JAKARTADAILY.ID - Several companies in Asia are reported to prepare for IPOs in 2022, with the queue of jumbo listings include big names from Seoul and Mumbai.
The list sees a boom of unicorns listings. According to Selina Cheung, co-head of equity capital markets, Asia at UBS Group AG in Hong Kong, currently India and South Korea are likely to present "phenomenal growth" potential in 2022 after reaching records in the first time IPOs in 2021.
The first major deal will be LG Energy Solution from South Korea who plans to raise as much as 12.75 trillion won or an estimated USD 10.8 billion. Its books will be opened in mid-January, and their listing is slated for January 27.
Other big names from South Korea include Hyundai Engineering & Construction Co. with a target of USD 1 billion and slated to list in February, and Hyundai Oilbank Co. aims to raise around USD 1.7 billion.
India's state-owned Life Insurance Corporation is expected to sell between 5% to 10% of its size around March, as the Indian government seeks a valuation of an estimated USD 133 billion, setting a record both locally and potentially globally.
Meanwhile, China's Sygenta Group, which is owned by China National Chemical Corp., said in July last year that it is targeting proceeds of USD 10.2 billion by selling as many as 2.79 billion shares in IPO. Although there is no specific date for its listings yet.
Selina also added that "a number of the largest unicorns in Southeast Asia" will enter the queue, either through local markets or the US.
In the Southeastern Asia region, the Indonesian holding GoTo Group has chosen PT Mandiri Sekuritas and PT Indo Premier Sekuritas as its underwriter to realize its local IPO plans.
Formed in 2021 as a merger between Gojek and Tokopedia, the holding currently contributes to about 2% of Indonesia's GDP.
It managed to collect over USD 1.3 billion on the first round of pre-IPO, with investors including Google and Fidelity International. It is now targeting around USD 1 billion with a valuation of USD 25 - 30 billion around the first quarter.
Contrary to the other nations, Hong Kong companies are putting the deals on old due to regulatory uncertainties. Some big names who were supposed to apply for IPO this year include Biel Crystal Manufactory Ltd. (the supplier of the cover glass to Apple Inc.), China Tourism Group Duty-Free Corp., and FWD Group Ltd.