Syngenta to K Bank: 7 of Asia's biggest IPOs to watch for in second half

It’s been a rather quiet first six months of the year for initial public offerings (IPOs) in Asia, as the region got swept up in the market rout caused by raging inflation and hawkish monetary policies. But with green shoots starting to sprout in some markets, there are some large deals on the horizon.

Here are among the largest potential Asian listings for the second half of 2022:

Syngenta Group

The seed and fertiliser giant owned by China National Chemical Corporation is considering launching its mega IPO in Shanghai before the end of the year, paving the way for what would be one of the world’s biggest listings this year. Syngenta could seek to raise 65 billion yuan ($9.7 billion) on the Nasdaq-style Star Board.

OfBusiness

Indian start-up OfBusiness is in discussions about raising $2 billion in an IPO that would be the nation’s biggest tech debut since fintech giant Paytm went public last year. The company, which helps Indian enterprises buy bulk raw materials, could go public in six months to a year.

BeerCo

Thai Beverage’s brewery unit, which has twice tried to go public in Singapore, is going for third time lucky. BeerCo started gauging investor demand for its potential IPO last month, which could raise $800 million to $1 billion. The maker of Chang beer had originally been seeking to raise $2 billion, but has had to temper its fund-raising ambitions.

K Bank

South Korean online-only bank K Bank has applied for preliminary approval for a domestic IPO that could raise about $1 billion. The company is planning to bring the deal as early as this year, which would make it the biggest offering since LG Energy Solution. 

Rakuten Bank

The banking arm of Japanese online retailer Rakuten Group, Inc. applied this week to list on the Tokyo stock exchange. The IPO could raise about $1 billion. Japan has not seen a $1 billion-plus offering in more than three years, when SoftBank Group’s telecommunications business raised $21.1 billion in December 2018.

China Tourism Group (CTG) Duty Free

The world’s largest travel retailer could relaunch its planned Hong Kong listing as early as August or September after it refiled its application last week. CTG Duty Free — already traded in Shanghai — could raise around $2-3 billion, which would make it the city’s biggest offering of the year.

Ant Group

What would potentially be the most high-profile IPO — if it comes to pass — is a comeback of Jack Ma’s Ant Group listing, almost two years after it was abruptly pulled. Chinese financial regulators have started early-stage discussions on a potential revival of the listing, which would mark a major dialling back of a crackdown on the country’s tech industry.