Deloitte’s latest report shows that Southeast Asia’s IPO markets are rebounding, with 102 listings across six exchanges in the first 10.5 months of 2025 raising about US$5.6 billion. Despite fewer IPOs, proceeds grew by 53%, supported by larger deals and strong momentum in Singapore, Vietnam, Malaysia, and Indonesia. Real estate, financial services, and consumer-sector offerings drove most of the uplift, outperforming the US$3.7 billion raised from 136 listings in 2024 and tracking closely to the US$5.8 billion recorded in 2023. IPO sizes have shifted upward as investors prioritize resilience, with the region’s average deal size doubling to around US$55 million. Four listings in Singapore, Vietnam, and the Philippines each exceeded US$500 million, and 11 companies debuted with market capitalizations above US$1 billion. Private equity-backed deals have become catalysts for regional activity, helping to sustain flow and attract institutional demand as the market enters 2026 with healthy investor sentiment.
Singapore led Southeast Asia in funds raised, securing US$1.6 billion from nine IPOs, driven largely by the debuts of NTT DC REIT and Centurion Accommodation REIT. Regulatory reforms, a more supportive interest rate environment, and strong institutional engagement have boosted confidence, with first-day gains averaging 12% and year-to-date returns around 29%. Deloitte’s capital markets leader, Tay Hwee Ling, noted that Singapore’s resurgence reflects a shift toward larger, higher-quality deals and continued reforms aimed at moving toward a disclosure-based regime aligned with global markets. Tay added that a growing pipeline of domestic and cross-border issuers is expected to support further activity.
Vietnam saw renewed momentum after years of muted activity, led by two major financial-sector IPOs—Techcom Securities and VP Bank Securities—raising a combined US$1 billion. Deloitte Vietnam’s Trinh Bui said the country is entering a new cycle fueled by a diverse pipeline spanning finance, real estate, retail, agriculture, and technology, underpinned by macroeconomic stability, flexible monetary policy, and anticipated reclassification to Secondary Emerging Market status in 2026. Trinh emphasized that recent regulatory reforms are modernizing Vietnam’s capital markets, improving transparency and listing efficiency, and attracting foreign capital.
Malaysia led in IPO volume, recording 48 listings that raised US$1.1 billion, largely through the ACE Market. Investor confidence remains resilient despite softer overall metrics, and Malaysia is on track to reach its target of 60 IPOs this year. Industrial and consumer companies stood out, with THMY Holdings Berhad and Oriental Kopi Holdings Berhad posting significant first-day gains. Deloitte Malaysia’s Wong Kar Choon highlighted that sector diversity and supportive government measures continue to make Malaysia an attractive hub for IPOs, even amid global and regional economic pressures.
Indonesia recorded 24 IPOs raising US$921 million, with energy and resources leading proceeds. Major listings included PT Merdeka Gold Resource Tbk and PT Chandra Data Investasi Tbk, followed by real estate and consumer names such as PT Bangun Kosambi Sukses Tbk and PT Yupi Indo Jelly Gum Tbk. Tay Hwee Ling noted that Indonesian IPO activity has centered on industrials, energy, consumer, and healthcare firms with solid fundamentals and long-term prospects. Although sentiment has improved post-election, investors remain mindful of global economic headwinds. The upcoming pipeline includes technology, logistics, and financial companies with strong potential to draw interest if they demonstrate profitability and resilience.
Private equity-backed listings have been instrumental in lifting deal sizes and reinforcing confidence across the region. Proceeds rose 54% despite fewer deals, reflecting the prominence of larger, more mature PE-backed companies using IPOs as key exit routes. PE involvement has surged in digital infrastructure, healthcare, retail, and technology, aligning with the region’s shift toward real assets and technology-driven growth. Steady fundraising in Southeast Asia is fueling further capital deployment into IPO-ready portfolio companies heading into 2026.
Regionally, Deloitte’s outlook for 2025 highlights a recovery centered on value, sector leadership from real estate, energy and resources, finance, and consumer services, and Singapore’s emergence as the region’s premier destination for large-cap IPOs. Malaysia and Indonesia continue to anchor volume, while Vietnam demonstrates gradual ecosystem development. Thailand’s market has been weighed down by domestic political and economic pressures, with most listings remaining small aside from Mr. DIY Holding’s US$174 million debut. Overall resilience persists despite global uncertainties, supported by regulatory upgrades, sector diversification, and improving investor confidence. Real estate dominated proceeds at 33%, followed by energy, resources, and finance, while industrials linked to mobility and energy infrastructure are gaining traction. Healthcare and technology listings continue to attract institutional backing. Deloitte’s Tay Hwee Ling noted that issuers are closely monitoring market conditions to time valuations effectively and prepare for pent-up demand heading into 2026.
Source: Deloitte
