Southeast Asia’s Initial Public Offering (IPO) market has experienced a resurgence in 2025, with 102 IPOs across six bourses raising approximately US$5.6b in the first 10.5 months, according to Deloitte’s latest report. This marks a 53% increase in total IPO proceeds compared to the previous year, despite a decline in the number of listings. The growth is attributed to larger deals and strong performances in key sectors such as real estate, financial services, and consumer markets.
The average IPO deal size more than doubled from US$27m in 2024 to US$55m in 2025, supported by several “blockbuster” IPOs. Notably, four IPOs from Singapore, Vietnam, and the Philippines raised over US$500m each, with 11 IPOs boasting market capitalisation exceeding US$1b.
Singapore emerged as the leader in IPO proceeds, raising US$1.6b from nine deals, driven by major Real Estate Investment Trust (REIT) listings. Vietnam followed with significant contributions from the financial sector, raising US$1b through two major IPOs. Malaysia led in the number of IPOs, with 48 listings raising US$1.1b, whilst Indonesia recorded 24 IPOs with US$921m raised.
Deloitte anticipates continued investor interest in 2026, bolstered by regulatory reforms and a growing pipeline of IPOs. Singapore’s market is expected to benefit from pro-business reforms and a shift towards a disclosure-based regulatory regime. Meanwhile, Vietnam’s upcoming classification as a Secondary Emerging Market is poised to attract significant foreign capital, further enhancing its IPO landscape.
