JULYASIA BUSINESS OUTLOOK9The investment banking team of state-owned brokerage China Galaxy Securities (CGS) intends to increase its size in Southeast Asia from 30 to 50 members next year. This decision is based on the expectation of increased dealmaking in the region despite a slow market in China.Jason Saw, the group head of investment banking at CGS International Securities, mentioned that they are currently working on obtaining a license to assist in managing initial public offerings (IPOs) in Malaysia.In an interview with Reuters, Saw revealed that CGS International, based in Singapore, has acquired investment banking business licenses in Indonesia, Malaysia, Singapore, and Thailand in the past 18 months."The new people that we are onboarding are actually more to build our ASEAN-China relation to cater to Chinese enterprises to go into Southeast Asia," he added.Saw stated that with the support of its parent companies CGS and China Investment Corp, CGS International aims to pursue transactions related to China-Southeast Asia connections, dual listings, and mid-market deals ranging from $200 million ($149 million) to S$1 billion ($744 million) in Southeast Asia. Saw stated that CGS International, a subsidiary of China Investment Corp's sovereign wealth fund CGS, is increasingly attracting interest from Chinese strategic investors and funds looking to grow and diversify their investments in Southeast Asia.Due to a slowing Chinese economy and increasing geopolitical tensions, some Chinese financial services groups are expanding into Southeast Asia as capital markets in mainland China and Hong Kong weaken and dealmaking activities slow down. OneStream Software, backed by private equity firm KKR, is targeting a valuation of about $4.38 billion in its upcoming U.S. initial public offering (IPO). The software company and its selling shareholders aim to sell 24.5 million shares, priced between $17 and $19 each, potentially raising up to $465.5 million, according to a filing on Monday.The U.S. IPO market has shown promise in 2024, with a rise in listings as investor confidence grows in new offerings amid hopes for a soft economic landing. Despite the promising market conditions, OneStream's target valuation for its public float is significantly lower than its $6 billion valuation in 2021, when it raised funding from investors including D1 Capital Partners and Tiger Global Management.Founded in 2010, OneStream helps Chief Financial Officers (CFOs) prepare and report financial statements to regulators and investors. The company also assists organizations with planning, budgeting, and forecasting. OneStream boasts over 1,400 customers worldwide, including major corporations like Toyota Motor, UPS, News Corp, and General Dynamics.KKR acquired a majority stake in OneStream in 2019, valuing the company at over $1 billion at the time. OneStream plans to list its shares on Nasdaq under the ticker symbol "OS." The proceeds from the IPO will be used to increase the company's capitalization and financial flexibility. Morgan Stanley, J.P. Morgan, and KKR are the lead underwriters for the offering. CHINA GALAXY SECURITIES TO INCREASE INVESTMENT BANKING BUSINESS IN SEAKKR BACKED PE FIRM SEEKS VALUATION OF $4.38B FOR US IPONEWSROOM
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