Weekly roundup
APAC secondaries in the news
The pulse of private markets across Asia-Pacific — tender offers, stake sales, and pre-IPO liquidity across all 10 markets on this site. A running library, refreshed weekly.
Week of August 24, 2026
- Alpha Wave leads a ₹1,857cr Lenskart block deal, cashing out ~57% above the IPO price
About 2.95 crore Lenskart shares (~1.7% of the eyewear retailer) changed hands at ₹630 apiece on August 28 — a 1.7% discount to the prior close but roughly 57% above the ₹402 November 2025 IPO price — in a ₹1,857 crore block deal, with early backer Alpha Wave Ventures II (which held a 1.22% stake at end-June and had flagged a sale of up to 2.08 crore shares) the lead seller alongside other holders, extending the run of venture exits since Lenskart's May lock-in expiry.
- Hong Kong's Peter Woo family office weighs a ~$1bn sale of private-equity fund stakes
Wheelock Marden Capital, the investment arm of Hong Kong property billionaire Peter Woo, is in early-stage talks to sell roughly $1 billion of limited-partner interests in private-equity funds — a portfolio said to potentially include China-focused manager HSG (formerly Sequoia Capital China) and US technology investor Vista Equity Partners — in what would rank among the region's larger family-office LP-led secondary trades if it proceeds.
- General Atlantic sells an 8.4% Rubicon Research stake for ₹2,300cr, more than 3x the drugmaker's ₹485 IPO price
Majority owner General Atlantic Singapore RR sold a little over 8.4% of formulations maker Rubicon Research — roughly 1.47 crore shares, worth about ₹2,300 crore or near ₹1,560 apiece — into an August 26 block deal taken up by HDFC, ICICI Prudential, Kotak and SBI mutual funds plus Temasek's Aranda Investments, cashing out at more than three times the ₹485 price of the company's October 2025 IPO and lifting the stock about 6%.
- Lightspeed fully exits PhysicsWallah, selling its last 1.61% for ₹550cr just above the edtech's IPO price
Lightspeed sold its entire remaining 4.67 crore shares (1.61%) in PhysicsWallah at a ₹117.72 weighted-average price — a 6.7% discount to the market close but roughly 8% above the ₹109 November 2025 IPO price — for ₹549.7 crore, with ICICI Prudential Mutual Fund taking nearly half the block and Goldman Sachs, Ghisallo, Societe Generale and Morgan Stanley Asia splitting the rest, closing out a bet the firm first made in the edtech's $210M September 2024 round.
- Schroders Capital says Asia's continuation-vehicle market is still nascent even as India and Southeast Asia secondaries grow
Schroders Capital's head of private equity secondaries argued that GP-led continuation deals remain underdeveloped across Asia for want of market sophistication, liquidity and experienced participants, even as straightforward LP-stake secondaries in India and Southeast Asia pick up pace — a read on why the region still trails the US and Europe on continuation-fund volume.
- Ribbit Capital sells a further 1.6% of Groww parent Billionbrains for ₹1,914cr, ~95% above the IPO price
Early VC backer Ribbit Capital moved to sell roughly 1.6% of Billionbrains Garage Ventures (Groww's parent) at a ₹195/share floor — about a 4% discount to the prior close but nearly double Groww's ₹100 November 2025 IPO price — part of a combined ₹2,500cr block-deal session on August 26 that knocked the stock down over 3%, and its second sell-down since an earlier ₹5,326cr trim alongside Peak XV and Y Combinator in May.
- Prudential to sell a further 2% of ICICI Prudential AMC on the open market to meet India float rules
Promoter Prudential Corporation Holdings confirmed it will sell up to 98.85 lakh shares (2% of paid-up equity) in ICICI Prudential Asset Management on August 27 via open-market trades on the NSE/BSE, trimming its own stake to 32.6% as the asset manager works toward India's 15%-public-float requirement within five years of its December 2025 listing; co-promoter ICICI Bank has agreed not to buy on the sale day.
- Shein formally launches its Hong Kong IPO at up to $27B, roughly a quarter of its 2022 private mark
Shein began taking orders for a Hong Kong listing of 280 million Class B shares at HK$47.60–49.50 each, raising about HK$13.9 billion (~$1.8B) at an implied valuation as high as $27 billion — down from the roughly $100 billion it commanded in a 2022 private round — with pricing due August 31 and trading from September 1, leaving pre-IPO backers such as General Atlantic, HSG, Boyu Capital, Tiger Global and Tencent on paper losses the company has tried to cushion with cash-and-bonus-share sweeteners.
- Y Combinator sells a 1.05% Meesho stake for ₹957.5cr ($100M), an ~83% premium to its IPO band
Y Combinator is offloading 4.85 crore Meesho shares (1.05% of the quick-commerce marketplace) at a ₹197.50 floor price — up to a 4% discount to Friday's close but roughly 83% above the ₹105–111 band its December 2025 IPO priced at — in a Kotak Securities-run block deal, with a 30-day lock-up on any further sales.
Week of August 17, 2026
- A91's Atomberg DRHP disclosure shows a ₹445cr cumulative sell-down against a ₹143cr original stake
Atomberg's draft IPO papers reveal early backer A91 Partners has already sold roughly ₹445 crore of stock against its ₹143 crore total investment since 2019 while still holding a 21.02% stake, and is now lined up to sell the largest OFS tranche (3.77 crore shares) alongside Temasek's V-Sciences, Jungle Ventures and three smaller holders in the fan-maker's ₹450cr-fresh-issue IPO filing.
- SoftBank lines up a second Lenskart block deal, offering another 2.6% stake for around $300M
SVF II Lightbulb (Cayman), SoftBank's Lenskart vehicle, is set to sell up to a further 2.6% stake for roughly $300M on August 24 at a ₹635/share floor — a 4% discount to the last close but a ~58% premium to Lenskart's ₹402 IPO price — its second block-deal trim since a 3.25% sale in June, with a 45-day lock-up on the remaining position.
- Qualcomm's VC arm trims its Shadowfax stake for ₹184cr, cashing out near 2x its IPO price
Qualcomm Asia Pacific sold 75 lakh Shadowfax shares (1.28% of the logistics-tech firm) at ₹245.13 apiece in a bulk deal — nearly double the ₹124 IPO price the stock listed at in January — trimming its remaining stake from 2.26%.
- Quadria Capital's Nobel Hygiene files for a ₹150cr IPO with a Quadria- and Sixth Sense-led OFS tranche
Nobel Hygiene's draft prospectus pairs a ₹150 crore fresh issue with an OFS of up to 1.55 crore shares, led by Quadria Capital's Orbit Investment Holdings (95.7 lakh shares, off a 36.71% stake) and Sixth Sense Ventures (50 lakh shares) — an early liquidity marker to watch as the filing moves toward pricing.
- General Atlantic sells another 8.75% of KFin Technologies for ₹1,400cr, cutting its stake below 14%
General Atlantic sold 1.51 crore KFin Technologies shares at ₹925 apiece through an open-market block deal, its latest sell-down of the registrar and transfer-agent business that cut its holding to 13.14% from 21.89%, with buyers including Morgan Stanley and Citigroup alongside domestic mutual funds and insurers.
- Shein pushes its Hong Kong IPO to September as investor demand cools, still eyeing $26–27B
Shein postponed its planned August 28 Hong Kong debut to around September 1 amid cooling investor demand tied to slowing growth and rising costs, holding its valuation target at $26–27B while adding UBS Asset Management as a cornerstone investor bound by a six-month lock-up.
- Rosewood and India Business Excellence Fund sell a ₹648cr stake in Symbiotec Pharmalab days before its IPO
Existing PE backers Rosewood Investments and India Business Excellence Fund-III sold a combined 10.4% stake in the API maker for ₹648 crore at ₹988/share — the top of the price band for its ₹1,757 crore IPO opening August 24 — to institutional buyers including Think India Opportunities, Dymon Asia, ValueQuest and WhiteOak Capital.
- STT GDC exits its Vietnam data-center JV, selling its 65% VTH stake back to VNG for $18.3M
Singapore's ST Telemedia Global Data Centres sold its majority stake in VTH Software Development — acquired via a May 2024 share subscription that had cut VNG's holding to 35% — back to VNG for roughly VND480 billion (~$18.3M), citing land-use-term concerns that made the Ho Chi Minh City site unsuitable for long-term data-center use.
- Activist Oasis withholds its 19.5% Kakaku.com stake from EQT's ¥3,570 tender, wants Bain's ¥3,640 topped
Oasis Management said it won't tender its roughly 19.5% Kakaku.com stake into the board-backed, EQT-led Kamgras 1 offer at ¥3,570/share (raised August 13, a 68% premium to the undisturbed price) unless it matches the rival Bain Capital-affiliated BCPE Blitz bid of ¥3,640, arguing Kakaku's board should either renegotiate or let KDDI's non-tender pact lapse so the higher offer becomes viable.
- Ant Group's Paytm exit continues as a Sharma-linked vehicle sells a 3% stake for ₹2,949cr
Resilient Asset Management — a Netherlands entity wholly owned by Paytm founder Vijay Shekhar Sharma, which holds only the voting rights over a 10.2% Paytm stake it took from Antfin in 2023 while Ant Group kept the economic interest — sold roughly 1.92 crore One97 Communications shares at a ₹1,535.10 floor (nearly ₹2,949 crore, about 3% of the company), with proceeds flowing to Ant rather than Sharma.
- NSE's IPO slips to September as a SEBI approval delay pushes back India's biggest-ever secondary offering
SEBI's approval for India's National Stock Exchange — filed as a 100%-OFS listing back in June — has slipped roughly three weeks past its early-August target after changes to the selling-shareholder list, with NSE now marketing shares to global investors at ₹2,000–2,100 apiece (a ~₹5.26 lakh crore, ~$55B valuation) ahead of a targeted second-half-of-September launch.
- Milky Mist lists at an 18% premium, turning Temasek's flat pre-IPO mark into a paper gain
The dairy maker's shares debuted at ₹165 against the ₹140 issue price and climbed as high as ₹181.50 intraday, turning Temasek unit Jongsong Investments' April pre-IPO entry at ₹139.76/share — priced almost exactly at the IPO band's ceiling a week earlier — into a real premium rather than a flat mark.
- API Holdings sells another 9.9% of Thyrocare on the open market, clearing its last ₹1,050cr of debt
PharmEasy parent API Holdings' Docon Technologies sold 1.58 crore Thyrocare shares (9.90% of the diagnostics chain) through open-market trades at a stock price of ₹653 — a roughly 51% premium to its bonus-adjusted 2021 entry price of ₹433 — using the proceeds to repay its last ₹1,050 crore of debt and free the rest of its now-51.02% holding from pledge.
- First Philippine rejects KKR's ₱165B bid for a First Gen stake, saying it undervalues the power unit
First Philippine Holdings turned down KKR's proposal to buy its 8.43% stake in First Gen Corp at ₱35/share (~₱165.44B, ~$2.69B) — the same per-share price reported as accepted just days earlier — saying the offer undervalued the power producer, leaving the planned tender-and-delisting path in question.
- Shein cuts its Hong Kong IPO valuation target again, to $26–27B
Sources now put Shein's Hong Kong IPO target at $26–27B — down from the $30–40B range floated two weeks earlier and roughly a quarter of its 2022 peak — with existing shareholders said to be taking up as much as half of the roughly $2B offering as the debut nears its planned late-August date.
Week of August 10, 2026
- WeWork Global trims its WeWork India stake to 12.3% in a ₹244cr block deal
1 Ariel Way Tenant Ltd, WeWork Global's affiliate, sold a 2.5% stake in WeWork India Management for ₹244 crore (₹697.55/share) via open-market block deals the day after the company's MSCI India Index inclusion, leaving WeWork Global as the largest public shareholder at 12.3% behind promoter Embassy Group.
- KKR-backed LEAP India lists flat to its IPO target, closing its ₹2,000cr OFS
LEAP India listed at ₹166 against its ₹159 issue price — a market cap of ~₹6,392–6,432 crore (~$734M), essentially in line with its IPO-band target — completing the ₹2,000 crore OFS tranche through which KKR vehicle Vertical Holdings II exited most of its stake.
- South Korea's NPS grows its secondaries book 36% to ~$3.7B, a capital-supply signal for APAC GPs
Korea's National Pension Service — one of the region's largest institutional LPs — added roughly $1B to its secondary-fund and co-investment allocation over the past year, per its latest investment disclosure, lifting the total to about $3.7B and adding to the pool of capital available for APAC GP-led deals.
- Ananya Birla-backed Svatantra Microfin files DRHP for a ₹3,000cr IPO with a ₹1,500cr OFS tranche
India's #2 NBFC-MFI by AUM filed its DRHP with SEBI for a ₹3,000 crore IPO split evenly between a ₹1,500 crore fresh issue and a ₹1,500 crore OFS by existing investors, including Advent International- and Multiples-linked shareholders who backed the company in a 2024 capital infusion.
- Shein pushes its Hong Kong trading debut to around August 28, with cornerstones still pressing for a lower mark
Sources now say Shein plans to open investor orders around August 20 and debut around August 28 — over a week later than the August 19 target reported days earlier — with the company still targeting roughly $30B, the low end of its $30–40B range, as some investors keep pushing for less.
- Tenneco offloads 15% of its India clean-air unit for ₹3,180cr, a ~32% premium to its IPO price
Promoter Tenneco Mauritius Holdings sold 6.05 crore Tenneco Clean Air India shares at ₹525–525.50 apiece — about 32% above the ₹397 top of its November 2025 IPO band — cutting its holding to 51.84% in a block deal that drew SBI Mutual Fund and HDFC Mutual Fund as lead buyers.
- KKR proposes an 8.43% First Gen block buy at a 117% premium, teeing up a delisting tender
KKR, which already holds 19.9% of the Philippine power producer, disclosed a preliminary proposal to buy an additional 8.43% stake directly from First Philippine Holdings at ₱35/share — a 117% premium to July's close — followed by a voluntary tender for the remaining 11.67% public float aimed at taking First Gen private.
- Hillhouse-backed Table Space files DRHP for an ₹800cr IPO, with Hillhouse selling most of the OFS
The managed-workspace operator's DRHP pairs an ₹800 crore fresh issue with an OFS of up to 6.55 crore shares, the large majority from Hillhouse Investment's AGS TS II Holdings vehicle (which invested $300M in the company in 2022) alongside smaller tranches from co-founders Karan Chopra and Kunal Mehra.
- Shein sets a firm August 19 target for its long-delayed Hong Kong IPO
Sources say the fast-fashion retailer is now marketing its Hong Kong listing to investors for a launch as soon as August 19, still within the $30–40B range flagged a week earlier — the clearest sign yet that a listing years in the making, and reshaped by cash payouts to reset late-stage investors, is close to actually pricing.
- Milky Mist's IPO prices almost exactly where Temasek bought in four months earlier
Temasek unit Jongsong Investments bought into the dairy maker's April pre-IPO round (part of a ₹482cr raise split roughly ₹350cr primary/₹120cr secondary) at ₹139.76/share, and Milky Mist's ₹1,553cr IPO — including a ₹125cr OFS tranche — opened August 11 with a ₹133–140 band that puts Temasek's entry almost exactly at the ceiling, a rare flat mark in a week otherwise full of premiums and discounts.
- Offer-for-sale deals capture 61% of India's ₹2.3 trillion IPO haul over 18 months
Roughly ₹1.45 lakh crore of the ₹2.3 trillion mainboard IPOs have raised since January 2025 went to selling shareholders rather than company balance sheets, underscoring how thoroughly India’s IPO pipeline has become an exit channel for PE-era investors and promoters rather than a fundraising one.
- Bain Capital books an 89% markup on Dhoot Transmission via a ₹1,667cr OFS, five months after its last preferred round
BC Asia Investments XV — the Bain Capital vehicle that built its stake in Dhoot Transmission in tranches from December 2024 through a March 2026 preferential allotment at ₹461.22/share — is part-exiting via a ₹1,666.89 crore OFS tranche in the wiring-harness maker’s ₹3,067 crore IPO, priced at up to ₹871/share as subscriptions opened August 10.
Week of August 3, 2026
- Blackstone-backed AGS Health files updated DRHP for a ₹4,800cr IPO, with a ₹3,000cr Blackstone OFS
The Chennai-based healthcare RCM firm's updated DRHP pairs an ₹1,800 crore fresh issue with a ₹3,000 crore OFS from Blackstone vehicle BCP Asia II Topco VIII Pte, with reports pointing to a roughly $3B IPO valuation — about double what Blackstone paid for the company just a year earlier.
- Bain Capital buys Taiwan-founded Gong cha from TA Associates for $635M+, well below its earlier $2B ask
Bain Capital agreed to acquire the nearly 2,200-store bubble-tea chain — founded in Kaohsiung, Taiwan in 2006 — from TA Associates and other shareholders in a sponsor-to-sponsor secondary reportedly valuing Gong cha north of $635 million, a steep markdown from the roughly $2 billion TA Associates had sought earlier in the year, with the deal expected to close in Q4 2026.
- MTG's PlaySimple Games clears SEBI for a ₹3,150cr IPO that is entirely a secondary offer-for-sale
SEBI issued its observation letter clearing Swedish gaming group MTG to take its Indian mobile-games subsidiary public via a ₹3,150 crore IPO with no fresh-issue component — the entire raise is a secondary sell-down by parent MTGx Gaming Holding AB, which bought the company for over $360M in 2021 — though price band and listing dates are not yet set.
- AGPH's Polyplex Thailand tender offer draws only an 18% stake, well short of its 100% target
UAE-based AGPH (Thailand) Ltd sought all of Polyplex (Thailand) Public Company Ltd but picked up just 18.09% of the polyester-film maker when its tender offer closed August 5, after Indian parent Polyplex Corporation — which holds the controlling 51% stake — declined to tender its own shares.
- Shiprocket’s ₹7,056cr IPO prices Lightrock, McKinsey and Moore Strategic out of their cost basis, 30% below its 2024 round
Lightrock, McKinsey (via AFOS) and Moore Strategic Partners are each selling part of their Shiprocket stakes in the logistics-tech firm’s ₹731.98 crore OFS tranche at estimated returns of just 0.72x, 0.59x and 0.67x respectively, as the ₹7,056 crore IPO priced roughly 30% below the company’s December 2024 private valuation of near ₹10,000 crore.
- LEAP India banks ₹371 crore in a pre-IPO placement from a GIC arm, days before its IPO opens
GIC subsidiary Gamnat and Dymon Asia anchored a ₹371.3 crore pre-IPO placement priced at the top of LEAP India’s ₹151–159 band, adding a fresh institutional round just a day before the ₹2,480 crore IPO — which already carries a KKR-led OFS tranche — opened for bidding.
- SoftBank-backed OfBusiness revives IPO plans, targeting an $800M–$1B raise with an OFS by existing investors
The B2B commerce and financing platform is said to be reviving IPO plans shelved amid earlier market conditions, pairing a roughly $260M fresh issue with an offer-for-sale by existing shareholders and targeting a $5–6B valuation — essentially in line with the ~$5B mark from its 2021 SoftBank/Tiger Global/Alpha Wave round rather than a fresh markup.
- Temasek- and Motilal Oswal-backed Molbio Diagnostics prices a ₹930cr IPO with a ₹740cr secondary tranche
Motilal Oswal’s India Business Excellence Fund III and thirteen other shareholders are trimming stakes in Molbio Diagnostics’ ₹739.7 crore OFS tranche — alongside the founding promoters, who sell the bulk of it — as the diagnostics maker priced its IPO at ₹768–807/share ahead of an August 10–12 offer.
- GIC explores a $1B secondaries sale of PE fund stakes in EQT, TPG Asia and KKR vehicles
Singapore’s sovereign wealth fund has engaged PJT Partners to gauge buyer interest in roughly $1B of NAV across EQT, TPG Asia and KKR fund interests, an early-stage LP-led sale it frames as active portfolio recycling rather than distress.
- Shein narrows its Hong Kong IPO target to $30–40B, roughly a third of its 2022 peak
Days after floating cash payouts to reset late-stage investors’ cost basis, Shein is said to be gauging cornerstone demand at a $30–40B range for a Hong Kong listing as early as mid-August, with some prospective cornerstones pushing for closer to $30–32B versus the $98.2B it commanded in 2022.
- Maybank buys out Ageas’ 31% stake in Etiqa for RM4.83B, ending a 25-year insurance joint venture
Belgian insurer Ageas is exiting its remaining 30.95% stake in Malaysia’s largest takaful and insurance group for RM4.83B (a 1.98x price-to-book multiple), handing Maybank full ownership of Etiqa and unwinding a joint venture the two partners had held for 25 years.
- Shein offers Pre-D/D/D+ investors cash payouts and bonus shares to reset their cost basis ahead of its HK IPO
Late-stage backers from the Pre-D, D and D+ rounds are being guaranteed a combined roughly $1.1B cash payout (an 8% annualized return) plus extra Class B shares, a structured cushion letting Shein push ahead with a Hong Kong listing targeting up to $50B even as some shareholders reportedly press for closer to $30B.
- KKR-backed LEAP India files its RHP, selling a ₹2,000 crore OFS stake into a ₹2,480 crore IPO
KKR entity Vertical Holdings II is selling nearly all of the ₹2,000 crore offer-for-sale tranche in the pooling-equipment rental firm’s IPO, pricing its exit at a ~$735M valuation ahead of an August 7–11 bidding window.
Week of July 27, 2026
- Zepto pauses its IPO, sealing a pre-IPO placement at a $4.5B valuation instead
CEO Aadit Palicha told staff the quick-commerce unicorn will now target a listing between February and May 2027, raising roughly ₹1,000 crore from existing investors at $4.5B in the meantime — a sharper reset than the $3.5–4.5B bids reported just two weeks earlier.
- Indonesia’s Brick is in advanced talks to sell a majority stake to an Australian fintech firm
The Jakarta-based open-finance API startup is reportedly close to a $10–20M sale to an Australian suitor drawn mainly by the Bank Indonesia payment licence and local infrastructure Brick already holds, rather than by revenue scale.
- Manipal Health Enterprises prices its $960M IPO at a market cap well below its private-market peak
The Temasek-backed hospital group’s IPO — including a roughly $153M offer-for-sale tranche from TPG, Mubadala-linked Imperius Healthcare and Novo Holdings — was fully subscribed at a ~$9.3B market cap, a marked discount to the $12–15B valuation private-market reports floated as recently as December 2025.
- SEBI clears NSE’s revised settlement terms, removing the last major hurdle before its record IPO
SEBI’s in-principle acceptance of a ₹1,491 crore settlement with India’s National Stock Exchange keeps its 100%-OFS IPO on track for DRHP observations by mid-August and a September listing, at an unlisted valuation still above ₹4.85 lakh crore ($58B+).
- Shein targets a late-August to September Hong Kong listing as it discloses 2025 financials
The fast-fashion retailer disclosed $41.9B in 2025 revenue as its draft prospectus firms up a listing window, while still eyeing the $40–50B valuation target that leaves pre-IPO holders absorbing a steep markdown from its $100B 2022 peak.
Week of July 20, 2026
- Hong Kong Exchanges recognizes Bursa Malaysia, opening a secondary-listing route for Malaysian firms
HKEX’s recognition of Bursa Malaysia as its 21st eligible overseas exchange opens a formal path for Malaysian-listed companies — Capital A Berhad, owner of AirAsia Move, has already signalled interest — to pursue secondary listings in Hong Kong, giving their shareholders a new liquidity venue.
- Revolut prices employee share sale at $115B, becomes Europe's most valuable startup
The UK digital bank priced a secondary share sale at $2,017 a share, up more than 50% from the $75B mark it set in a November 2025 secondary — a global benchmark for how far a well-run fintech can run on private-market liquidity events alone, referenced here for context alongside APAC deal terms.
Week of July 13, 2026
- Zepto's India IPO valuation is reportedly heading toward a near-50% markdown, to $3.5–4B
Domestic investors are said to be bidding the quick-commerce unicorn down to $3–3.5B and foreign investors to about $4.5B, a steep reset from its $7B October 2025 round that would also reprice the offer-for-sale tranche existing investors are selling alongside the IPO.
- Livspace co-founder Ramakant Sharma raises his stake via a secondary share purchase
Sharma bought shares from more than 20 institutional backers, including KKR, TPG, Jungle Ventures, EDBI and Bessemer Venture Partners, diluting their stakes in the Indian home-interiors unicorn in a secondaries deal whose price was not disclosed.
- Inspire Brands Asia, the Anytime Fitness master franchisee, explores a sale worth up to $450M
The Singapore-based operator of the region’s largest gym network — 487 clubs across Southeast Asia, Hong Kong and Taiwan — is backed by Mizuho Asia Partners and Aura Group, who are weighing an exit roughly six years after assembling the Anytime Fitness master franchise.
- Shein’s slowing growth risks weighing on its Hong Kong IPO valuation
Days after China’s CSRC cleared Shein’s HK listing at a $40–50B target, down sharply from its $100B 2022 round, growth concerns are pressuring the number further — a live case study in pre-IPO markdown.
Week of July 6, 2026
- SBI and Amundi price a $1.22B IPO-via-OFS in India’s largest asset manager
The entirely secondary offering — a roughly 10% stake sold by joint owners SBI and Amundi, with no primary proceeds to the company — priced at an implied valuation above $12B for the ₹12.5-trillion-AUM fund house, drawing anchor demand from ADIA and GIC ahead of its July 21 listing.
Week of June 29, 2026
- Blackstone, CVC and MUFG among bidders for a stake in Vietnam’s MoMo
Vietnam’s leading e-wallet is running a process for a stake of up to 50%, with binding bids due in September and a valuation that could reach $2.5–3B if priced above its 2021 mark.
- Pengana’s AI Private Opportunities Trust (AIX) lists on the ASX, raising $267M
The self-liquidating trust gives Australian investors indirect pre-IPO and secondary exposure to private AI names including ByteDance and Handshake, with stakes eyed in OpenAI and Anthropic, exiting via IPO or secondary sale over a 7-year term.
- TOKYO PRO Market starts publishing listed companies’ disclosed listing objectives
JPX began publishing which of its 163 TOKYO PRO Market companies have disclosed why they listed, a transparency step for investors evaluating Japan’s professional-investor board.
Week of June 22, 2026
- Carro plans a US IPO with a Singapore secondary listing to raise $500M at a $3B valuation
The Singapore-founded used-car marketplace, backed by SoftBank, GIC and Temasek, is pursuing a dual US–Singapore listing structure — a notable exit template for the region’s later-stage private companies.
Week of June 15, 2026
- India’s National Stock Exchange files a 100%-secondary DRHP for what could be the country’s largest-ever listing
NSE itself raises no proceeds — the draft filing structures the entire ~14.89-crore-share offering as an OFS by existing shareholders including SBI, Canada Pension Plan Investment Board and Bank of Baroda, at an indicative valuation above ₹5 trillion ($58B+), giving long-time holders of the exchange’s famously illiquid unlisted stock a first clear exit path.
- GCash parent Mynt clears the way for a record $1.5B Philippine IPO at an $8B valuation
The Ant Group and Globe Telecom-backed fintech won Philippine SEC clearance to file for what would be Southeast Asia’s largest fintech listing to date, a bellwether for regional digital-payments exits.
Week of June 8, 2026
- Ant International in talks for $1B round that could value it above $10B ahead of a 2026 HK IPO
Existing shareholders General Atlantic and Silver Lake are among those in discussions to participate in the Singapore-incorporated fintech unit’s pre-IPO round, which analysts say could support an $8–24B Hong Kong listing.
- Zepto’s updated IPO filing reveals a 11.35-crore-share secondary OFS by six investors
India’s quick-commerce leader filed its updated draft prospectus with founders sitting out the offer-for-sale entirely while six existing investors sell down, at an implied valuation of roughly $7–12B depending on final pricing.
Week of May 18, 2026
- Singapore’s DayOne weighs a $5B dual listing in Singapore and New York at a $20B valuation
The AI-driven data-center operator, spun out of China’s GDS Holdings and backed by SoftBank, Coatue and Hillhouse, is lining up banks for what would be one of Singapore’s largest-ever listings.
Week of May 4, 2026
- Malaysia’s Family Office Incentive Scheme clears nine single-family offices
Nine single-family offices with a combined $169M in AUM have won regulatory approval since the 2024 scheme launched, part of the private-capital base that increasingly buys into regional secondaries.
Week of April 27, 2026
- GoTo posts its first-ever net income, shares jump most in four months
Indonesia’s largest listed tech group turned profitable after years of cost cuts, a milestone that strengthens the case for the secondary and continuation-vehicle activity building underneath it.
Week of April 20, 2026
- Golden Gate Ventures seeks $150M from a secondary sale of Southeast Asian startup stakes
The early-stage VC is running a GP-led secondary process across its Southeast Asia portfolio, part of a broader regional shift toward continuation vehicles as traditional exits stay slow.
Week of March 16, 2026
- Walmart-backed PhonePe shelves its India IPO as global market tensions rattle sentiment
The digital-payments giant paused a listing that would have let Walmart, Tiger Global and Microsoft exit via an offer-for-sale at up to $10.5B — below its $12B 2023 private round.
Week of February 2, 2026
- Xiaohongshu (RedNote) valued above $30B in a fresh secondary share deal ahead of its Hong Kong IPO
The Chinese lifestyle platform’s private secondary marks have climbed sharply through 2025–26 as it prepares a Hong Kong listing targeted at more than $70B.
Week of August 18, 2025
- Canva runs an employee share sale at a $42B valuation, up from $32B a year earlier
The Sydney design platform let current and former staff sell up to $3M each of vested stock, a liquidity event triggered in part by its US corporate redomicile ahead of a possible 2026 IPO.