Southeast Asia IPO Capital Market
2025 Full Year Report
Southeast Asia key highlights
The Initial Public Offering (IPO) capital markets in Southeast Asia are seeing a rebound, with 120 IPOs across six bourses raising approximately US$6.5 billion in 2025. Total IPO proceeds in the region grew 76% despite a decline in the number of listings, driven by larger deals, shifting sector dynamics, and strong market performances in Singapore, Vietnam, Malaysia, and Indonesia.
The boost in higher-value listings in the real estate, energy & resources, and financial services sectors were the primary driver of the increase in total IPO proceeds in 2025. In comparison, US$3.7 billion was raised across 136 IPOs in 2024 and US$5.8 billion was raised across 163 IPOs in 2023.
Overview of SEA IPO Market
IPO capital markets across Southeast Asia produced 120 IPOs which raised US$6.5 billion in funds and US$33.3 billion in market capitalisation in 2025. As compared to 2024, there was a 76%increase in the total IPO funds raised and a 74% increase in total IPO market capitalisation, despite an overall drop in count from 136 IPOs in 2024 to 120 IPOs in 2025.
The average IPO deal size doubled compared to 2024, rising from about US$27 million to US$54 million, supported by a few larger blockbuster IPOs. There were four IPOs which raised more than US$500 million from Singapore, Vietnam and the Philippines, and 14 IPOs with market capitalisation exceedingUS$1 billion.
Tay Hwee Ling
Wong Kar Choon
Bui Van, Trinh
Tay Hwee Ling
Wong Kar Choon
