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While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.
Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong
The US is still the biggest single IPO market. It is now the world’s fourth-biggest IPO market when measured by the value of deals, totaling $3.2 billion so far this year, according to data provider Dealogic. Further south, the year-to-date value of IPO deals on Turkey’s Borsa Istanbul has hit $2.3 billion, more than double the value of deals on the London Stock Exchange. Not a ‘pretty picture’The United Kingdom’s IPO market is in more profound trouble, and the loss of the Arm IPO to New York stung. Kerr attributes the decline in the UK’s IPO scene partly to Brexit but also to the growing strength of stock exchanges in emerging markets.
Persons: EY, ” George Chan, Chan, you’ve, they’re, , Hidroelectrica, Michael M, Kevin Gordon, Charles Schwab, ” Gordon, Germany’s, Samuel Kerr, Kerr Organizations: London CNN, Nasdaq, CNN, Center, United Arab, Bucharest Stock Exchange, Turkey’s Borsa, London Stock Exchange, Tech, IPOs, New York Stock Exchange, Getty, Federal Reserve, United, Wall, “ Companies Locations: Turkey, Romania, Indonesia, Malaysia, India, Hong Kong, United States, United Arab Emirates, China, Jakarta, Frankfurt, Paris, Romanian, Turkey’s Borsa Istanbul, Europe, New York, London
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