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APAC secondaries deal tracker
A running, structured record of notable secondary transactions across Asia-Pacific — tender offers, stake sales, and pre-IPO liquidity — each marked against its last primary round where that comparison is knowable.
The APAC market, in numbers
<10%APAC’s share of the record $240B global 2025 secondary market
$10BAPAC secondary volume Jefferies advised on in 2025, across 25+ deals
~3 yrsDry powder held by dedicated APAC secondary funds, at the current pace
5China GP-led continuation vehicles closed in 2025, up from 1 in 2024
Sources: Jefferies — Growth at a Discount: the APAC Secondaries Market ↗ and SS&C ↗.
| Date | Company | Market | Valuation | vs. last round | Source |
|---|---|---|---|---|---|
| Jul 2026 | Revolut | Global | $115B (priced) | PremiumUp from $75B (Nov 2025 secondary); priced at $2,017/share | WSJ (via Yahoo Finance) ↗ |
| Jul 2026 | Zepto | India | $3.5–4B domestic bids; ~$4.5B foreign bids (unpriced) | DiscountDown ~50% from the $7B implied valuation in its June UDRHP filing | Bloomberg (via Inshorts) ↗ |
| Jul 2026 | Inspire Brands Asia (Anytime Fitness master franchisee) | Southeast Asia | Up to $450M (sale target) | Flat / n.a.N/A — prior mark was a partial A$9M LP-interest secondary sale (Sept 2025) | DealStreetAsia ↗ |
| Jul 2026 | SBI Funds Management | India | ~$12.2B (implied, priced) | Flat / n.a.N/A — bank/asset-manager subsidiary, not a venture-funded startup | Bloomberg ↗ |
| Jul 2026 | MoMo | Vietnam | $2–3B (in process) | PremiumAbove its ~$2B 2021 mark, if priced at the top of reported range | Reuters / DealStreetAsia ↗ |
| Jul 2026 | Shein | Hong Kong | $40–50B (IPO target) | DiscountDown sharply from its $100B 2022 round | Bloomberg / Yahoo Finance ↗ |
| Jun 2026 | National Stock Exchange of India (NSE) | India | $58B+ (₹5 trillion+, DRHP-stage) | Flat / n.a.N/A — first formal pricing event; long traded only in India’s unlisted/grey market | Entrackr ↗ |
| Jun 2026 | Carro | Singapore | $3B (planned) | Flat / n.a.Not disclosed | Caproasia ↗ |
| Jun 2026 | ByteDance (HSG stake) | China | $350–370B | PremiumAbove the ~$330B internal buyback, below private-market highs | 36Kr ↗ |
| Jun 2026 | Zepto | India | $7–12B (implied, IPO pricing range) | Flat / n.a.At or above its $7B Oct 2025 round, depending on final price | Axis Capital UDRHP filing / Stockify ↗ |
| Apr 2026 | Golden Gate Ventures portfolio (7 SEA startups) | Southeast Asia | $150M target | Flat / n.a.N/A — fund-level GP-led secondary | DealStreetAsia ↗ |
| Mar 2026 | PhonePe | India | $9–10.5B (IPO target, shelved) | DiscountBelow its $12B 2023 round | TechCrunch / Business Standard ↗ |
| Feb 2026 | Xiaohongshu (RedNote) | Hong Kong | $30B+ | PremiumUp from ~$26B (Mar 2025) | Jing Daily ↗ |
| Nov 2025 | ByteDance (BOC PE block) | China | $480B implied | Premium~45% above the company’s own buyback price | 36Kr ↗ |
| Sept 2025 | ByteDance | China | $330B+ | Premium+5.5% vs its March 2025 buyback | Yahoo Finance / SCMP ↗ |
| Aug 2025 | Canva | Australia | $42B | PremiumUp from $32B (Oct 2024) | Bloomberg ↗ |
| May 2025 | Airwallex | Australia | $6.2B | Flat / n.a.$150M of secondaries inside the Series F; Dec 2025 round marked $8B | Sacra ↗ |
| Mar 2025 | Zepto | India | $5B (in discussion) | Flat / n.a.In line with its late-2024 round | Bloomberg ↗ |
| May 2022 | Razorpay | India | $75M program | Flat / n.a.After its Dec 2021 Series F ($375M raised) | Razorpay Newsroom ↗ |
A living list — deals are added as they are reported. Figures are as reported by the linked source; secondary marks are not official valuations.
Last reviewed July 27, 2026. Methodology: every row links to a named public source; marks are negotiated transaction prices, not audited valuations.
See all APAC secondaries news →
Frequently asked questions
Why do some APAC deals trade at a premium and others at a discount?
It depends on demand for the specific name. Category leaders with a credible path to an IPO or strategic exit — like Xiaohongshu or Canva — can clear above their last round. Companies with a paused or uncertain listing path, like PhonePe in early 2026, are more likely to see secondary interest below their last private valuation.
What is the difference between a tender offer, a stake sale, and a GP-led secondary?
A tender offer is company-organized: employees and early investors sell a set amount of stock to approved buyers at one price. A stake sale is typically a larger, negotiated transaction — often a fund or strategic investor buying a significant minority or majority position. A GP-led secondary moves a fund manager’s existing portfolio stakes into a new vehicle, giving the fund’s original investors (LPs) an exit without selling the underlying companies.
Are the valuations in this tracker official?
No. Secondary marks reflect the price buyers and sellers agree on, or the price being discussed, in a specific transaction — not a valuation the company itself has set or endorsed. They are a useful signal of investor demand, not audited figures.