Economic news

HSBC kicks off informal investor talks for Indonesian business IPO – sources

2022.09.30 16:12



© Reuters. FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., Aug. 7, 2019. REUTERS/Brendan McDermid/File Photo

By Kane Wu and Scott Murdoch

HONG KONG (Reuters) – HSBC Holdings Plc (LON:) has started briefing investors on a potential initial public offering (IPO) of its Indonesian business, said two sources with direct knowledge of the matter.

Executives at HSBC Indonesia have met with a group of fund managers in Singapore since last week to discuss details of the potential IPO, ahead of an official roadshow, the sources said. The timeline of the roadshow is not yet known.

The size of the deal has yet to be determined, and will be dependent on market conditions, said the sources, who declined to be named as the information related to the planned IPO was not yet made public.

HSBC declined to comment on the deal.

In 2009, HSBC acquired Bank Ekonomi Raharja, an Indonesian bank with a presence across the country. This was merged in 2017 with HSBC Indonesia, the existing local arm of the British bank.

The IPO is mainly to meet a regulatory commitment HSBC made after delisting Ekonomi Raharja following its acquisition and integration with the local HSBC business.

The Indonesian IPO, if materialises, will come against the backdrop of London-headquartered HSBC continuing to push ahead with its expansion in Asia, which accounts for bulk of its revenues and profits.

The IPO would also come as HSBC faces pressure from China’s Ping An Insurance Group, its No.1 shareholder, to explore options including listing its Asia business to boost shareholder returns.

HSBC will decide whether an IPO will be launched before the end of 2022 in the next few weeks, one of the sources said.

New share sales globally dropped 65.8% in the first nine months of 2022, based on Refinitiv data, from $306.8 billion in 2021 to $104.85 billion, as geopolitical risks and high inflation and rising interest rates have hit investor appetite.

In Southeast Asia, IPO proceeds totalled $6.5 billion in the past nine months, down from $10 billion in the same period last year, the data showed.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,753.19 0.07%
ethereum
Ethereum (ETH) $ 3,360.71 1.01%
tether
Tether (USDT) $ 1.00 0.03%
solana
Solana (SOL) $ 253.17 0.60%
bnb
BNB (BNB) $ 660.07 1.16%
xrp
XRP (XRP) $ 1.43 2.72%
dogecoin
Dogecoin (DOGE) $ 0.428443 0.52%
usd-coin
USDC (USDC) $ 0.999708 0.01%
cardano
Cardano (ADA) $ 1.02 4.13%
staked-ether
Lido Staked Ether (STETH) $ 3,362.87 0.80%
tron
TRON (TRX) $ 0.208957 1.40%
avalanche-2
Avalanche (AVAX) $ 41.99 1.13%
stellar
Stellar (XLM) $ 0.529766 3.08%
the-open-network
Toncoin (TON) $ 6.14 3.13%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.03%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,955.70 1.89%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,432.10 0.04%
polkadot
Polkadot (DOT) $ 8.81 3.83%
chainlink
Chainlink (LINK) $ 18.00 3.53%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.62 0.91%
weth
WETH (WETH) $ 3,357.79 1.23%
sui
Sui (SUI) $ 3.40 1.52%
pepe
Pepe (PEPE) $ 0.00002 1.70%
near
NEAR Protocol (NEAR) $ 6.90 11.38%
leo-token
LEO Token (LEO) $ 8.55 0.82%
litecoin
Litecoin (LTC) $ 96.91 2.50%
aptos
Aptos (APT) $ 12.43 2.56%
uniswap
Uniswap (UNI) $ 10.89 1.51%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,537.11 1.24%
hedera-hashgraph
Hedera (HBAR) $ 0.146875 4.91%
internet-computer
Internet Computer (ICP) $ 11.65 2.38%
usds
USDS (USDS) $ 0.998207 0.13%
crypto-com-chain
Cronos (CRO) $ 0.191518 6.49%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.571448 0.60%
ethereum-classic
Ethereum Classic (ETC) $ 28.76 2.77%
render-token
Render (RENDER) $ 8.00 4.38%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 6.91%
bittensor
Bittensor (TAO) $ 524.97 0.77%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
kaspa
Kaspa (KAS) $ 0.152821 0.23%
bonk
Bonk (BONK) $ 0.000048 0.08%
vechain
VeChain (VET) $ 0.044112 4.54%
arbitrum
Arbitrum (ARB) $ 0.861306 0.53%
whitebit
WhiteBIT Coin (WBT) $ 24.32 1.70%
dai
Dai (DAI) $ 0.999877 0.03%
filecoin
Filecoin (FIL) $ 5.71 5.64%
cosmos
Cosmos Hub (ATOM) $ 8.74 6.16%
celestia
Celestia (TIA) $ 7.91 10.38%
mantra-dao
MANTRA (OM) $ 3.63 0.95%
okb
OKB (OKB) $ 53.86 5.27%