Southeast Asia saw a total of 14 initial public offerings (IPOs) that raised $1.8 billion in the first quarter of 2026, a 48 percent decline in volume but 174 percent increase in proceeds compared with 27 IPOs raising $700 million in the first quarter of 2025, EY said Monday.
Exchanges in the region that were active in the first quarter of 2026 were in Malaysia and Singapore, the global consultancy said in its “Global IPO Trends” report.
Notably, listings by a major real estate investment trusts (REITs) listing on the Singapore Exchange and a private healthcare provider on Bursa Malaysia led to the region’s strong showing in IPO proceeds during the quarter.
In Malaysia, there were 11 IPOs raising $852.1 million in the first quarter of 2026, versus 14 deals raising $284.4 million in the first quarter of 2025.
As for Singapore, there were three IPOs raising $967.1 million in the first quarter of 2026, rebounded from 0 deals in the first quarter of 2025.
“Despite the initial optimism toward IPO performance seen at the start of 2026, global IPO volume has come down significantly,
“The conflict in the Middle East that started in February has created energy security risks across Southeast Asia, impacting the broader macroeconomic landscape and leading some IPO aspirants to take a more cautious approach with their listing plans,” said Chan Yew Kiang, EY Asean IPO Leader.
However, he noted Singapore and Malaysia continued to draw investor interest.
“Notably, Malaysia has ranked among the top ten locations for deals numbers and proceeds amid strong demand among IPO hopefuls who seek to tap the market to raise funds for growth,
“Similarly, Singapore is the top 10 locations globally in for deal proceeds – an early indication that the investors are responding well to government initiatives to revitalize the capital market,” he said.
Looking ahead, he is still seeing appetite among ASEAN companies for capital to support growth.
“However, increased geopolitical and tariff uncertainties as well as the energy crisis will continue to impact issuer and investor interest. Hence, early preparation by the issuer will determine the success of the IPO,” he added.
In the first quarter of 2026, there were 232 IPOs that raised $41 billion globally, reflecting a 23 percent drop in deal volume and a 36 percent increase in proceeds compared with 300 deals raising $30 billion in the first quarter of 2025.
Asia-Pacific saw 107 IPOs that raised $20 billion in the first quarter of 2026, down 9 percent in volume and a 75 percent jump in value.
Europe, the Middle East, India, and Africa (EMEIA) closed the quarter with 93 IPOs that raised $11 billion in the first quarter of 2026, down 23 percent in volume and a 9 percent increase in value.
Americas captured 32 IPOs that raised $11 billion in the first quarter of 2026, down 49 percent in volume and a 17 percent increase in value.
As 2026 progresses, the trajectory of known issues – including the Middle East, energy prices, private credit, interest rate decisions and Chinese regulatory approvals – plus any new developments that the market will need to contend with, will determine whether this year is a banner year, an average year, or a subpar year in the IPO market, said EY.
Notably, it said capital is gravitating toward larger, scaled issuers with resilient fundamentals and a clear path to value creation.
In this environment, it noted early preparation can make the difference between being able to IPO or not.
“How the capital market plays out will depend on many variables outside of any company’s control, so preparation and flexibility will be critical,” it added.