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Tuesday, November 29, 2022

Masan raises US$350 million for The CrownX, eyeing IPO

By Dung Nguyen

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HCMC – The Masan Group Corporation is considering launching an international initial public offering (IPO) for its consumer retail unit, The CrownX, after announcing the signing of a US$350 million primary investment in The CrownX by a consortium of investors, including TPG, Platinum Orchid and the SeaTown Master Fund.

The transaction marks the final capital raising at the TCX ecosystem, which has attracted over US$1.5 billion in investment from global investors since its inception in the first half of 2020.

The transaction implies a post-money valuation of US$8.2 billion for 100% of TCX’s equity, an equivalent of US$105 per share, representing a 12% valuation uplift versus the previous capital raising round.

Post the completion of the transaction, Masan will own 81.4% of The CrownX. The company intends to use the proceeds from the transaction to invest in growth initiatives and conduct a share buyback.

Danny Le, CEO of Masan Group, said, “We have outlined our Point of Life vision for over seven years now. The partnership with TPG, ADIA and SeaTown is a validation of our ability to bring to life our Point of Life vision. This marks the end of our capital raising activities at The CrownX as we shift our entire focus to scale up our Point of Life platform nationwide both offline and online.

“We look forward to a 2023-2024 international IPO of The CrownX with three simple KPIs: increasing our share of the consumer wallet by expanding our network, digitizing our entire platform to become a consumer tech company, and double-digit profit margins.”

The CrownX is operating the mini-mall concept, a unique integrated format offline or online offering a broad array of daily, essential products and services.

“Powered by its rising middle class and rapid urbanization, Vietnam is well-positioned to be a significant driver of the next chapter of Asia’s consumption story. We believe that The CrownX is the platform to capture this opportunity,” said David Tan, Managing Director, TPG Capital Asia.

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