Southeast Asia IPO performance in Jan-June

The first half of 2025 saw a measured rebound in Southeast Asia’s capital markets, underpinned by stabilizing macroeconomic conditions and renewed momentum in larger IPOs, particularly in Malaysia and Indonesia, write Deloitte analysts.

The Southeast Asia IPO capital market saw 53 IPOs in the first half of 2025, with over $1.4 billion in IPO proceeds raised and an IPO market capitalization of $7.7 billion.

H1/2024 saw 67 IPOs, just under $1.4 billion in IPO proceeds and IPO market capitalization of $5.8 billion.

The H1/2025 figure represents a 3% increase in IPO amount raised and a rise of 33% in IPO market capitalization, despite a 21% decrease in the number of IPOs across Southeast Asia, compared to H1/2024.

The Southeast Asia IPO capital market remained resilient in H1/2025, registering three blockbuster IPOs in the period - each with an IPO market capitalization exceeding $1 billion - which collectively raised approximately $495 million:

- Eco-Shop Marketing Berhad

- PT Bangun Kosambi Sukses Tbk

- PT Yupi Indo Jelly Gum Tbk

In contrast, H1/2024 saw only one IPO of similar scale, Thai Credit Bank Public Company Limited with IPO market capitalization of $1 billion and raised $208 million.

June 2025 saw a notable increase in sizeable Main Board IPO prospectus lodgements on Southeast Asia bourses, including what is expectedto be the largest Singapore IPO in a decade. This signals positive market sentiments and position the region for a more vibrant second-half performance.

Top performing countries

Malaysia and Indonesia are the top two countries showing strong signs of recovery:

• Malaysia recorded approximately 48% increase in the number of listings, with IPO amount raised increasing by approximately 109%, along with a corresponding uptick in total IPO market capitalization by approximately165%.

• Indonesia rebounded from post-election uncertainty, nearly doubling both IPO proceeds and market capitalization, despite a decline in the number of listings.

Sector analysis

The consumer sector remained the leading industry in the region, accounting for 43% ($613 million) of the total IPO proceeds raised in H1/2025.

Real estate ranked second, raising approximately $284 million, with three out of four listings - two from Indonesia, one from Malaysia, and one from Thailand - featured among the region’s Top 10 IPOs.

H2/2025 pipeline

This notable uptick reflects renewed investor confidence and a gradual reopening of capital markets for larger issuers. If sustained, the current momentum could indicate a more robust pipeline in the second half of the year, underpinned by one registration and three lodgements on SGX (one Mainboard REIT, one Mainboard company and two Catalist IPOs) and two lodgements on Bursa Malaysia’s Main Market.

According to Tay Hwee Ling, an expert on Southeast Asia and Singapore at Deloitte, H1/2025 saw a measured rebound in Southeast Asia’s capital markets, underpinned by stabilizing macroeconomic conditions and renewed momentum in larger IPOs, particularly in Malaysia and Indonesia.

"Despite cautious sentiment, issuer interest is gradually returning - especially in markets that offer regulatory certainty, sufficient investor depth, and regional expansion appeal," she wrote.

"Private equity and venture capital activity remains a key source of capital, but the strategic focus has shifted toward exit readiness. As market conditions improve, IPO pipelines - currently on pause due to valuation concerns and market timing - could reactivate, with firms capitalizing on pent-up demand for liquidity events," Tay Hwee Ling added.

Vietnam

Vietnam recorded no new IPOs in H1/2025. However, market development remained active with four companies moving from the secondary board, UPCoM (unlisted public companies market) to Ho Chi Minh Stock Exchange (HoSE or HSX) and Hanoi Stock Exchange (HNX), and two unlisted PIEs (portfolio investment entities) listing on these two main boards.

Especially, on May 13, 2025, over 1.79 billion shares of Vinpearl Joint Stock Company were officially listed on the HoSE, with a total par value exceeding VND17.933 trillion, approximate $689 million.

Vietnam officially launched KRX trading system on May 5, 2025, shortens settlement cycle and enhances trading capacity.

Combined with regulatory initiatives, such as increased foreign ownership limits, these efforts improve Vietnam’s prospects for a market upgrade by FTSE Russell.

A successful reclassification to “secondary emerging market” could unlock capital inflows of up to $6 billion, boosting market depth and IPO appetite.

Malaysia

The Malaysia IPO capital market continued its impressive momentum from last year, leading the Southeast Asia bourses in all three key metrics of total IPO funds raised, market capitalization and number of IPOs.

Malaysia has seen an increased in IPO activities in H1/2025 as compared to H1/2024, achieving 32 listings (H1/2024: 21 listings) which raised $940 million in total IPO funds (H1/2024 H1: $450 million) with market capitalization of $4 billion in H1/2025 (H1/2024: $1.5 billion).

The industrial products and consumer sector continues to lead the way, with Malaysian household brands Eco-Shop Marketing Berhad and Oriental Kopi Holdings Berhad both debuting with encouraging first day performance of 6.19% and 98.86%, respectively, from their listing price.

We also saw the listing of Cuckoo International(MAL) Berhad, a subsidiary of Cuckoo Holdings Co Ltd which is listed on the Korea Exchange.

Positive changes in Malaysia capital market ecosystem that spurred the 2025 IPO performance:

- Expedited three-month approval period for IPO on both the Main and ACE Market since 1 March 2024.

- Accelerated transfer process from ACE to Main Market effective from 1 January 2024.

- Tax deductions of up to RM1.5 million, effective from the year of assessment 2023 to 2025 for technology-based companies.

- Widening the definition of sophisticated investors for the LEAP Market effective from February 5, 2024

Launch of Bursa Research Incentive Scheme Plus (Bursa RISE+) by Bursa Malaysia

On April 30, 2025, Bursa Malaysia Berhad launches Bursa RISE+ that extends its research coverage to private companies with growth potential, enhancing their visibility and accessibility to wider investorbase. The initiative also supports pre-IPO firms en route to listing on Bursa Malaysia, as well as help investors make informed investment decisions and promote better price recovery

Wong Kar Choon, an expert on Malaysia at Deloitte, commented that despite broader regional challenges, Malaysia’s IPO market continued its positive momentum in H1/2025.

"We anticipate that the consumer industry with well-established brand names will continue to be the cornerstone of Malaysia economic landscape and are poised to leverage their strong market presence to tap on the IPO capital market opportunities,: he wrote.

"The IPO outlook in Malaysia remains optimistic for the remainder of 2025, with 32 listings recorded as of June 30, 2025, putting Bursa Malaysia on track toward its full year target of 60 listings."

However, the recent U.S. trade tariffs and geopolitical tension have introduced uncertainty. There could be an impact to the IPO market. This situation may lead to cautious investor sentiments as investors may adopt a more cautious approach and favor less risky assets during these uncertain period. Additionally, companies may delay their IPO plans, especially for export-driven companies that is affected by supply chain disruptions and costpressures, according to Wong Kar Choon.

Indonesia

After a year marked by political uncertainty, Indonesia’s IPO market is showing signs of recovery in H1/2025.

While the number of IPOs on the Indonesia Stock Exchange (IDX) declined by 44% - from 25 listings in H1/2024 to just 14 in H1/2025 - the overall market value and capital raised have increased.

IPO market capitalization rose 2.8 times, from $1.2 billion in H1/2024 to $3.5billion in H1/2025. Total funds raised also grew by 1.7 times, from $247 million to $427 million over the same period.

The average deal size tripled, rising from $10 million to $30 million, signaling the return of a few larger and more established - many of which had previously adopted a wait-and-see approach amid the political transitions of 2024.

The consumer sector led in terms of funds raised, driven by the listing of PT Yupi Indo Jelly Gum Tbk. This was followed by the real estate sector, supported by the IPO of PTBangun Kosambi Sukses Tbk, a company affiliated with the Agung Sedayu Group - one of the country’s largest integrated property developers.

The energy and resources sector ranked third, with IPO activity spanning companies involved in oil and gas, renewable energy, and mining support services.

ESG reporting module for listed companies

The Indonesia Stock Exchange (IDX) has launched its ESG Reporting module through SPE-IDXnet (Form E020), a reporting module for sustainability and annual reporting forlisted companies. Aligned with ASEAN Exchanges Common ESG Metrics and OJK regulations, this initiative aims to enhance ESG transparency, governance, and investor decision-making.

With the launch of ESG reporting module, IDX aims to advance a sustainability-driven capital market in Indonesia, strengthen the integration of ASEAN Exchanges Common ESG Metrics, and enhance ASEAN’s collective visibility as an assetclass - positioning the region as an attractive investment destination for both regional and global investors.

Ongoing Review of Minimum Listing Requirements by IDXIDX is currently reviewing its stock listing regulations, particularly focusing on refining minimum listing standards - most notably the free float requirement both at IPO andpost-listing. This initiative is designed to enhance market liquidity and make the stocks more appealing to investors.

According to Jasmin Maranan, an expert on Indonesia at at Deloitte, with the 2024 presidential elections in the rear-view mirror, the IPO market in H1/2025 showed renewed optimism with decent-sized deals that pushed average funds raised from $10 million in 2024 to $30 million.

The Indonesia Stock Exchange (IDX) is targeting five large-scale (defined as those with asset value of circa $15 million) IPOs this year, with three already listed - "YUPI, "CBDK", and "RATU". Consumer Products and Energy continue to be among the more favored sectors.

"Indonesia’s IPO market outlook for the rest of the year is now highly dependent on greater clarity on government policies, continued infrastructure development, a stable local currency, a favorable low-interest-rate environment, and high-quality issuers (i.e.,companies with strong fundamentals, capital discipline and compelling equity narratives)," she added.

Thailand

The Thai market hit the bottom in the last 25 years. Only five companies across various industries including Technology, Media and Telecommunications, Consumer, and Real Estate were successfully fundraising in Thailand for H1/2025, having collectively raised a total of $30 million on the MAI.

In particular, Pro Inside Public Company Limited, which provides comprehensive information technology system design, development, installation, and maintenance services - referred to as “ICT solutions” - has reported continuous growth in ROA, ROE, and Net Profit Ratio.

In June 2025, the Stock Exchange of Thailand has initiated the JUMP+ project, which focuses on enhancing the corporate value of listed companies. This is a key mechanism to drive and strengthen the competitiveness of the Thai capital market. Participating companies in the project will receive benefits such as tax exemptions or additionalprofits based on set targets

Wilasinee Krishnamra, an expert on Thailand at Deloitte, wrote that the fundraising situation in H1/2025 in Thailand has declined compared to H1/2024, due to ongoing uncertainties from trade wars, international conflicts, and Thailand political issues.

Some industries still show potential for growth, as evidenced by the profits of listed companies in Thailand for H1/2025, which remain strong. Notable sectors include banking, energy and utilities, and healthcare.

In H2, government economic stimulus policies and the inflow of foreign investment into Thailand are also expected to support the market.

The Philippines

Top Line Business Development Corp, a fuel retail company based in Cebu, successfully listed on the Philippine Stock Exchange (PSE) in March 2025.

The IPO raised approximately $12 million. The listing reflects improving investor sentiment in the downstream energy sector, especially among regional mid-sized enterprises.

The Energy and Resources sector continues to be a resilient pillar for the Philippines’ capital market. A key development is the anticipated listing of Maynilad Water Services.

Morgan Stanley and UBS are mandated as joint bookrunners for a potential $500 million IPO, with an expected valuation of about $3 billion. If completed, this would be one of the largest domestic IPOs in recent years.

The Philippine Stock Exchange is in the process of launching GPDRs - a new capital market instrument designed to provide Filipino investors with peso-denominated exposure to foreign-listed securities.

This initiative aims to broaden portfolio diversification for both retail and institutional investors by enabling access to offshore assets through the local exchange. While the PSE had targeted a rollout in 2025, the final regulatory approvals and back-endsystem enhancements remain in progress.

Once implemented, GPDRs are expected to deepen market participation and reduce capital flight by offering global investment opportunities without the need to convert into foreign currency.

Singapore

Vin's Holdings Ltd was the sole listing on the Singapore Exchange in the first half of 2025, raising S$6 million. The company operates as an integrated automotive solutions provider, offering services such as vehicle sales, financing, after-sales support, and leasing.

Meanwhile, YLF Group Marketing, a confectionery company, withdrew its IPO application amid unfavourable market conditions.

Despite the subdued listing activity, momentum appears to be building in the second half of the year. Info-Tech Systems Ltd successfully registered its Mainboard prospectus with MAS on June 27, 2025, aiming to raise funds for product development and regional expansion into Hong Kong and India.

Lum Chang Creations Limited, an urban revitalization specialist focused on heritage building restoration, submitted its CatalistOffer Document on June 23, 2025.

On June 27, 2025, NTT DC REIT filed a preliminary prospectus with MAS for its data-centre REIT, which could be one of the largest listings on SGX in recent years. Shortly thereafter, on June 30, 2025, Dezign Format Group, an interior-fit-out and design firm, lodged a Catalist listing.

Looking ahead, investor interest is expected to be supported by a growing pipeline of upcoming REITs, Business Trust IPOs, and potential cross-border listings, including other Southeast Asia companies eyeing a Singapore listing.

Subsequent to the recommendations put forth by the Equities Market Review Group, both the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) issued consultation papers in May 2025, outlining proposed reforms aimed at enhancing the attractiveness of Singapore’s IPO capital markets.

The proposed reforms for a shift to a more disclosure-based regime adopts apro-enterprise regulatory stance which places stronger emphasis on the timeliness, consistency, and materiality of information disclosed.

This empowers investors to make better informed decisions while requiring issuers to present clear, accurate, and comprehensive disclosures for investors to make informed decisions.

By recalibrating listing criteria and reducing regulatory friction, these reforms could open the door to a wider pool of quality issuers and deepen the vibrancy of Singapore’s capital markets.

"In Singapore, signs of recovery in the IPO market are emerging, following recent regulatory proposed reforms stemming from the MAS Equities Market Review Group’s recommendations," wrote Tay Hwee Ling, an expert on Singapore.

"Notable examples are the newly registered Mainboard IPO by Info-tech Systems Ltd and the Mainboard lodgement by NTT DC REIT seeking to raise approximately $864 million, signalling renewed interest from global issuers and reinforcing Singapore’s position as a compelling hub for cross-border capital raising," she added.