IPOs

SEA's stock exchanges to tech startups: stay home

November 24, 2021
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We're back on the IPO watch. Indonesia gets all the buzz for local IPOs. But, surprise! Thailand takes the cake as the hottest market for IPOs in SEA.

  • Thailand's IPOs raised $4.96B in 2020, and it's the second-largest IPO market in Asia.

Not enough. While it's #1, Thailand's stock exchange (SET) is still full of traditional companies. It's encouraging tech-driven startups to go local for IPOs by making listings more attractive.

  • Enjoy new tax incentives like 100% corporate tax exemptions on the value of their investments.
  • Listing requirements are also less strict if companies meet specific terms.
  • The Thai exchange now targets 30–50 local IPOs a year, hoping to raise $7.8B in total.

🤭 Rumor has it

With the changes, we hear that a few Thai startups are considering listing locally by next year.

🛒 aCommerce meets eCommerce

aCommerce is one of SEA's largest e-commerce enablers— helping over 173 companies like Samsung and Unilever grow and optimize their e-commerce platforms. It's looking to raise over $200M in its IPO, even appointing new directors to prep.

  • It provides end-to-end services from marketing and IT to fulfillment and logistics.
  • It operates in Singapore, Thailand, Malaysia, Indonesia and the Philippines.

👗 Let's talk fashion

JD.com-backed Pomelo also has a local listing in the works, with plans to raise $300M–$400M. It's one of Southeast Asia's leading omnichannel women's fashion brands.

Zoom out. It's an SEA-wide trend. Both the Indonesian and Singaporean exchanges have lowered barriers and made new rules to encourage tech startups to list locally — instead of heading to the US.

Mega Scoop: Deloitte's report on the Southeast Asia IPO capital market.

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