Zhang Yichen, chairman and CEO of Citic Capital Holdings, argues that buyout funds and M&A, rather than IPOs, will define China's next capital market cycle as the country seeks to establish "patient capital" and resolve the exit bottleneck for private equity funds. A proposed national M&A fund and regulatory reforms could reshape the landscape.
Airtel Africa is expanding its investment bank lineup for the planned London listing of its mobile money unit, Airtel Money, in a deal that could value the business at approximately $10 billion. Citigroup is leading the transaction, which is expected to raise between $1.5 billion and $2 billion and would mark London's largest IPO since Wise in 2021.
India's SBI Funds Management drew bids worth 3 trillion rupees ($31.14 billion) for its $1.03 billion IPO, making it the country's fourth-most-subscribed issue. The offering, priced at 574 rupees per share, saw strong demand from institutional investors including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi and Norway.
