries.
Originally, the company planned its IPO for 2022. However, due to volatile market conditions, Oravel Stays has postponed going public until 2023.
So, what are the upcoming IPOs in Asia?
As 2022 is close to an end, most anticipated IPOs have already gone public. However, a few Chinese companies, like Syngenta and Weilong Delicious, will complete their IPOs by the end of the year. Rakuten Bank is another giant IPO that'll happen in December.
The information in this article is well-researched and factual. Still, it contains opinions also, and IT IS NOT FINANCIAL ADVICE and should not be interpreted as such, do not make any financial decisions based on the information in this article; we are not financial advisors. We are journalists. You should always consult with a professional before making any investment decisions.
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