S-E Asian unicorn secondaries sought amid IPO drought

Singapore

FANCY a slice of super-app player Grab, but can't get into one of its blockbuster funding rounds? More investors are gaining access to South-east Asian unicorns via the growing market for their secondary shares, which is in turn supported by a lack of unicorn exits, industry players told The Business Times.

Secondary shares (broadly called "secondaries") refer to shares of a company held by existing investors, management or staff. By selling part or all of their stake, they get to cash out of their positions, while the company itself does not receive any proceeds.