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Investors hope unicorns will snap up Southeast Asian startups

As IPO market cools, venture capital firm sees over 600 buyouts in 2023-2025

© Illustration by Michael Tsang

TOKYO/SINGAPORE -- For a country with little success in having homegrown startups go public, the sale of Philippine payments company in January was a landmark deal. But it had a twist.

Instead of raising cash through an initial public offering of its shares, the startup found a different kind of buyer -- Indonesian ride-hailing company Go-Jek, which acquired Coins for more than $70 million.

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