Southeast Asia saw 47 initial public offerings (IPOs) across the region, raising more than $3.07 billion in proceeds and achieving an aggregate IPO market capitalization of $15.07 billion, Deloitte said last Friday.
This compared to 53 IPOs, $1.41 billion in proceeds, and $7.70 billion in IPO market capitalization in the first half of 2025, the firm said in a statement.
It sees resilient Southeast Asian IPO market continues to attract larger and higher-quality listings despite a moderation in overall IPO volumes.
While the number of IPOs declined by 11 percent year-on-year, the market demonstrated a significant shift towards larger transactions.
Compared to 2025 first half, IPO proceeds increased by 117 percent and IPO market capitalization rose by 96 percent, with the average IPO deal size growing from $26 million to $65 million, representing a 2.4-times increase.
This reflects a continued trend of quality taking precedence over quantity as investors focus on larger, stronger, and more mature issuers.
The region’s performance was supported by three blockbuster IPOs that each raised more than $500 million: UI Boustead REIT (Singapore), Sunway Healthcare Holdings Berhad (Malaysia), and Dien May Xanh Investment Joint Stock (Vietnam).
Together, these listings contributed more than $8.93 billion in IPO market capitalization.
In contrast, there were no IPOs exceeding $500 million in proceeds during the first half of 2025.
Notably, Southeast Asia recorded three IPOs with market capitalizations above $1 billion in 2026 H1, matching the number achieved in 2025 first half.
Malaysia maintained its position as the region’s leading IPO market for a second consecutive first-half period, supported by the successful listing of Sunway Healthcare Holdings Berhad, which raised approximately $707 million and achieved a market capitalization of $4.13 billion.
Singapore overtook Indonesia in the Southeast Asian IPO rankings, reflecting growing investor confidence and strong support for recent market reforms. Meanwhile, Vietnam staged a strong recovery from zero IPOs in 2025 H1 to four IPOs in 2026 first half, recording the region’s highest IPO market capitalization at $6.93 billion.
Looking ahead to 2026 second half, the Southeast Asia IPO market is expected to remain healthy, supported by a strong pipeline of issuers, improving investor sentiment, and easing interest rate conditions, said Deloitte.
While overall listing volumes may remain selective, the market is expected to continue favoring fewer but larger and higher-quality transactions.
Malaysia is anticipated to sustain its strong IPO momentum, while Singapore is expected to continue attracting sizeable institutional listings, added Deloitte.
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