Can SEA startups spark an IPO revival this year?

Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.

Hello reader,

It isn’t the best time to be an equity investor right now. After heightened geopolitical tensions, skyrocketing inflation, aggressive interest rate hikes, and supply chain constraints ended a decade-long bull run, recent crypto and banking crises have further stoked the flames of recession.

These factors have cooled a once-fiery IPO market, which is billions off its record-breaking numbers in 2021. But that hasn’t stopped several high-profile stock market debuts from simmering below the surface, particularly in Southeast Asia.

Indonesia, the region’s largest economy, has already set the pace to beat, according to a recent report by Ernst & Young. It was the most active country in terms of IPOs in the first quarter of this year, with 30 listings raising US$828 million.

DigiAsia Bios seems poised to drive that momentum forward as it heads for the US trading floor in Q2. This comes after the Indonesian embedded financing firm closed a SPAC deal with StoneBridge Acquisition Corp in December 2022 at a pre-money equity valuation of US$500 million.

Today’s featured article charts the rise of the Mastercard-backed business, which will go public just six years after its inception.

The premium story also examines the viability of DigiAsia’s potentially billion-dollar enterprises, which are managed by just about 100 people, and offers some insights on the growing relevance of embedded financial products.

Today we look at:

• Indonesian startup DigiAsia Bios set for listing at $500m valuation
• Bukalapak’s first quarter results
• Byju’s-linked properties raided by India’s financial watchdog
• Other newsy highlights such as Blibli’s Q1 results and the closure of an Indonesian cloud kitchen firm

— Shravanth

P.S.: If you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.

Premium summary

Set for the public stage

Image credit: Timmy Loen

Moving parts at Bukalapak

Get an insider’s view on Tokopedia’s data-driven decision-making process and more

Quick bytes