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36Kr (EN)

Deals in brief: Kamereo secures USD 2.1 million boost, Ekuinas divests Icon Offshore, iKala completes Series B round, and more

Venture Capital

Angel Investing

Private Equity

Investment

Merger &amp; Acquisition

Malaysia

Vietnam

Japan

Deals in brief: BII and Idemitsu invest in Skye Renewables, GMO Financial Gate forms capital alliance with Soft Space, MBK Partners refinances Homeplus loans, and more

Philippines

Korea

India

Deals in brief: Accredify extends Series A round, Nvidia invests in Ubitus, Cisco and Sensor Tower complete key acquisitions, and more

Singapore

Deals in brief: First Move announces its inaugural investments, 9 Lives Interactive secure USD 3 million, 11 China and India deals, and more

Indonesia

… messaging apps like WhatsApp, integrating order details into structured purchase orders to streamline the process and minimize errors. Other investors in Zolo include Antler, Gharage, and NTUitive. —e27</li>
<li aria-level="1">Drigmo, a Singapore-based startup, has raised USD 1.25 million in a pre-seed funding round led by Forge Ventures, with participation from Sequoia’s Scout Fund, DST Global Partners, Temasek, as well as a slew of angel investors including the founders and CEOs of companies like Carro, Carousell, Tableall, and Locofy.ai. Drigmo is the developer of the Yolk.fm app, which aims to differentiate itself in the social media space by focusing on image-based interactions rather than text-based content. —Tech in Asia</li>
<li aria-level="1">Refy, a green fintech firm, has secured a pre-seed investment of USD 525,000 from Wavemaker Impact. The capital will enable Refy to execute pilot projects it has secured, develop its technical platform, and assemble a specialized team with experience in green assets and industrial projects. —e27</li>
<li aria-level="1"><a href="http://gofluid.io">Fluid (also known as GoFluid.io)</a>, a Singapore-based B2B financing company, has raised USD 5.2M in an equity funding round led by Insignia Ventures Partners. Including USD 1.8 million of seed funding previously raised from Iterative and New Stack Ventures, Fluid has bagged USD 7 million to date. It aims to expand its product capabilities and onboard bigger suppliers across industries to its platform, addressing the complexities and risks associated with deferred payments in B2B transactions.</li>
<li aria-level="1"><a href="https://procredit.ph/">ProCredit</a>, a Philippines-based lender for micro, small, and medium enterprises (MSMEs), has closed a USD 4.1 million pre-seed round led by Integra Partners. The round also saw participation from the Menardo Jimenez Family Office, M Venture Partners, Cento Ventures, Gobi Partners (Gobi-Core Philippine Fund), and several local angel investors.</li>
<li aria-level="1"><a href="https://1long.vn/">1Long</a>, a Vietnam-based fintech company, has secured USD 500,000 investment in a pre-seed funding round from Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital. The newly raised capital will be allocated toward technology development, partnerships with asset managers and financial institutions, and the expansion of its team.</li>
</ul>
<figure id="attachment_147841" aria-describedby="caption-attachment-147841" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-147841" src="https://console.kr-asia.com/wp-content/uploads/2024/03/1Long-Hoang-Nguyen-Michael-Do-Joshua-Hong-1024x683.jpg" alt="Photo of 1Long’s co-founders. From left to right: Hoang Nguyen (COO), Michael Do (CEO), and Joshua Hong (CBO)." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/03/1Long-Hoang-Nguyen-Michael-Do-Joshua-Hong-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/03/1Long-Hoang-Nguyen-Michael-Do-Joshua-Hong-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/03/1Long-Hoang-Nguyen-Michael-Do-Joshua-Hong-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/03/1Long-Hoang-Nguyen-Michael-Do-Joshua-Hong-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/03/1Long-Hoang-Nguyen-Michael-Do-Joshua-Hong.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-147841" class="wp-caption-text">Photo of 1Long’s co-founders. From left to right: Hoang Nguyen (COO), Michael Do (CEO), and Joshua Hong (CBO). Photo courtesy of 1Long.</figcaption></figure>
<ul>
<li aria-level="1"><a href="https://komerce.id/">Komerce</a>, an Indonesian provider of e-commerce solutions for local SMEs, has raised an undisclosed amount of seed funding from 500 Global. —Tech in Asia</li>
<li aria-level="1"><a href="https://nativex.edu.vn/">NativeX</a>, a Vietnamese edtech startup, has announced that it secured a total of USD 4 million eight months following its official launch, having raised USD 1.5 million from angel investors through SAFE instruments in June 2023 before recently completing its seed round for an additional USD 2.5 million. The latest round was jointly led by Ansible Ventures and Blueprint Ventures, with the participation of Northstar Ventures and other investors.</li>
</ul>
<figure id="attachment_147843" aria-describedby="caption-attachment-147843" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-147843" src="https://console.kr-asia.com/wp-content/uploads/2024/03/NativeX-1024x683.jpeg" alt="Photo of NativeX’s team." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/03/NativeX-1024x683.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/03/NativeX-300x200.jpeg 300w, https://console.kr-asia.com/wp-content/uploads/2024/03/NativeX-768x512.jpeg 768w, https://console.kr-asia.com/wp-content/uploads/2024/03/NativeX-1536x1024.jpeg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/03/NativeX.jpeg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-147843" class="wp-caption-text">Photo of NativeX’s team. Photo courtesy of NativeX.</figcaption></figure>
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<h3>Latest deals in China:</h3>
<ul>
<li aria-level="1"><a href="https://clouditera.com/">Clouditera</a>, a Beijing-based developer of AI-powered network security solutions, has secured an eight-figure RMB sum in an extended angel round of financing. The round was led by Everest, while YM Capital acted as the financial advisor. —<a href="https://36kr.com/p/2683869499145216">36Kr</a></li>
<li aria-level="1"><a href="https://www.boyapoly.com/">Boya Poly</a>, a Ningbo-based polyimides developer, has completed a Series A++ funding round,  bagging an eight-figure RMB sum. The round was jointly led by Casstar and Lan Fund. —<a href="https://36kr.com/p/2684557725040774">36Kr</a></li>
<li aria-level="1">Zhongke Guneng, a Shanghai-based solid-state battery solutions provider, has recently raised close to RMB 100 million following the completion of an angel funding round. The round was led by Hermitage Capital, with participation from Kecheng Capital, Redpoint China Ventures, Pingling Group, and other investors. The funds will be used for production line construction and technology R&amp;D. —<a href="https://36kr.com/p/2680336524137090">36Kr</a></li>
<li aria-level="1">Shanghai Liberty Global Import and Export, an international trade facilitator, has banked nearly RMB 100 million in a Series A+ round of financing led by the  China-US Green Fund, Yueda Capital, and Yijun Capital, with

Deals in brief: Ai Palette, Rukita, and Thryve.Earth secure funding, Sunday and Carro complete acquisitions, nine China deals, and more

Europe

Vietnam has pledged tax breaks and other perks to semiconductor companies that help to develop the sector in a Southeast Asian country that is taking on an increasingly crucial role amid the China-US chip war.
Hanoi's national plan for chips will include industry grants through a science fund and joint state research with private companies like FPT, the science minister said in an interview published on February 12. Companies from Nvidia to Samsung are looking to expand their chip businesses in Vietnam, which is slated to receive millions from the US CHIPS and Science Act and already hosts Intel's biggest global test and assembly factory.
"Vietnam's semiconductor industry has a low localization rate, research and development activities are not synchronized," said Huynh Thanh Dat, Vietnam's minister of science and technology, in an interview on the official government website. "And high-quality human resources in the field of semiconductors is still limited."
The export-based economy has missed out on billions in investment from the likes of Intel and Austria-based AT&amp;S, which both recently chose Malaysia for major manufacturing rollouts.
At the same time, Vietnam has attracted dozens of companies in <a title="" href="https://asia.nikkei.com/Business/Tech/Semiconductors" target="_blank" rel="noopener">the semiconductor field</a>, and several more US players would jump in if the country had enough renewable energy to meet their green goals, Jose Fernandez, US undersecretary of state for economic growth, energy and the environment, <a title="" href="https://asia.nikkei.com/Spotlight/Supply-Chain/Vietnam-is-a-top-target-for-CHIPS-Act-aid-funds-U.S.-says" target="_blank" rel="noopener">told Nikkei Asia</a>.
The communist country needs to strike technology transfer deals with nations dominating the chip sector, Dat said. He did not specify the planned tax incentives but said Vietnam will sweeten policies to bring foreign experts into the workforce, which has faced a recent slowdown in foreign work permits.
Toward that end, colleges are unveiling semiconductor classes in partnership with employers like Samsung.
Vietnam aims to train 50,000 engineers for the industry by 2030. The country has a strong foundation for science and tech education, but a dearth of advanced skills has limited a broader march up the electronics supply chain.
"There are many countries around the world who would love to have [Vietnam's] ability to do assembly, testing and packaging," Fernandez said in an interview while visiting Vietnam. It has "the potential to become a powerhouse."
He added the country is a top target for US CHIPS Act subsidies, which will be a "badge" of confidence. The dollar amount will be based on an assessment expected sometime this month.
Washington and Beijing's race for tech supremacy has pushed the semiconductor industry and related companies to seek third locations to avoid fallout. In December, Nikkei reported that Apple for the first time is shifting engineering resources to Vietnam for product development of the iPad.
Hanoi is signaling its dedication to the industry by adding it to two state programs, according to Dat. One is the National Fund for Science and Technology Development, which offers grants and other support. The second is the National Product Program, a coordinated effort to create 10 competitive products by 2030, including for export from Vietnam.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Tech/Semiconductors/Vietnam-dangles-chip-incentives-to-draw-foreign-companies" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Vietnam dangles chip incentives to draw foreign companies

Deep Tech

Semiconductors

Ujjwal Arora was on his way to an important meeting when he realized his electric vehicle battery was running low. So, the New Delhi resident rushed to a fast-charging station, only to discover it was broken. Racing through the bustling Indian capital to another station, Arora was shocked to find that his Tata Nexon EV could not connect to the site's charger.
"It was an absolute nightmare," the 28-year-old told Nikkei Asia. "I did manage to find a running charging station before my car completely ran out of charge. But I missed the meeting, which was very embarrassing."
Arora's experience with India's woeful charging infrastructure has him questioning if he made the right decision to buy an EV—and he's not alone.
"The lack of EV charging infrastructure is proving to be a big factor in buyers opting not to choose an EV," said Chaitanya Kanuri, associate director, electric mobility at World Resources Institute (WRI), an environmental think tank.
That shortfall threatens to stymie government efforts to boost EV adoption in the world's third biggest vehicle market behind the US and top-ranked China.
More than 22.6 million vehicles, including scooters, were sold in India last year with EVs accounting for 6.3% of total sales. That may not sound like much, but it is a nearly 50% jump in EV's share of the market from a year earlier, according to government data.
With just 11,000 charging stations nationwide, the government has acknowledged the need to dramatically boost that figure to meet ambitious goals for emissions-free electric vehicles, which are billed as having environmental benefits and lower operating costs than traditional combustion-engine cars.
Mahendra Nath Pandey, India's minister of heavy industries, said last year the country's nine biggest cities, including Delhi and commercial capital Mumbai, each need at least 18,000 public charging stations by 2030, while the Confederation of Indian Industry estimated the vast country needs a minimum of 1.3 million stations by the end of the decade.
Key to the effort will be convincing operators to swallow high charging station setup costs despite a relatively low number of EVs on the road.
"Adoption of EVs will only happen when there is sufficient charging infrastructure across the country," Kanuri said. "Right now, we are seeing fragmented action. At some places, we have witnessed a number of charging stations mushrooming up … while at other localities there are only a handful around," she added.
The sector's focus also needs to turn to rural areas, where the vast majority of India's 1.4 billion people live, said Soumen Mandel, senior research analyst at Counterpoint Technology Market Research, who added it could take several more years for adoption to pick up.
"There is hardly any EV charging infrastructure in rural areas. Even on highways, finding a charging station could be a task," he said. "[And] there are only a handful of EV car models available in the market. Maruti, which has almost 40% of the automobile market share, has yet to come out with an EV. Once that happens, we can expect charging infrastructure to grow along as well."
Domestic auto giant Tata Motors leads the market with four EV models, while foreign automakers, including South Korea's Hyundai and China's BYD, offer fewer models at higher prices, making them unaffordable for most Indians. US-based Tesla and Vietnam's VinFast are expected to jump into the market later this year.
However, the number of models and charging stations is not the only barrier to India's EV efforts.
Not all stations are compatible with EV scooters, a major hurdle in a country where some 80% of EVs sold last year were either two-wheelers or auto-rickshaws used as taxis. Just 5% of total EV sales were of passenger cars, well short of the government's 30% future target.
Two-wheeler maker Ola's Hyperchargers, for example, can only be used with its own EV scooters, while Ather Energy's chargers are limited to its own range of EV scooters and those sold by Hero MotoCorp, which has a significant stake in Ather.
Owais Wani bought an Ola EV scooter in 2021, but the Delhi resident has never charged it at a public station. "It's a hassle. Even those run by the government have different connectors," he said. "I prefer to charge at home."
Recharging times for electric scooters are another obstacle, said Sohinder Gill, CEO of Hero Electric India.
"In the case of scooters, for instance, the minimum two to three hours required for battery charging makes it less feasible for widespread use," Gill told Nikkei Asia. "This limitation implies that charging options will likely be confined to opportunities for charging or dedicated infrastructure at homes and offices, where vehicles can be left for extended periods."
Now, some cities with a high concentration of electric two-wheelers are offering battery swapping, which lets consumers rent fully-charged batteries from power stations and recharge them at home. But official efforts to expand their use has stalled after pushback from industry players, mostly startups that believe the government policy favors larger rivals.
More than 80% of the country's electric car users charge their vehicles at home or at work, according to a 2021 assessment by Statiq, an India-based EV charging startup. But India's densely populated cities make private parking spaces a luxury not available to many.
"Most Indians park their vehicles on the streets. So, home charging might not be an option for them," said the WRI's Kanuri.
Since his missed work meeting late last year, Arora says he now always charges his EV at home, although that limits its usefulness.
"If you plan your use and have a parking area where you can charge it without worry overnight then it's a wonderful city car," he added. "But that's all it is right now."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Automobiles/India-s-electric-vehicle-boom-stalls-over-charging-challenges" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

India's electric vehicle boom stalls over charging challenges

Electric Vehicles

Mobility

<h3>Novosol bolsters expansion plans with Series B funding</h3>
<a href="https://www.novosol.biz/">Novosol</a>, a Singapore-based mobile advertising platform, has closed its Series B funding round at USD 10 million, securing investments from family offices in Singapore and the UK.
According to a statement by Novosol, the company intends to utilize the newly raised capital to expand into key markets across the Middle East and South Asia, including Vietnam and Thailand, among others.
Additionally, the proceeds will be allocated to advancing the development of moLotus, Novosol’s flagship product, which empowers advertisers to interact with customers through personalized and automated video messages to drive lead and revenue generation.
<h3>Tsubame BHB bags JPY 5.3 billion in Series C round</h3>
<a href="https://tsubame-bhb.co.jp/en">Tsubame BHB</a>, a Japanese ammonia synthesis systems developer, has bagged around JPY 5.3 billion (USD 35.2 million) in a Series C funding round through third-party allocation of shares to both new and existing investors, including Heraeus Group and Yokogawa Electric Corporation.
Established in April 2017, Tsubame is capable of synthesizing ammonia at low temperatures and pressures using what the company claims to be “the world’s first electride catalyst method.” This method can be employed by small ammonia production plants for local applications, reducing carbon emissions through decreased transportation and storage requirements.
With Heraeus’ investment, Tsubame intends to develop its business and strengthen its supply chain, particularly focusing on the European market. Additionally, the newly raised capital will be utilized for R&amp;D targeting further cost reductions in the ammonia production process, contributing to the commercialization of small-scale ammonia production plants in Japan.
<h3>InnoCSR secures funding in Series A round</h3>
<a href="https://www.innocsr.com/">InnoCSR</a>, an Asia-focused consulting firm specializing in social responsibility strategies, has secured an undisclosed amount of funding in a Series A funding round. The round saw participation from ADB Ventures, Garden Impact Fund, and Clarion Newlife Capital.
According to a statement by InnoCSR, the proceeds from this round will be utilized to drive widespread adoption and operation of its “Good Bricks System” in Nepal and across Asia, with plans to launch in India and Pakistan this year. This system utilizes novel technology to produce non-fired bricks, significantly reducing the environmental, economic, and health impacts associated with the manufacturing of traditional fired bricks.
"The Good Bricks System is poised to disrupt South Asia's carbon-intensive brick manufacturing industry, which heavily relies on decades-old processes and technology," said Arsalan Farooquee, a venture capitalist at ADB Ventures.
<h3>Franklin Templeton leads investment in Blockhead</h3>
Blockhead, a digital assets-focused media platform based in Singapore, has secured an undisclosed amount of funding in a round led by Franklin Templeton.
This investment will enable Blockhead to adapt its business model with the introduction of BRN, a research platform designed to complement its existing media offerings.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.hdmaterial.cn/en">Doevol Material and Technology</a>, a Ningbo-based technology company specializing in hot isostatic pressing techniques for advanced composite materials, has secured an eight-figure RMB sum in a pre-Series A funding round led by Zheshang Venture Capital (ZSVC). The company will utilize the funds for product R&amp;D and to optimize its sales network. —<a href="https://36kr.com/newsflashes/2659002203044998">36Kr</a></li>
<li aria-level="1"><a href="https://www.pandabubu.com/">Bubu Health Technology (also known as Smart Panda)</a>, a Guangzhou-registered developer of tech-enabled maternity and baby care products, has completed a new strategic investment round, raising an undisclosed sum from a fund managed by Suzhou Nanhui Technology Innovation Institute. Smart Panda will allocate the capital toward promotions and new product development. —<a href="https://36kr.com/p/2657611780570246">36Kr</a></li>
<li aria-level="1"><a href="https://www.haomo.ai/">Haomo.ai</a>, an autonomous driving systems developer, has banked over RMB 100 million (USD 13.9 million) in a Series B1 funding round from Chengdu Wufa Private Equity Fund Management. According to a statement from Haomo.ai, the company intends to utilize the newly raised capital for R&amp;D and to support the Wuhou district of Chengdu, Sichuan, to develop robotic solutions. —<a href="https://36kr.com/p/2658024624210185">36Kr</a></li>
<li aria-level="1"><a href="https://36kr.com/p/2654049104855301">Yuanchuang Zhixing</a>, a smart city solutions provider currently focused on developing unmanned, urban sanitation solutions, has recently bagged an eight-figure RMB sum in a Series A funding round. The company did not disclose the investor details, but said that it will use the proceeds to bolster product development, build its capacity, and support market expansion efforts. —<a href="https://36kr.com/p/2654049104855301">36Kr</a></li>
<li aria-level="1">Swap Space, a Shanghai-headquartered marketing company focused on helping catering businesses boost sales through a commercial platform,  has announced the completion of a Series B+ funding round, securing an eight-figure RMB sum. —<a href="https://36kr.com/p/2656255277300866">36Kr</a></li>
</ul>
<h3>Latest deals in India:</h3>
<ul>
<li aria-level="1"><a href="https://www.varaha.earth/">Varaha</a>, a climate tech startup specializing in nature-based carbon credit generation, has raised USD 8.7 million in a Series A funding round led by RTP Global, with contributions from existing investors Omnivore and Orios. Norinchukin Bank, AgFunder, and the Octave Wellbeing Economy Fund (IMC Pan Asia Alliance Group) also participated in this round.</li>
<li aria-level="1"><a href="https://www.rentomojo.com/">RentoMojo</a>, a Bengaluru-headquartered furniture rental company, has secured an investment of INR 2.1 billion (USD 25.3 million) in its ongoing Series D and D1 funding round. The round is led by the first series of the Edelweiss Discovery Fund, with participation from Chiratae Growth Fund and Magnetic. —Entrackr</li>
<li aria-level="1"><a href="https://www.virohan.com/">Virohan</a>, a healthcare education services provider, has bagged INR 149 million (USD 1.8 million) in an extended pre-Series B funding round led by Blume Ventures. The round also saw participation from Mitsui Sumitomo Insurance

Deals in brief: Novosol, Tsubame BHB, and InnoCSR secure funding, Franklin Templeton leads investment in Blockhead, nine China and India deals, and more

Funds raised through IPOs in Southeast Asia plunged over 60% in the second half of 2023 from the same period the year before, with companies shying away from listing due to factors such as domestic elections and uncertainty over China's faltering economy.
Data on IPOs in Southeast Asia analyzed by Nikkei in cooperation with US research firm Dealogic showed that a total of USD 1.6 billion was raised in the second half of last year, down 63% from the corresponding time in 2022. The number of IPOs dropped 21% to 71.
Thailand logged the biggest fundraising decline in the region, plummeting 75% to USD 773 million. "There was no big size company to get into the market, especially in the second half year. That is ... a result of delaying in set up the government [following a general election in May 2023], which led investors losing confidence," said Natthapol, an analyst at the Thai unit of Yuanta Securities. The number of IPOs "will depend on the economic situation. If the economy is good, there will be more IPOs in 2024," he said.
Thailand is not the only country in the region where politics has been affecting plans to go public.
A strong "wait-and-see" mood has taken hold among businesses in Indonesia ahead of the nation's presidential election in February, with the number of IPOs in July–December dropping to 31 from 42. The Indonesia Stock Exchange (IDX) expects just over 60 companies to go public in 2024, down from 79 in the whole of 2023. That comes as investors are set to stay on the sidelines until they get some clarity on the next administration's economic policy.
China's slowdown has also been casting a long shadow, with the world's second largest economy a big influence on Southeast Asia, especially for the region's exporters.
Siam Cement Group (SCG), a leading materials conglomerate in Thailand, is holding off on an IPO for its major chemicals subsidiary until further down the road. The offering, slated to raise THB 38.5 billion (USD 1.08 billion) in one of the country's largest ever listings, was originally planned for 2022, but has been delayed in the face of global economic headwinds. CEO Thammasak Sethaudom has said that more time is needed for the move as it would be unprofitable in the current environment.
However, companies related to renewable energy continued carrying out IPOs in the second half of 2023 amid hopes for growth amid steps such as Southeast Asian nations adopting decarbonization targets.
Consumer businesses also willingly raised funds against the backdrop of increased private spending in the wake of the Covid-19 pandemic.
Indonesia's Barito Renewables Energy achieved the biggest IPO during the period. Under the umbrella of Barito Pacific, a major business conglomerate in Indonesia, the company raised around USD 200 million by selling 3% of its outstanding shares.
Barito Renewables operates three geothermal power plants with a combined output of 890,000 kilowatts on the island of Java. The company has also decided to purchase a wind farm on Sulawesi island. With a capacity of 75,000 kilowatts, the site is one of the largest wind power stations in Indonesia.
Barito Renewables has also drawn attention due to a steep rise in its stock price amid hopes for the company's growth. Its market capitalization was IDR 130 trillion (USD 8.23 billion) on the day of its listing, but had soared more than fivefold to IDR 672 trillion (USD 42.5 billion), the third largest on the IDX, as of January 29.
Nusantara Sejahtera Raya, a top movie theater operator in Indonesia, racked up the second largest fundraising. Running more than 200 cinemas across the country at the moment, it aims to use capital raised from the listing to boost the number of screens it has by 60% to 2,000 within a few years.
Thailand was the biggest fundraiser by country, with six of its companies in the top 10 list.
SCG Decor, a major SGC subsidiary producing tiles and bathroom fittings, raised USD 145 million via its IPO, the largest among Thai companies. As Thailand's population is aging and is not expected to increase sharply, SCG Decor plans to use the funds to expand into neighboring countries such as Indonesia and Vietnam.
Elsewhere in Thailand, aviation-related firms pushed ahead with IPOs. Those included Asia Network International, a general sales agent for airlines, while Samart Corp., an information technology and communication company, listed its Samart Aviation Solutions subsidiary, which provides aviation technology in Cambodia.
In Malaysia, which ranked third in terms of both value and number of IPOs, precision instrument maker CPE Technology and 14 other companies went public. "A formidable IPO pipeline is expected in 2024, buoyed by a healthy institutional and retail appetite, especially for consumer and tech or tech-related industries," said Wong Kar Choon, audit partner at Deloitte Malaysia.
Some analysts forecast that the IPO space would improve in 2024 as the global round of interest rate hikes, blamed for falls in emerging companies' stock prices, runs its course. PwC said in a report earlier this year that Southeast Asian IPO markets would "grow and rebound" in 2024, if "the overall macroeconomics stabilize, in particular the interest rate environment."
 This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Markets/IPO/IPO-fundraising-plunged-in-Thailand-and-Indonesia-in-second-half-of-2023" rel="noopener noreferrer" data-token-index="2">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="4">partnership with Nikkei</a>.

IPO fundraising plunged in Thailand and Indonesia in second half of 2023

Thailand