AI infrastructure takes the spotlight today as Australian data centre operator Firmus expands into Malaysia, with OpenAI signing on as anchor customer across two new sites there. The deal pushes Firmus's total contracted capacity past 900MW globally, while Tevo raises fresh debt financing to fuel user growth. Elsewhere, IPO activity picks up across Malaysia and Vietnam, alongside a gaming M&A tie-up and a major shipyard spin-off.
On to the raises.
Startup Raises
Southeast Asia-based Tevo, an AI app company secured $10 million in debt financing from PvX to fund user acquisition. Read more here.
Singapore-based Marco Polo Marine signed a conditional agreement for a reverse takeover of Fuji Offset Plates Manufacturing valued at up to S$139 million, spinning off its shipyard business including Batam operations into a separately listed entity while retaining majority control. Read more here.
M&A
PhilWeb and JKS Tech completed a US$67.4 million cross-investment deal in which JKS acquires a 4.85% stake in PhilWeb while PhilWeb subscribes to shares in JKS, tying the two Philippine gaming technology firms closer together. Read more here.
IPO
Vietnam-based DatVietVAC’s IPO attracted nearly 1,700 investors with total subscriptions exceeding the shares on offer, expected to raise more than VND611 billion or about US$23.5 million to strengthen capital, restructure finances and repay debt. Read more here.
Quek Leng Chan and TPG-backed Asia OneHealthcare is targeting a RM7 billion to RM7.5 billion IPO in Malaysia in the first quarter of 2027, with an expected valuation of around RM30 billion. Read more here.
Business Updates
Malaysia-based Greatech Technology is investing US$79.6 million in a new plant as its order book reaches a record US$450 million, with data centres now its largest revenue contributor and expansion into semiconductor equipment under the National Semiconductor Strategy. Read more here.
Firmus has signed a multi-year capacity agreement to provide AI compute from two new data centres in Malaysia, marking its expansion into the country with OpenAI as the anchor customer there. Read more here.
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