A study by Deloitte has revealed that real estate listings led in IPO funds raised for the first 10.5 months of 2025 in southeast Asia.
Collectively, nine IPOs of real estate and real estate investment trusts, or REITs, raised around US$1.8 billion ($2.24 billion), representing 33% of total IPO proceeds.
A pair of Singapore REIT listings — NTT DC REIT and Centurion Accommodation REIT — combined for nearly 79% or more than US$1.42 billion of funds raised for the real estate sector. The two deals were also the two largest in southeast Asia by amount raised.
Other sectors that saw significant new listings include energy and resources (US$1.3 billion, or 23%), financial services (US$1.0 billion, or 19%) and consumer (US$0.9 billion, or 16%).
In contrast, real estate did not feature in the top four sectors in terms of IPO funds raised in 2023 and 2024, presumably when interest rates were relatively high, which dampened investors’ appetite for such assets.
The report also found that Singapore raised the most IPO funds among southeast Asian nations with more than US$1.6 billion. This was in stark contrast to 2023 and 2024, when only around US$69 million was raised. This year was also the highest for the island-state since 2019.
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Deloitte attributes the real estate sector’s and Singapore’s performance to lower interest rates and other developments that boosted market sentiment.
In addition, 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, says Deloitte’s capital markets services leader Tay Hwee Ling.
“The country’s IPO market in 2025 is characterised by fewer but significantly larger deals and underpinned by robust international and institutional interest,” adds Tay.
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“Pro-business reforms and other proposed measures from the [equities market] review group, such as the $5 billion Equity Market Development Programme, also continue to stimulate liquidity and performance,” she adds.
A snapshot of 2025 IPO market in SEA
Deloitte’s report provides an overview of the southeast Asia IPO market, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
For the year up to Nov 15, a total of 102 IPOs across the six bourses raised approximately US$5.6 billion. For comparison, US$3.7 billion was raised from 136 IPOs in 2024 and US$5.8 billion was raised across 163 IPOs in 2023.
Vietnam saw two “blockbuster” transactions — Techcom Securities and VPBank Securities — which raised over US$1 billion. These two IPOs resulted in Techcom fetching a market capitalisation of around US$5.25 billion and VPBank at more than US$2.41 billion.
Deloitte notes that although the number of IPOs decreased in 2025, the average amount raised from each IPO increased to US$55 million, double that of the US$27 million in 2024. This was interpreted as a shift from quantity to quality for listings. The shift can also be attributed to private equity (PE) involvement, with PE-backed companies tending to be larger and more mature businesses aiming for public markets as a key exit route.
With investors increasingly focusing on fundamentals that lead to higher quality listings, regulatory enhancements to improve the IPO ecosystem and strong post-IPO performances of the 2025 new listings, Deloitte says that these developments provide a “firm foundation” for 2026 and is “cautiously optimistic” for the IPO market.
“Looking ahead, investor interest is expected to be supported by a growing pipeline of upcoming IPOs and cross-border listings, including other southeast Asian companies eyeing a Singapore listing,” says Tay, who has visibility of 51 upcoming IPOs in this region.
