Southeast Asia’s Initial Public Offering (IPO) market has experienced a significant rebound in 2025, with 102 IPOs raising approximately US$5.6b, according to Deloitte’s latest report. This marks an increase in total IPO funds raised compared to 2024, despite a decline in the number of listings. The surge is attributed to larger deals and robust performances in key markets such as Singapore, Vietnam, Malaysia, and Indonesia.
The real estate, financial services, and consumer sectors have been pivotal in driving this growth. Singapore emerged as the frontrunner in IPO proceeds, with nine deals raising US$1.6b, largely due to major REIT listings like NTT DC REIT and Centurion Accommodation REIT. These listings accounted for 88% of Singapore’s total funds raised, reflecting a strong market recovery bolstered by regulatory reforms and a favourable interest rate environment.
Vietnam also made a notable impact with two blockbuster IPOs in the financial sector, collectively raising US$1b. This resurgence is expected to continue, supported by Vietnam’s upcoming classification as a Secondary Emerging Market in September 2026, which is anticipated to attract significant foreign capital.
Malaysia led in the number of IPOs, with 48 listings raising US$1.1b, driven by the ACE Market. Despite a decrease in key metrics, Malaysia is on track to meet its target of 60 IPOs by year-end, supported by a diverse pipeline and strong investor confidence.
Looking ahead, Deloitte anticipates continued investor interest in Southeast Asia’s IPO markets, with a growing pipeline of upcoming IPOs and cross-border listings expected to sustain momentum into 2026.
