[Year in review] Southeast Asia’s Top 10 tech news in 2023

As we usher into 2024, with the hope for a better year, here are some of the top tech news in 2023.

EY : Global IPO proceeds down 61 percent to $21.5B in 1Q

Global IPO market registered a total of 299 IPOs raising $21.5 billion in the first quarter of 2023, an 8 percent and 61 percent decrease year-over-year, respectively, said Ernst & Young (EY) on Monday.

Richard Li’s FWD filing HK IPO application again – report

According to the report, the IPO, whose proceeds will be used to fuel the firm’s growth, could come as soon as in the second quarter depending on market conditions.

EY: Global IPO market continues to plummet as we round out Q3; Indonesia’s most active Asean exchange YTD

Asean saw a total of 96 IPOs raising $3.8 billion, up 4 percent in deal numbers and a decline of 57 percent in proceeds YOY. The notable decline in proceeds was due to a lack of mega IPOs (IPOs with proceeds equal to or greater than $1 billion) in YTD 2022.

EY: Global IPO market sees significant slowdown in Q1; Malaysia’s exchanges lead by proceeds in Asean

During this quarter, Indonesia’s IDX was most active by deal numbers (12 IPOs raising $219 million), while Malaysia’s exchanges led by proceeds ($362 million via 5 IPOs). In other Asean exchanges, Thailand’s exchanges saw 5 IPOs raising $228 million, the Philippines Stock Exchange had 4 IPOs raising $201 million while Singapore’s Catalist welcomed 3 IPOs…

[Updated] Indonesia’s GoTo to raise $1.25B in local IPO – report

GoTo, a merger of ride-hailing giant Gojek and e-commerce firm Tokopedia, said it plans to sell up to 52 billion Series A shares and set a price range of 316 to 346 rupiah per share.

Vietnam loyalty platform Society Pass plans to list on Nasdaq

The company is offering 2.9 million shares at a price range of $8 to $10. At the mid-range, this puts the IPO at around $26 million at a $188 million valuation.

Southeast Asia growing as investment destination, with $1.2B in exit value thus far

Southeast Asia’s startup ecosystem saw $1.2 billion in exit value thus far this year, compared to $2 billion seen throughout the whole of 2020, according to Vertex Ventures Southeast Asia and India managing partner Ben Mathias.

Malaysia-based SPAC Kairous Acquisition files for a $50 million IPO on NASDAQ

The SPAC intends to focus on fast-growing technology companies in e-commerce, financial technology, insurance technology, digital health, digital media, and digital services.

Poema Global, SPAC that focuses on high-growth tech companies in Asia, secures $300M in US IPO

The news about Poema Global’s relatively massive IPO comes at a time when SPACs  are gaining popularity as an option for private companies in Asia to tap on public investments.