Several Southeast Asian companies are considering listing in the United States, banking on strong investor appetite for emerging market growth in the absence of Chinese stock offerings. Senior executives in leading SME digital financing platform Funding Societies, Singapore-based entertainment firm Gushcloud International and Thai insurance technology firm Sunday told Reuters they were looking into New York as one of their initial public offering (IPO) venues. This comes on top of recently announced plans by Vietnamese internet company VNG Corp and Philippine real estate company DoubleDragon Corp's Hotel101 Global to list in the U.S., filling a void left by Chinese companies which hit the pause button on U.S. IPOs after political tensions with Washington intensified, Beijing tightened scrutiny of domestic firms seeking overseas listings and China's own economy slowed.
SINGAPORE/SYDNEY - Several Southeast Asian companies are considering listing in the United States, banking on strong investor appetite for emerging market growth in the absence of Chinese stock offerings.
"China's shadow into the ASEAN region has shrunk since the world reopened after the pandemic," said Leif Schneider, senior legal adviser at law firm DFDL Vietnam. Southeast Asian firms have raised about $101 million via IPOs in the U.S. so far this year, way below last year's $919 million, but bankers expect the pace to pick up over the next 12 months as companies hunt for new sources of capital after relying on private funds for the last few years.In contrast, Chinese firms have raised $463.7 million via U.S listings so far this year, slightly above 2022 levels but a fraction of the $12.96 billion and $12.
Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. "With the current cautious stance around China, these investors are on the lookout for some of the other emerging markets names," he added.Funding Societies' co-founder and group CEO Kelvin Teo told Reuters the U.S. was one of the company's preferred options because of it would provide a deep pool of capital and global investor base.
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