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Hello reader,
The dream for a lot of Southeast Asia’s tech firms has typically been to act locally but IPO globally – or, more specifically, go public in the US.
It’s an understandable goal, as exchanges in the US offer the promise of the most money. There is also an undeniable prestige involved with having your day in the sun on the Nasdaq or the New York Stock Exchange.
Listing in the US does not mean things will always go smoothly, however. After the confetti stops falling, some difficulties may surface.
This is what happened to Grab (GRAB, NDAQ), whose value dropped significantly since going public, as well as PropertyGuru (PGRU, NYSE), which recently announced that it would be acquired and delisted from the New York Stock Exchange at a lower valuation than when it listed.
Perhaps experiences like these are part of why Southeast Asian bourses like Malaysia’s Bursa are becoming more attractive to local and even regional tech firms. Other pull factors include lower costs, an increase in foreign money, and the country’s political stability.
But as today’s featured story explores, listing locally still doesn’t guarantee a perfect scenario for tech startups in Southeast Asia.
— Peter
THE BIG STORY
Image credit: Timmy Loen
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