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Ant Group could launch an IPO next year after Chinese authorities hinted they would end an investigation into the fintech firm. Photo: Reuters

Jack Ma’s Ant Group, Richard Li’s FWD and Syngenta could be among top 10 Asian IPOs in 2023

  • After a lacklustre year for IPOs globally, 2023 could yield a bumper crop of listings from sectors ranging from insurance to chemicals and electric vehicles
  • Syngenta Group, which deferred a potential 65 billion yuan (US$9.3 billion) IPO, could launch one of the world’s largest deals next year

A global revival in initial public offerings might be far off, but at least 10 Asian companies are working on listings that each could raise US$1 billion or more in the coming year.

China’s onshore market hosted nine stock listings of that size or larger this year, more than any other in 2022, while they almost entirely vanished from venues such as Hong Kong, Seoul and Mumbai.

Here are 10 Asia-based firms in sectors ranging from insurance to chemicals and electric vehicles seeking listings that could stand out.


What is Jack Ma’s Ant Group and how does it make money?

What is Jack Ma’s Ant Group and how does it make money?

Ant Group

A comeback of Jack Ma’s Ant Group listing would potentially be the most high-profile IPO, globally. Analysts said a fine on the group last month could mark the end of Beijing’s investigation into the fintech firm and a first step to restarting its IPO process.

Syngenta Group

The seed and fertiliser giant owned by China National Chemical Corp was expected to launch a potential 65 billion yuan (US$9.3 billion) IPO in 2022. If it comes to market that big, it could be one of the world’s largest deals next year.

Amer Sports

Anta Sports Products, China’s biggest athletic-apparel producer, and co-investors in Amer Sports are holding preliminary talks with investment banks for an IPO of the company that could raise about US$1 billion or more. The Wilson tennis racket maker’s debut venue is not yet decided.

Richard Li-backed FWD Group could raise US$1 billion from an IPO in Hong Kong. Photo: Shutterstock

FWD Group Holdings

The Asian insurer backed by billionaire Richard Li is weighing next year as a new target for its long-awaited Hong Kong debut that could raise about US$1 billion as soon as the first quarter.

SCG Chemicals

The unit of Bangkok-listed Siam Cement has been working on an IPO that was initially targeting at least US$2 billion. The parent company said in October that it would consider an appropriate time for the deal in 2023.

Cinema XXI

Nusantara Sejahtera Raya, the operator of Indonesia’s largest cinema chain Cinema XXI, is eying an offering in Jakarta that could raise as much as US$1.1 billion.


The electric carmaker backed by Vietnam’s richest man filed this month for an IPO in the US just as it prepared to deliver its first SUVs to California customers. The unit of conglomerate Vingroup, founded by Pham Nhat Vuong, could raise at least US$1 billion as soon as January.

Pedestrians walk past a hotel operated by Indian start-up Oyo Hotels in Tokyo. Photo: Bloomberg

Oyo Hotels

The once high-flying Indian start-up for hotel bookings filed fresh documents in September, targeting an early 2023 offering if market and economic conditions allow.

Rakuten Bank

Bloomberg reported in September that the banking arm of the Japanese online retailer Rakuten Group had selected banks for a listing in Tokyo. Assuming a sale of a 35 per cent stake, Rakuten could raise up to 140 billion yen (US$1 billion), according to Bloomberg Intelligence.

Longi Green Energy Technology

The Shanghai-listed solar power equipment firm picked banks for a sale of global depositary receipts in Switzerland, which could be as large as US$4 billion, in the first half of 2023.