Despite cautious market sentiment in 2024, Southeast Asia’s capital markets have started showing signs of recovery in the first half of 2025, driven by stabilizing macroeconomic conditions and a renewed surge in larger IPOs, particularly in Malaysia and Indonesia, as per Deloitte analysts.

Key IPO Metrics for H1 2025

• 53 IPOs were listed in the first half of 2025, up from 67 in the same period of 2024.
• $1.4 billion in IPO proceeds were raised, a 3% increase from the previous year.
• IPO market capitalization stood at $7.7 billion, a 33% rise compared to H1/2024.

In H1/2025, the Southeast Asia IPO capital market witnessed a notable increase in the number of blockbuster IPOs, with three listings exceeding $1 billion in market capitalization and collectively raising approximately $495 million. These listings include:

– Eco-Shop Marketing Berhad

– PT Bangun Kosambi Sukses Tbk

– PT Yupi Indo Jelly Gum Tbk

In contrast, H1/2024 saw only one such listing, Thai Credit Bank Public Company Limited, which raised $208 million. June 2025 witnessed a significant surge in Main Board IPO prospectus lodgements on Southeast Asia bourses, including what is expected to be the largest Singapore IPO in a decade. This indicates positive market sentiments and positions the region for a more vibrant second-half performance. Top Performing Countries

Malaysia and Indonesia Lead the Way

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

• Malaysia: recorded approximately 48% increase in listings, with IPO amount raised increasing by approximately 109%, and total IPO market capitalization by approximately 165%.
• Indonesia: rebounded from post-election uncertainty, nearly doubling both IPO proceeds and market capitalization, despite a decline in the number of listings.

Sector Analysis

Consumer and Real Estate Sectors Dominate

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 featuring among the region’s Top 10 IPOs.

2025 H1 Pipeline

There is a notable uptick in the number of IPOs in the pipeline, with several large-scale listings expected to be completed in the second half of the year.

• One registration and three lodgements on SGX, including one Mainboard REIT, one Mainboard company, and two Catalist IPOs.
• Two lodgements on Bursa Malaysia’s Main Market.

Expert Insights

Market Analysts Weigh In

According to Tay Hwee Ling, an expert on Southeast Asia and Singapore at Deloitte:

“Despite cautious sentiment, issuer interest is gradually returning – especially in markets that offer regulatory certainty, sufficient investor depth, and regional expansion appeal.”

As market conditions continue to improve, IPO pipelines could reactivate, with firms capitalizing on pent-up demand for liquidity events. Vietnam

Vietnam Records Zero New IPOs in H1 2025

Vietnam witnessed no new IPOs in H1/2025, but the market continued to develop with four companies moving from the secondary board, UPCoM, to the main boards, Ho Chi Minh Stock Exchange (HoSE or HSX) and Hanoi Stock Exchange (HNX). A notable listing in May 2025 was that of Vinpearl Joint Stock Company, which listed on the HoSE with a total par value exceeding VND17.933 trillion, approximately $689 million. Vietnam officially launched KRX trading system on May 5, 2025, shortening the settlement cycle and enhancing trading capacity. With regulatory initiatives and efforts to improve ESG transparency, Vietnam is poised for a potential market upgrade. Malaysia

Malaysia IPO Market Continues to Thrive

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. The country saw an increase in IPO activities in H1/2025, with 32 listings, which raised $940 million in total IPO funds and had a market capitalization of $4 billion.

• The industrial products and consumer sector continued to lead the way, with household brands Eco-Shop Marketing Berhad and Oriental Kopi Holdings Berhad enjoying encouraging first-day performances.
• The company Cuckoo International(MAL) Berhad, a subsidiary of Cuckoo Holdings Co Ltd, listed on the Korea Exchange.

Indonesia

Indonesia’s IPO Market Shows Signs of Recovery

Indonesia witnessed an increase in IPO proceeds and market capitalization, despite a decline in the number of listings. The average deal size tripled, with larger companies returning to the market.

• The consumer sector led in terms of funds raised, driven by the listing of PT Yupi Indo Jelly Gum Tbk.
• The real estate sector followed, supported by the IPO of PT Bangun Kosambi Sukses Tbk.

ESG reporting module for listed companies has been launched by the Indonesia Stock Exchange (IDX), which aims to enhance ESG transparency, governance, and investor decision-making. Thailand

Thai Market Hits Bottom, Sees Limited IPO Activity in H1 2025

The Thai market, which had hit its lowest point in the last 25 years, saw only five successful fundraisings in H1/2025, totaling $30 million. Despite the limited activity, the Thai market has implemented the JUMP+ project, which aims to enhance the corporate value of listed companies. The energy and resources sector showed potential for growth, with profits from listed companies in H1/2025 remaining strong. The Philippines

The Philippines to See Increased IPO Activity in H2 2025

Top Line Business Development Corp, a fuel retail company, successfully listed on the Philippine Stock Exchange (PSE) in March 2025, raising approximately $12 million. A potential $500 million IPO by Maynilad Water Services is also anticipated, with Morgan Stanley and UBS serving as joint bookrunners. Singapore

Singapore IPO Market Sees Renewed Interest in H2 2025

Vin’s Holdings Ltd, a sole listing on the Singapore Exchange in the first half of 2025, raised S$6 million. Despite subdued listing activity, momentum appears to be building in the second half of the year, with several large-scale listings expected to be completed. Reforms aimed at enhancing the attractiveness of Singapore’s IPO capital markets have been proposed, with a focus on a more disclosure-based regime. These reforms could open the door to a wider pool of quality issuers and deepen the vibrancy of Singapore’s capital markets.