To privatize or not: The conundrum of Singapore's TDCX

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Samreen Ahmad  Journalist  Hello {NAME} What do Burger King and Heinz have in common, apart from the ketchup? Both traded publicly once, then went back to being privately held. While Burger King was [troubled]( by its falling value, food giant Heinz chose privatization to [“expand more aggressively internationally.”]( Burger King [continued this back and forth]( and later relisted in 2012 before delisting again in 2014. Going from public to private allows companies time to restructure their business away from the prying eyes of public shareholders and analysts. In the Big Story this week, my colleague Simon examines why Singapore-based business process outsourcing firm TDCX (TDCX, NYSE) is planning to go private after listing on the New York Stock Exchange just over two years ago. Does this also set precedence for other listed Southeast Asian companies that have struggled since going public? -- Samreen  ---------------------------------------------------------------  THE BIG STORY [TDCX’s CEO aims to delist the BPO firm amidst struggling valuation]( The offer price values the company at a trailing twelve-month P/E ratio of 11.2x, significantly below the median P/E ratio for comparable companies. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Crypto apps bite the dust on Apple (AAPL, NDAQ) store in India: Top crypto apps such as Binance, OKX, and Kucoin were [removedÂ]( the Apple app store in India after the government issued show-cause notices to nine such apps for not complying with local tax rules. This gives an opportunity to homegrown players such as CoinSwitch Kuber and CoinDCX to fill the void in the country’s near [US$340 million]( crypto market. 2️⃣ Amazon (AMZN, NDAQ) to lay off hundreds more: Amazon is [cutting several hundreds of jobsÂ]( its streaming and studio departments as layoffs by the technology giant spill into 2024. The US-based company last year laid off nearly 27,000 employees from its global workforce. This points to a longer winter for technology companies, with layoff fears looming over their employees. For instance, Lazada, which is owned by Alibaba (BABA, NYSE), recently let go of nearly [30% of its staff.]( 3️⃣ Microsoft (MSFT, NDAQ) may topple Apple: Microsoft is all set to[ take over]( Apple as the most valuable company in the world. This points to a drop in demand for Apple's flagship iPhones. The sales for the smartphone already fell [30%]( in China in the first week of 2024, despite discounts by Apple in the region. In comparison, homegrown competitor Huawei saw flat growth during the period, indicating that there will be fierce competition between the two players in the coming days. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [1,000]( The number of stores Starbucks (SBUX, NDAQ) plans to operate in India by 2028. - [100,000]( The number of developers Microsoft is going to train in India for AI-related technologies. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Big-bang IPOs in 2024: The new year started on a gloomy note for many startups and tech behemoths, with news of layoffs and shutdowns continuing to rattle the technology world. Even as clouds of crisis hover over the tech ecosystem, many new age companies could see a turnaround in their fate as they line up to list in India. Several startups, including Mobikwik, FirstCry, and Ola Electric, are planning big-ticket listings in 2024. While baby products-focused ecommerce platform FirstCry is anticipated to list at a [valuation]( between US$3.5 billion and US$3.7 billion, fintech startup Mobikwik is [eyeing]( to raise US$84 million in its IPO. Meanwhile, Ola Electric has ambitions to raise US$1 billion in its public listing. Hospitality firm Oyo and online pharma company PharmEasy, who delayed their listings last year, could also be back to the market with their respective IPOs in 2024.  That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. 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