Here Are the Biggest Asian Listings to Watch Out for in 2025

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(Bloomberg) — Dealmakers are eyeing a revival of initial public offerings in Asia in 2025 as India’s pipeline remains strong and a recovery in Hong Kong takes hold.

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New equity sales in India are expected to surpass last year’s record $20.7 billion, as a resilient economy and strong demand from mutual funds fueled a stock boom. Meanwhile, offerings of shares of mainland-listed companies in Hong Kong are likely to boost the city’s IPO market as insider deals, which once dominated trading volumes in the region, lag behind.

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“We’re starting to see a lot of activity around the 2025 RFPs,” with several deals related to the mainland to Hong Kong theme, said Aaron Oh, head of Asia-Pacific capital markets at UBS Group AG. .

Here are some potentially big new stock sales to watch in Asia this year.

Hong Kong Offers

• Contemporary Amperex Technology Co.: The world’s largest electric vehicle battery maker, known as CATL, is preparing for a second listing in Hong Kong that could raise at least $5 billion, making it the city’s largest since early 2021.
• Jiangsu Hengrui Pharmaceuticals: The company is said to be considering a Hong Kong stock listing that could raise at least $2 billion.
• Foshan Haitian Flavors and Foods Company: A second listing for Haitian, one of China’s largest spice makers, could raise at least $1.5 billion.
• Seres Group Co.: Reportedly the EV partner of Huawei Technologies Co. He is considering a Hong Kong stock listing that could raise more than $1 billion.
• Eastroc Beverage Group Co.: The Chinese energy drink maker is said to be considering a Hong Kong stock listing that could raise as much as $1 billion, after an earlier plan to sell Swiss shares fell through.

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Indian IPOs

• HDB Financial Services Bank Limited: A unit of HDFC Bank Limited, India’s largest private sector bank, plans to raise up to 125 billion rupees ($1.5 billion) through an IPO.
• LG Electronics India: LG Electronics Inc. is said to be… The South Korean company is considering a valuation of up to US$15 billion for the listing of its Indian unit, targeting the first half of this year.
• Quest Global Services Pte: Carlyle Group Inc. is said to be… It is considering an IPO for an engineering services company that could raise about $1 billion.
• Zetwerk Pvt Ltd.: The supply chain startup is said to be considering fundraising options including an IPO that could help it raise up to $1 billion.
• Mahle GmbH’s business in India: The German auto parts maker is reportedly considering going public in India, with the deal potentially raising up to $400 million.

Other Asian listings

• Shein Group: The online fashion retailer could list its shares in London as early as this year, in an initial public offering that would potentially value the company at £50 billion ($62 billion).
• JX Advanced Metals Corp.: Japanese oil refiner Eneos Holdings Inc. is said to be… It is considering selling up to 70% of the chip materials maker in an initial stock sale that could raise up to about 700 billion yen ($4.5 billion).
• CHERY AUTOMOBILE: The automobile unit of Chery Holding Group may seek a valuation of more than 100 billion yuan ($14 billion) in an initial public offering in Hong Kong as soon as this year.
• MMC Port Holdings Sdn.: The port operator is said to be considering an IPO in Kuala Lumpur that could raise as much as 7 billion ringgit ($1.6 billion), making it the largest in Malaysia in more than a decade.
• GCash: The Philippines’ largest fintech platform is reportedly considering an initial public offering that could raise $1 billion to $1.5 billion in the second half of 2025, a size that would likely make the listing the largest ever in the country.

-With assistance from Giulia Fioretti and Manuel Paigore.

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