Startup IPO jitters spill over into South-east Asia
With large venture-backed US IPOs struggling, region could see delay in such listings
Singapore
A REALITY check on mega flotations in the world's biggest stock market is sending ripples through the region's initial public offering (IPO) market for venture-backed startups.
Following the recent flops of startup IPOs in the US, market sentiment in South-east Asia has also turned more cautious, say analysts.
PropertyGuru appears to be a victim of the weakened sentiment in the region. On Wednesday, the property portal axed its bid to list on the Australian Securities Exchange, citing "uncertainty in the current IPO market". The KKR-backed firm was to have raised some A$362.6 million (S$338.1 million) had it achieved the mid-point of its pricing range.
Jake Robson, a partner at law firm Morrison and Foerster, said: "If you're looking at a five-year horizon, are most of the South-east Asian unicorns going to be listed by then? I imagine so. But the next six months? No, I don't think so, because the mark…
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