Southeast Asia saw a total of 35 initial public offerings (IPOs) that raised $2.5 billion, down 30 percent in volume and 85 percent increase in proceeds compared with 50 IPOs raising $1.4 billion in the first half of 2025, EY said Friday.
Exchanges in the region that saw activity in the first half were in Indonesia, Malaysia, Singapore and Thailand, the firm said in a statement.
In Indonesia, one IPO raising $17.8 million in the first half of 2026 versus 14 deals raising $427.5 million a year earlier.
Meanwhile, Malaysia saw 28 IPOs raising $1.4 billion in the first half versus 29 deals raising $898 million a year ago.
Singapore saw five IPOs raising $1.1 billion in the first half as compared to one deal raising $4.5 million a year ago.
In Thailand, there was one IPO raising $10.4 million in the first half versus five deals raising $27.4 million a year earlier.
“The effects of the Middle East conflict and continued uncertainties in geopolitics continue to impact listing sentiments in the second quarter of 2026,
“This, combined with the regulatory changes across the region, has led IPO aspirants to take a more cautious approach with their listing plans, especially amid uncertainties in near-term prospects,” said Chan Yew Kiang, EY ASEAN IPO Leader.
According to him, weak post-IPO performance also reflects cautious market sentiments over interest rate uncertainties and this may have a lingering impact until sentiments improve.
He highlighted that in the second quarter of 2026, across Southeast Asia, Singapore and Malaysia continued to be active.
“Notably, Singapore showed improvements in the IPO volume and proceeds compared to a year ago. The Equity Market Development Program (EQDP) that was introduced in February 2025 had injected liquidity and vibrancy in Singapore,
“This helps to attract companies, especially those related to real estate, to list. Singapore also surpassed Indonesia as the largest stock market in market capitalization in Southeast Asia this quarter,” he said.
He also said Malaysia continues to attract local enterprises to list on the ACE market.
“Post-IPO performance remains mixed as investors get increasingly selective in a volatile market,” he added.
Overall, in the first half of 2026, there were 509 IPOs that raised $193.6 billion globally, reflecting a 7 percent drop in deal volume and a 210 percent surge in proceeds compared with the same period in 2025 (548 deals, raising $62.4 billion).
Asia-Pacific saw 247 IPOs that raised $46.8 billion, up 6 percent in volume and 60 percent in value, year-over-year.
Across Asia-Pacific, Greater China remains among the world’s most active equity capital markets.
China draws principally on domestic investors, while Hong Kong attracts regional and international capital.
Notably, activity in Hong Kong has been strong, with year-to-date proceeds already up by more than 60 percent compared to the first half of 2025.
According to EY, the pipeline is being reshaped by hard technology, with artificial intelligence (AI) infrastructure, semiconductors, robotics and advanced manufacturing increasingly defining what comes to market.
By contrast, more traditional sectors, including conventional manufacturing, real estate and traditional financials continue to attract limited investor interest.
Across Asia-Pacific, two further dynamics are worth noting. Firstly, companies are increasingly using pre-IPO financing to bolster their balance sheets to bridge to a more attractive IPO window.
This allows companies to wait for the right timing rather than accept an unfavorable one. Secondly, regulatory reform, including the offshore filing regime, has added structural stability.
EY highlighted that for many IPO candidates, the gating factor is less about market sentiment than regulatory approval. Once it’s secured, companies tend to move regardless of conditions, managing valuation expectations and planning follow-on raises rather than wait indefinitely.
Meanwhile, Europe, the Middle East, India, and Africa (EMEIA) closed first half with 177 IPOs that raised $16.4 billion, down 11 percent in volume and 3 percent increase in value year on year.
According to EY, EMEIA presents strong pipelines and genuine access to capital, with several notable candidates in India that could come to market in the near term.
The region’s IPO market has proven resilient, but investors seem to be highly selective.
As a result, there has been concentrated activity in a narrow band of sectors — in the defense value chain, industrials, AI-related and critical infrastructure.
Investor appetite is on cash-generative resilient business models, clear growth prospects and strong management, said EY.
It also noted that sentiment across the region is shaped by a confluence of macro factors – the conflict in the Middle East and the war in Ukraine weigh on the regional growth outlook, while higher energy prices have reintroduced the prospect of renewed inflation and, in turn, higher rates.
Geopolitical uncertainties influence regional sentiments in EMEIA with higher uncertainty and short spikes of volatility, it added.
Despite the macro uncertainty, it opined that there are two structural trends that are helping to bolster IPO activity.
First, government spending programs are expected to underpin infrastructure, energy, industrial and defense-related listings.
Second, despite a longer road to exit, sponsors are increasingly weighing the IPO path for portfolio companies where an outright sale would once have been the default.
Americas, on the other hand, captured 85 IPOs that raised $130.4 billion, down 27 percent in volume and 660 percent jump in value year on year.
According to EY, first half would already represent the second most active full year on record for US IPOs by proceeds.
The gravitational pull of a small number of mega-IPOs is shaping the IPO calendar, drawing outsized investor attention and influencing when other companies in the pipeline choose to launch.
AI remains a dominant driver for the region, with the strongest momentum in semiconductors, power and data center infrastructure, and companies already translating AI demand into revenue.
Demand is also evident across other sectors, including aerospace and defense and biotech.
Special purpose acquisition companies (SPACs) are re-emerging as a credible alternative for certain issuers, supported by a dramatic increase in SPAC formation and an improving environment for capital-raising.
With the high demand for a public listing, dual-track IPO or SPAC processes have become more prevalent in the current market, and companies are increasingly preparing for both routes in parallel to preserve flexibility around timing and execution, said EY.
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