Asean tech IPO drought likely to remain, startups may choose M&A instead

JUST a year ago, at least two dozen tech companies across South-east Asia were eyeing a public listing – offering their early investors a much-awaited opportunity to cash out. But 2022 turned out to be a disappointment, as only a handful of them made it to the finish line.

“The public markets are in a tailspin and there is no certainty when they will stabilise and where the bottom really is,” said Shauraya Bhutani, co-founder of Capital Connect Advisors.

“I think everyone is waiting to reach an equilibrium where there is some certainty around interest rates, inflation and the global geopolitical environment.”