KUALA LUMPUR: Southeast Asia’s initial public offering (IPO) capital markets rebounded with over 102 IPOs across six bourses in the first ten and a half months of 2025, raising approximately US$5.6 billion (US$1 = RM4.15), according to global accounting and professional services firm Deloitte.
In contrast, the company said Southeast Asia raised US$3.7 billion across 136 IPOs in 2024, and US$5.8 billion was raised across 163 IPOs in 2023.
In a statement, Deloitte stated that the region’s total IPO proceeds have grown by 53 per cent despite a decline in the number of listings, driven by larger deals, shifting sector dynamics, and strong market performances in Singapore, Vietnam, Malaysia, and Indonesia.
“The boost in higher-value listings in the real estate, financial services and consumer sectors has been the primary driver of the increase in total IPO proceeds in 2025.
“Notably, private equity-backed listings emerged as a catalyst across the region, sustaining steady capital inflows and attracting strong investor interest,” it said.
Deloitte also noted that there has been a shift in the sizes of IPOs and sector dynamics, with the average IPO deal size more than doubling compared to 2024, rising from about US$27 million to US$55 million, supported by a few larger blockbuster IPOs.
“There were four IPOs which raised more than US$500 million from Singapore, Vietnam and the Philippines, and 11 IPOs with market capitalisation exceeding US$1 billion across the region.
“Therefore, looking ahead to the coming year, Deloitte anticipates that investor appetite will remain healthy, sustained by the continued emergence of new market opportunities,” it added.
Deloitte highlighted that Malaysia leads its Southeast Asian peers in terms of the number of IPOs, with 48 IPOs raising US$1.1 billion, mainly through the ACE Market.
“Malaysia is on track to meet its target of 60 IPOs by the end of the year. This is driven by sustained investor confidence and a strong pipeline of companies seeking to raise capital on the stock exchanges,” it said.
Meanwhile, Deloitte Malaysia capital markets services partner Wong Kar Choon said Malaysia’s IPO market in 2025 is characterised by strong sectoral diversity, positive investor sentiment, and a supportive regulatory environment, making it a resilient and attractive capital market hub in the region for IPOs.
“Despite geopolitical uncertainties, trade tariffs affecting export-driven companies, and supply chain pressures, well-established consumer-oriented companies remain central to Malaysia’s IPO market and economic landscape,” he added. – BERNAMA
