Indonesia set for record fundraising in 2023; large IPOs still expected in S-E Asia in H2

INDONESIA could deliver a record in initial public offering (IPO) proceeds this year, analysts said. It is already the top new listings destination among South-east Asia’s six largest markets, accounting for more than half of the IPOs and proceeds raised in the first half of this year.

The country is speeding ahead even as the rest of the region experiences a slowdown in listings, as high interest rates and a weak macroeconomic outlook dampen investors’ risk appetites.

There were 85 IPOs across Indonesia, Thailand, Malaysia, Singapore, the Philippines and Vietnam in the first half of the year, raising US$3.3 billion, according to a Deloitte report.