September 24, 2021

Overlooked IPO markets are suddenly booming as China deals slow

NEW DELHI: China’s crackdown on technology companies is prompting global investors to look for new opportunities across Asia, contributing to a record jump in initial public offerings (IPOs) from India to South Korea that shows few signs of slowing.
Tech companies from those two countries and Southeast Asia have raised $8 billion from first-time share sales this year, already blowing past the previous annual peak.
The tally is poised to get bigger with planned listings by companies including fintech giant Paytm and Indonesian internet conglomerate GoTo, both of which may break local fundraising records.

Long overshadowed by their Chinese peers, this new crop of startups is coming of age just as Beijing’s clampdown puts a damper on listing and growth prospects in what had long been the region’s hottest IPO market.
The result, some bankers say, may be the start of a new era for…

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