Indonesia’s IPO market rebounded despite a 44% decline in the number of listings to 14. Total proceeds rose 73% to US$427 million while market capitalisation nearly tripled to US$3.5 billion. The average deal size grew from US$10 million to US$30 million, indicating the return of larger, more established issuers. PT Yupi Indo Jelly Gum Tbk and PT Bangun Kosambi Sukses Tbk were standout IPOs, raising US$124 million and US$141 million respectively. These deals reflected renewed interest in the consumer and real estate sectors. The Indonesia Stock Exchange introduced an ESG reporting module aligned with ASEAN standards, aimed at increasing transparency and investor confidence. It is also reviewing its listing rules to refine free float requirements and enhance market liquidity.
Singapore saw only one IPO in the first half of the year. Vin’s Holdings raised $6 million with its listing on the SGX, as broader market conditions remained subdued. However, activity picked up in June with several companies lodging or registering prospectuses, including Info-Tech Systems, NTT DC REIT, Lum Chang Creations Limited and Dezign Format Group. NTT DC REIT, in particular, is positioned to become one of the largest IPOs on SGX in recent years. The Monetary Authority of Singapore and Singapore Exchange issued consultation papers in May proposing a shift to a disclosure-based regime, aimed at reducing listing friction and enhancing investor confidence.
In July, Centurion Corporation announced that its spin-off REIT will be named Centurion Accommodation REIT and will include 14 assets. It has already submitted its listing application and the proposed listing is subject to approvals.
Thailand’s IPO market recorded just five listings with total proceeds of US$30 million, the lowest level in 25 years, amid continued political and macroeconomic uncertainties. Notably, Pro Inside Public Company Limited, a provider of ICT solutions, stood out with strong financial ratios. In the Philippines, Top Line Business Development Corp raised US$12 million in a modest IPO in March. The market is now watching the potential listing of Maynilad Water Services, which is expected to raise up to US$500 million. The Philippine Stock Exchange is also working on launching GPDRs to allow local investors access to foreign securities in peso terms, though full regulatory approvals are still pending.
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Vietnam had no new IPOs during the period. However, secondary board transitions and new listings, such as Vinpearl Joint Stock Company’s US$689 million listing on HSX, suggest that capital markets remain active. The launch of the KRX trading system and regulatory adjustments to attract foreign investors could pave the way for a potential market upgrade by FTSE Russell, which would help stimulate future IPOs and deepen market participation.
The consumer sector accounted for the largest share of IPO proceeds in Southeast Asia, contributing 43% or US$613 million. This was followed by the real estate sector, which raised US$284 million across four listings, including two in Indonesia, one in Malaysia and one in Thailand. These sectors collectively dominated the region’s top ten IPOs, which together raised US$928 million or 66% of the total funds.
Looking ahead, the IPO pipeline for the second half of 2025 appears promising. Malaysia and Singapore are seeing growing interest from issuers, with multiple Main Market and Catalist lodgements underway.
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In Singapore, new REIT and business trust listings are expected, while regional companies continue to eye SGX as a cross-border capital-raising platform. However, risks remain. Geopolitical tensions and the impact of new US trade tariffs could weigh on investor sentiment and delay IPO plans, especially for export-driven firms.
Despite these uncertainties, the first half of 2025 marked a stabilising phase for Southeast Asia’s capital markets. Larger deal sizes, progressive reforms, and early signs of recovery in Singapore and Indonesia point to a cautiously optimistic outlook. Market performance in the second half will depend on policy clarity, macroeconomic stability and the ability of issuers to present credible, growth-focused equity stories.
