Southeast Asia Mid-Year IPO Snapshot 2026

Deloitte has published the Southeast Asia Mid-Year IPO Snapshot 2026 report. The report highlights a resilient Southeast Asian IPO market that continues to attract larger and higher-quality listings despite a moderation in overall IPO volumes. The first half of 2026 saw 47 IPOs across the region, raising more than US$3.07 billion in proceeds and achieving an aggregate IPO market capitalisation of US$15.07 billion, compared to 53 IPOs, US$1.41 billion in proceeds, and US$7.70 billion in IPO market capitalisation in the first half of 2025.

While the number of IPOs declined by 11% year-on-year, the market demonstrated a significant shift towards larger transactions. Compared to 2025 H1, IPO proceeds increased by 117% and IPO market capitalisation rose by 96%, with the average IPO deal size growing from US$26 million to US$65 million, representing a 2.4-times increase. This reflects a continued trend of quality taking precedence over quantity as investors focus on larger, stronger, and more mature issuers.

The region's performance was supported by three blockbuster IPOs that each raised more than US$500 million: UI Boustead REIT (Singapore), Sunway Healthcare Holdings Berhad (Malaysia), and Dien May Xanh Investment Joint Stock (Vietnam). Together, these listings contributed more than US$8.93 billion in IPO market capitalisation. In contrast, there were no IPOs exceeding US$500 million in proceeds during the first half of 2025. Notably, Southeast Asia recorded three IPOs with market capitalisations above US$1 billion in 2026 H1, matching the number achieved in 2025 H1.

Malaysia maintained its position as the region's leading IPO market for a second consecutive first-half period, supported by the successful listing of Sunway Healthcare Holdings Berhad, which raised approximately US$707 million and achieved a market capitalisation of US$4.13 billion. Singapore overtook Indonesia in the Southeast Asian IPO rankings, reflecting growing investor confidence and strong support for recent market reforms. Meanwhile, Vietnam staged a strong recovery from zero IPOs in 2025 H1 to four IPOs in 2026 H1, recording the region's highest IPO market capitalisation at US$6.93 billion.

Looking ahead to 2026 H2, the Southeast Asia IPO market is expected to remain healthy, supported by a strong pipeline of issuers, improving investor sentiment, and easing interest rate conditions. While overall listing volumes may remain selective, the market is expected to continue favouring fewer but larger and higher-quality transactions. Malaysia is anticipated to sustain its strong IPO momentum, while Singapore is expected to continue attracting sizeable institutional listings.