Key Highlights:

  • In the Southeast Asia region, during the first half of 2025, 53 companies went public on the stock exchange, raising a total of $1.4 billion.
  • Compared to the first half of 2024, the fundraising value increased by 3%, and the total market capitalization grew by 33%, despite a 21% decrease in the amount raised.
  • Malaysia and Indonesia emerged as market leaders, collectively accounting for 96% of the total fundraising.
  • The consumer goods sector was the highest fundraising group, representing 43% of the total capital raised, or approximately $613 million.
  • The top 10 IPOs raised a total of $928 million, accounting for 66% of the total fundraising value in the first half of the year.

The initial public offering (IPO) market in Southeast Asia demonstrated a solid recovery in the first half of 2025, as highlighted in Deloitte's latest Southeast Asia Mid-Year IPO Snapshot report. Despite a decrease in the number of companies going public, both the fundraising value and market capitalization continued to grow, indicating a trend where investors are focusing on larger, high-quality companies. This was led by three blockbuster IPOs with market capitalizations exceeding $1 billion during the first half of 2025, compared to just one in the same period last year.

Furthermore, the increasing strength of the market is reflected in the top 10 IPOs, which collectively raised $928 million, representing 66% of the total fundraising value in the first half of the year. This shows that investors remain interested in companies with strong fundamentals and clear growth potential.

Teh Hwee Ling, Head of Transaction Advisory Services at Deloitte Southeast Asia, stated, "In the first half of 2025, the capital markets in Southeast Asia showed signs of recovery, driven by a more stable macroeconomic environment and renewed momentum from large IPOs, particularly in Malaysia and Indonesia. Although investor confidence remains cautious, the interest from issuers is gradually returning, especially in markets with regulatory certainty, diverse investor bases, and regional business expansion opportunities."

Wilasinee Krisnamara, Partner at Deloitte Thailand's Transaction Advisory Services, added, "The fundraising situation in Thailand during the first half of 2025 shows a downward trend compared to the same period in 2024. However, some industries still demonstrate growth potential, as evidenced by the strong performance of listed companies on the Stock Exchange of Thailand in the first half of 2025, particularly in the banking, energy, utilities, and healthcare sectors. It is expected that government economic stimulus policies and foreign investment inflows into Thailand in the second half of 2025 will strengthen the capital market further."

Market Overview by Country:

  • Malaysia: Leads in three key dimensions: number of IPOs, amount raised, and market capitalization, with 32 IPOs raising $940 million, a significant increase from the same period last year, with fundraising value up 109% and market capitalization up 165%.
  • Indonesia: Strong recovery following a period of political uncertainty, raising $427 million from 14 companies going public. The market's recovery is reflected in the average deal size increasing threefold from $10 million to $30 million, indicating a return of larger issuers.
  • Thailand: The IPO market faced challenges in the first half of the year, with five companies going public and raising a total of $30 million. However, there are still positive signs from the strong performance potential of certain industries.
  • Singapore: The Singapore market saw one company going public in the first half of the year. However, the capital market is expected to improve in the second half, with preparations for listings, including other companies in the Southeast Asia region looking to list in Singapore.

Capital Market Support Measures and Trends:
The positive direction of the capital market continues to be supported by proactive measures from regulatory agencies in each country aimed at enhancing competitiveness and building investor confidence. For example, Malaysia has reduced the IPO approval timeline to three months, Indonesia has introduced regulations for ESG reporting to increase transparency, and Thailand's JUMP+ initiative aims to support value creation for listed companies.

For the second half of 2025, the market direction is expected to continue positively, as evidenced by the increase in prospectus filings from large companies across various stock exchanges in the region in June, which signals a return of investor confidence and a gradual opening for fundraising by companies.

For more information, the full report can be accessed 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