Tencent-backed fintech firm Linklogis launches HK IPO to raise $1.06b

Tencentbacked Chinese fintech firm Linklogis is aiming to raise up to $1.06 billion in its Hong Kong initial public offering (IPO) launched Friday, according to a term sheet reviewed by Reuters.

The firm, which specialises in supply chain finance technology, is selling 452.87 million shares at a price range of HK$16.28 to $HK18.28, the term sheet shows.

The sale represents 20% of the company’s total issued shares, and there is an option to sell another 67.9 million shares to raise a further $159.6 million.

Before the IPO, Tencent held 18.89% of Linklogis, according to its listing documents. The company also counts CITIC Capital, GIC and Standard Chartered as major investors.

The deal has attracted six cornerstone investors who will take $365 million worth of stock, the term sheet shows.

BlackRock and Fidelity are the largest cornerstone investors, having subscribed for $100 million worth of stock each.

The final price of the shares will be set next Wednesday and the company will start trading on the Hong Kong Stock Exchange on April 9.

Goldman Sachs and China International Capital Corp are leading the IPO.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.