Singapore leads South-east Asia IPO market with US$1.6 billion in proceeds: Deloitte
Malaysia logs the highest number of new listings, with 48 issues raising US$1.1 billion in 2025 so far
[SINGAPORE] Singapore has emerged as South-east Asia’s biggest initial public offering (IPO) market by proceeds, with nine deals raising US$1.6 billion as at Nov 14.
This marks a significant improvement from 2024, when there were only four IPOs which raised US$34 million in total, Deloitte said in its 2025 regional IPO report on Tuesday (Nov 18).
Post-IPO returns have also been robust, with first-day share price gains standing at 12 per cent and year-to-date gains, around 29 per cent.
The professional services firm also noted that Singapore’s IPO market proceeds surged to their highest level since 2019, driven by two major real estate investment trust (Reit) listings.
NTT DC Reit and Centurion Accommodation Reit raised more than US$500 million each and, collectively, accounted for 88 per cent of the total funds raised.
Tay Hwee Ling, Deloitte Southeast Asia’s capital market services leader, said: “Singapore’s turnaround has been bolstered by regulatory and market reforms and large-cap listings, signalling renewed investor confidence and drawing interest from regional and global funds.”
These reforms include recommendations made by the Monetary Authority of Singapore equities market review group, which aim to advance the domestic market towards a more disclosure-based regulatory regime aligned with major developed markets.
Tay sits on the review group’s enterprise and markets workstream. Citing measures such as the S$5 billion Equity Market Development Programme, she noted that the pro-business reforms and other proposed schemes reinforce the Singapore Exchange’s position “at the forefront of South-east Asia’s capital market recovery”.
“Looking ahead, investor interest is expected to be supported by a growing pipeline of upcoming IPOs and cross-border listings, including other South-east Asian companies eyeing a Singapore listing,” she added.
Malaysia and Indonesia
At a press conference on Tuesday, Tay noted: “We are moving towards larger deals and bigger fundraises within South-east Asia.”
The region has experienced a rebound in IPO activity this year, with 102 IPOs recorded across six bourses – those of Indonesia, Malaysia, Vietnam, Thailand, Singapore and the Philippines – so far. In total, these issues raised about US$5.6 billion.
Despite a fall in the number of listings, total proceeds grew by 53 per cent, largely due to bigger deals and shifting sector dynamics.
Malaysia logged the highest number of IPOs in the region, with 48 listings raising US$1.1 billion primarily through the ACE Market, a sponsor-driven platform designed for companies with strong growth potential.
The country remains on track to meet its target of 60 public floats by the end of the year, even though there have been declines in its overall IPO metrics – including total funds raised, market capitalisation and the number of new listings.
This is on the back of sustained investor confidence and a robust pipeline of companies looking to raise capital on the stock exchanges, noted Deloitte.
Meanwhile, Indonesia’s 24 IPOs raised US$921 million, with a growing focus on larger deals. The energy and resources sector led the way in terms of funds raised, with IPO activity spanning companies involved in oil and gas, renewable energy and mining support services.
The strong performance was fuelled by the listings of Merdeka Gold Resources and Chandra Daya Investasi, which raised US$279 million and US$144 million, respectively.
Tay noted that investors, particularly those in local markets, are increasingly prepared to back companies with stronger fundamentals.
Firms that can clearly demonstrate profitability, growth potential or resilient business models are more likely to be priced favourably and achieve higher valuations, she added.
“A branding that the market understands and is familiar with will tend to get good valuations and perceptions within the South-east Asia market.”
She also said that certain sectors have drawn heightened interest in the region’s IPO pipeline, namely energy and resources, as well as consumer-related businesses. The two sectors raised US$1.3 billion and US$0.9 billion, respectively, across South-east Asia.
Moreover, markets across the region are beginning to show the appetite and investor confidence needed to support blockbuster listings on local exchanges, she noted.
Regional bourses, including Singapore’s, are also placing greater emphasis on the quality of issuers – which she described as a key factor.
This will lead to “a bigger platform for quality investors to capitalise... on and build a legacy, but also a platform for emerging growth businesses to be able to continue to tap and raise funds”, she said.
However, the real test begins after a company goes public. Tay explained that firms must deliver on the promises made in their prospectuses, because it is consistent performance that builds investor confidence, strengthens the wider market ecosystem, and sets the stage for future IPOs in the region.
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