Asian Startups Set to Join the IPO Race in 2022

Asian Startups Set to Join the IPO Race in 2022

2022 will see a lot of Asian startups going public.

Despite the pandemic, 2021 had been a bumper year for initial public offerings (IPOs). According to the 2021 EY (Ernst & Young) Global IPO Trends Report, the global IPO market had a total of 2,388 IPO deals, raising US$453.3 billion in proceeds. Global IPO activity was up 64 percent in deal numbers and 67 percent in proceeds when compared to 2020.

Amid this big IPO boom, many Asian firms fared well in the stock market. 2021 presented an impressive list of startups, like Freshworks, Baidu and Coupang, making a spectacular stock market debut. In 2021, a record US$6.1 billion was raised by Indian startup IPOs, which is almost 70 percent of the total amount of funds raised (US$8.8 billion) in IPOs from the public market of the country.

As the IPO fever continues to heat up, more Asian startups are gearing up to join the trend. Here’s a list of five promising Asian startups set to make an IPO debut in 2022.


Being one of the largest players in the e-commerce sector, Flipkart is undoubtedly a strong candidate for an IPO, even though it has been around for 12 years now. In 2018, U.S. retail giant Walmart invested US$16 billion and acquired a 77 percent share in the company. Having raised US$3.6 billion in July 2021, it now has a valuation of over US$37 billion. It has been actively discussing an IPO, which is anticipated to take place in 2022. According to Flipkart’s group CEO, Kalyan Krishnamurthy, the company will go public in November or December 2022


Founded by former investment banker Sophie Kim, the South Korean grocery startup is making noise with its fresh and innovative take on ‌grocery delivery services. With a valuation of around US$1 billion and boasting about nine million users, Kurly is one of the most-awaited Asian startups to watch out for in 2022. In July 2021, Kurly raised an additional KRW 225 billion in a Series F funding round (US$200 million). The company’s planned IPO is set for June 2022 in Korea, and it stated in late October that it expects a valuation of US$5.9 billion after the IPO. Apart from expanding its headcount, the proceeds from their IPO will be allocated to improve its research and development, order process and payment system. 

GoTo Group

The Indonesian tech firm GoTo Group, created by the blockbuster merger between the two most valuable internet startups—ride-hailing giant Gojek and e-commerce marketplace Tokopedia—has engaged banks in December 2021 to help raise at least US$1 billion as soon as the first quarter of 2022. The tech giant has raised more than US$1.3 billion in its pre-IPO round led by the Abu Dhabi Investment Authority, with Google and Fidelity International being two of its investors. The company has chosen PT Mandiri Sekuritas and PT Indo Premier Sekuritas as underwriters for a local IPO that could happen as soon as this quarter (January-March 2022). GoTo will be listed as PT GoTo Gojek Tokopedia, and it is expecting to reach a valuation of US$25 to 30 billion ahead of its IPO.


Snapdeal IPO is one of the most anticipated IPOs in Indian startup history. Backed by SoftBank Group Corp., the Indian e-commerce startup filed preliminary papers with market regulator Securi­ti­es Exchange Board of India (Sebi) in December 2021 for an IPO. According to its draft red herring prospectus, or DRHP (a document filed by the company when it intends to raise funds through an IPO), the company intends to raise INR 1,250 crore (US$165 million) through the sale of new shares. Existing stockholders, including SoftBank, plan to sell as many as 30.77 million secondary shares.   

LG Energy Solutions

LG Energy Solution, a South Korean battery maker, unveiled its plan in December 2021 for its IPO, aiming to raise KRW 2.8 trillion (US$10.9 billion) in the Seoul stock market. The company will begin trading on the Korea Composite Stock Price Index (KOSPI) on January 27, 2022.  According to Reuters, the IPO could take its value to as much as KRW70.2 trillion (U$58.8 billion), making it South Korea’s third-largest listed firm after tech giant Samsung Electronics and semiconductor business SK Hynix. The company will spend funds from its IPO in January 2022 on expanding manufacturing capacity in Europe, the United States and Asia.

Header image courtesy of Pexels


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