Retailers across Southeast Asia float public issues, heat up IPO market

Photo: Pixabay

Retail has been one of the hottest sectors among recent Southeast Asian initial public offerings, as investors look to cash in on consumers’ increasing spending power in the region.

“The domestic consumption growth story in Southeast Asia remains an attractive thematic for equity investors,” said Ho Cheun Hon, head of Southeast Asia equity capital markets at Credit Suisse.

Home supplies retailer AllHome Corp. raised $248 million in an IPO last week, just the third new listing in the Philippines this year. Home improvement company Dohome PCL raised $113.3 million in a Thai IPO in July.

Central Group, one of Thailand’s biggest conglomerates, is planning an IPO of its retail arm in the first quarter of next year that could raise as much as $2 billion, people familiar with the matter previously told Bloomberg. That would make it the second-largest offering on record in Thailand, after BTS Rail Mass Transit Growth Infrastructure Fund’s $2.1 billion listing in 2013.

Among other pending deals, IFR Asia has reported on an IPO planned by Malaysia’s Mr DIY. The operator of electrical and household products department stores is looking to raise $500 million, the January report said.

The prevalence of home improvement-related retailers reflects the relative appeal of specialty store operators, according to Ho.

“Specialized retail is typically considered more attractive than general retail as it’s less susceptible to e-commerce disruption,” he said.

Bloomberg

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.