Southeast Asia (SEA) initial public offering (IPO) capital market remains resilient in the first half with Malaysia and Indonesia take top spots, Deloitte said Friday.
The firm said in a statement that the SEA IPO capital market saw 53 IPOs in the first half, with over $1.4 billion in IPO proceeds raised and an IPO market capitalization of $7.7 billion as compared to a year ago which saw 67 IPOs, just under $1.4 billion in IPO proceeds and IPO market capitalization of $5.8 billion.
This represents a 3 percent increase in IPO amount raised and an increase of 33 percent in IPO market capitalization, despite a 21 percent decrease in the number of IPOs across Southeast Asia, compared to the first half of 2024.
There were three blockbuster IPOs in the first half of 2025, compared to one during the same period in 2024.
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.
“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,
“Despite cautious sentiment, issuer interest is gradually returning — especially in markets that offer regulatory certainty, sufficient investor depth, and regional expansion appeal,” said Tay Hwee Ling, Accounting & Reporting Assurance Leader, Southeast Asia.
According to her, 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,” she noted.
According to her, 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.
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, signaling renewed interest from global issuers and reinforcing Singapore’s position as a compelling hub for cross-border capital raising.
Overall, Malaysia and Indonesia are the top two countries showing strong signs of recovery.
Malaysia is at the top of the leaderboard with 66 percent ($940 million) of the IPO amount raised across Southeast Asia, led by Malaysian household brand Eco-Shop Marketing Berhad which debuted with an encouraging first day performance of 6.19 percent.
With 32 IPOs in the first half of 2025, Malaysia has six top-10 listings in the region in 2025.
It has the largest IPO listing in Southeast Asia thus far – a dollar store chain that raised $230 million.
Malaysia also recorded approximately 48 percent increase in the number of listings to 32, with IPO amount raised increasing by approximately 109 percent to $940 million, along with a corresponding uptick in total IPO market capitalization by approximately 165 percent to 4.04 billion U.S. dollars.
“The IPO outlook in Malaysia remains optimistic for the remainder of 2025, with 32 listings recorded as of 30 June 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 and we foresee that there could be an impact to the IPO market,” said Wong Kar Choon, Transactions Accounting Support Partner, Deloitte Malaysia.
According to him, this situation may lead to cautious investor sentiments as investors 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 cost pressures,” he added.
He also anticipates 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.
Meanwhile, Indonesia rebounded from post-election uncertainty, nearly doubling both IPO proceeds and market capitalization, despite a decline in the number of listings.
While the number of IPOs on the Indonesia Stock Exchange (IDX) declined by 44 percent — from 25 listings in the first half of 2024 to just 14 in the first half of 2025 — the overall market value and capital raised have increased.
The region’s IPO market capitalization rose 2.8 times, from $1.2 billion in the first half of 2024 to $3.5 billion in H1 2025.
Its 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.
“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),” said Jasmin Maranan, Capital Markets Advisor, Deloitte Indonesia.
Meanwhile, Thailand market hit the bottom in the last 25 years.
Only five companies were successfully fundraising in Thailand for the first half of 2025, having collectively raised a total of $30 million.
“The fundraising situation in the first half of the year 2025 has declined compared to the previous half-year 2024, due to ongoing uncertainties from trade wars, international conflicts, and Thailand political issues,” said Wilasinee Krishnamra, ransactions Accounting Support Partner, Deloitte Thailand.
“Although some industries still show potential for growth, as evidenced by the profits of listed companies in Thailand for the first half of 2025, which remain strong,
“Notable sectors include banking, energy and utilities, and healthcare. In the second half of the year, government economic stimulus policies and the inflow of foreign investment into Thailand are also expected to support the market,” she added.
Vietnam, on the other hand, recorded no new IPOs in the first half of 2025.
However, the region’s market development remained active with four companies moving from the secondary board, Upcom to HSX and HNX, and two unlisted PIEs listing on these two main boards.