Initial Public Offerings
(IPOs) serve as a key mechanism for capital markets to allocate financial
resources and reflect the overall economic and industrial development of each
country. According to the EY Global IPO Trends 2025 report, global IPO activity
has declined over the past three years, with both the number of IPOs and total
fundraising decreasing. However, signs of recovery emerged during 2024–2025,
with IPO volumes increasing by 4% and fundraising value surging by 40%,
particularly concentrated in major markets such as the United States, China,
and India, while Hong Kong recorded the highest growth rates. In Southeast
Asia, IPO activity followed a similar trend, with declines in both volume and
value over the past three years, although the region saw a strong rebound in
fundraising value, rising by 76% in the past year, driven by large-scale IPO
deals.
(IPOs) serve as a key mechanism for capital markets to allocate financial
resources and reflect the overall economic and industrial development of each
country. According to the EY Global IPO Trends 2025 report, global IPO activity
has declined over the past three years, with both the number of IPOs and total
fundraising decreasing. However, signs of recovery emerged during 2024–2025,
with IPO volumes increasing by 4% and fundraising value surging by 40%,
particularly concentrated in major markets such as the United States, China,
and India, while Hong Kong recorded the highest growth rates. In Southeast
Asia, IPO activity followed a similar trend, with declines in both volume and
value over the past three years, although the region saw a strong rebound in
fundraising value, rising by 76% in the past year, driven by large-scale IPO
deals.
Within ASEAN, structural
differences across countries shape IPO performance. Data from **Deloitte shows
that Malaysia led in the number of IPO listings, followed by Indonesia and
Thailand, while Singapore ranked highest in fundraising value, positioning itself
as a regional capital-raising hub, often attracting foreign companies.
Meanwhile, Indonesia’s IPO market is closely tied to its natural resources
sector, and the Philippines shows strong links between IPO activity and
state-supported infrastructure and energy projects. For Thailand, although
economic growth has been relatively moderate compared to regional peers,
ongoing policy support from regulators such as the Securities and Exchange
Commission Thailand, the Stock Exchange of Thailand, and initiatives like “BOI
to IPO” aim to enhance market quality and attract new-economy companies.
Combined with improving economic conditions, Thailand’s IPO market shows
potential for future growth despite global uncertainties.Click!
differences across countries shape IPO performance. Data from **Deloitte shows
that Malaysia led in the number of IPO listings, followed by Indonesia and
Thailand, while Singapore ranked highest in fundraising value, positioning itself
as a regional capital-raising hub, often attracting foreign companies.
Meanwhile, Indonesia’s IPO market is closely tied to its natural resources
sector, and the Philippines shows strong links between IPO activity and
state-supported infrastructure and energy projects. For Thailand, although
economic growth has been relatively moderate compared to regional peers,
ongoing policy support from regulators such as the Securities and Exchange
Commission Thailand, the Stock Exchange of Thailand, and initiatives like “BOI
to IPO” aim to enhance market quality and attract new-economy companies.
Combined with improving economic conditions, Thailand’s IPO market shows
potential for future growth despite global uncertainties.Click!
April 30, 2026
