Key Highlights:
- 53 companies newly listed in the first half of 2025 across the Southeast Asia region, raising a total of US$1.4 billion.
- Compared to the first half of 2024, the amount raised increased by 3% and total market capitalisation grew by 33%, despite a 21% decrease in the number of IPOs.
- Malaysia and Indonesia emerged as the market leaders, collectively accounting for 96% of funds raised.
- The Consumer industry was the top fundraising sector, accounting for 43% of total funds, or approximately US$613 million.
- The top 10 IPOs raised a combined US$928 million, representing 66% of the total funds raised in the first half of the year.
The Initial Public Offering (IPO) market in Southeast Asia saw a stable recovery in the first half of 2025. According to the latest Deloitte report, “Southeast Asia Mid-Year IPO Snapshot 2025,” while the number of listings declined, the amount of total funds raised and market capitalisation grew. This indicates a trend of investors focusing on larger, high-quality companies, exemplified by three blockbuster IPOs with market capitalisations exceeding US$1 billion in H1 2025, compared to only one in the same period last year.
The market’s growing strength was further underscored by the top 10 IPOs, which raised a combined US$928 million, representing 66% of the total funds raised in the first half of the year. This demonstrates that investors remain interested in companies with strong fundamentals and clear growth potential.
Ms. TAY Hwee Ling, Transactions Accounting Support Leader, Deloitte Southeast Asia said: “The first half of 2025 saw a measured rebound in Southeast Asia’s capital markets, underpinned by stabilising 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.”
Ms. Wilasinee KRISHNAMRA, Transactions Accounting Support Partner, Deloitte Thailand, added, “The fundraising situation in the first half of the year 2025 has declined compared to the corresponding period in 2024. Nevertheless, 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 this year, government economic stimulus policies and the inflow of foreign investment into Thailand are also expected to support the market.”
Country-by-Country Market Overview
- Malaysia:A leader in all three key metrics of number of IPOs, funds raised and market capitalisation. Malaysia saw 32 IPOs raising US$940 million, a significant leap from the same period last year with a 109% increase in funds raised and a 165% increase in market capitalisation.
- Indonesia:Showed a strong recovery after a period of political uncertainty, raising US$427 million from 14 listings. The market’s rebound is highlighted by the average deal size tripling from US$10 million to US$30 million, signalling the return of larger issuers.
- Thailand:The IPO market faced challenges in the first half of the year, with 5 listings, raising a total of US$30 million. Nevertheless, positive signs remain, with some industries showing potential through strong operating results.
- Singapore:The Singapore market saw one company listed in the first half of the year. However, the market is poised for an uptick in the second half, with a growing pipeline of upcoming listings, including other Southeast Asian companies eyeing a Singapore listing.
Capital Market Support Measures and Outlook
The positive market direction is further supported by proactive measures from regulatory bodies in each country, aimed at enhancing competitiveness and building investor confidence. Key initiatives include Malaysia’s expedited IPO approval process, Indonesia’s ESG reporting mandate, and Thailand’s “JUMP+” project aimed at supporting value creation among listed companies.
Looking ahead to the second half of 2025, the market trend is expected to continue. With an increase in prospectus filings for sizeable IPOs across the region’s exchanges in June, this signals a return of investor confidence and a reopening of the market for fundraising.
For more information, view the full report at this link: https://www.deloitte.com/content/dam/assets-zone1/southeast-asia/en/docs/services/audit-assurance/2025/sea-aud-sea-ipo-snapshot-2025-mid-year.pdf
