Another Chinese zodiac year is drawing to a close and investors reflecting on the highs and lows of the past year will recall how the stock market listings of many Asian unicorns failed to live up to their hype.
Shares of Paytm in India, Bukalapak in Indonesia, and Nasdaq-listed Grab are all trading below their listing prices. Sea Ltd, which listed on the NYSE in October 2017, is no exception.
“The signal investors are giving is that they want to see… a clear path to profitability. It’s time these companies start to monetise their business,” Sachin Mittal, an analyst at DBS told DealStreetAsia this week. Industry experts added that many IPO-hopefuls are likely to delay their listing plans for another 6-18 months if volatilities persist.
In the interim, these firms are likely to pursue private market capital. The pace of fundraising in the past week suggests there is enough dry powder to tap in the year of the tiger.
Fundraising trail
Healthcare-focused PE investor Quadria Capital may raise close to $1 billion for its third investment fund, managing director Ewan Davis told DealStreetAsia this week. Quadria is also looking to launch a separate VC fund to invest exclusively in Southeast Asia.
Seed investor Wavemaker Partners is nearing the final close of its $120 million fourth Asia fund, DealStreetAsia has learnt. The VC is understood to have raised roughly 80% of its target corpus and is on track to hit its final close in Q1 2022.
Singapore-based multi-family office Kamet...
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