A sharp rebound in mega listings across Singapore and Vietnam pushes regional IPO fundraising up 53%, signaling renewed investor confidence ahead of 2026
MARKET INSIDER – Southeast Asia’s initial public offering market has snapped out of its multi-year slump, staging a powerful comeback in 2025 as a wave of large-cap listings drives fundraising to its highest level in years. According to Deloitte’s newly released IPO report, the region has raised $5.6 billion as of Nov. 14—up 53% from all of 2024—despite hosting fewer deals overall.
IPOs are becoming bigger, higher quality, and more geographically concentrated. Singapore and Vietnam are now anchoring the region’s revival, while Indonesia and Thailand see deal counts shrink but ticket sizes rise. “There are fewer IPOs, but they’re substantially larger,” said Tay Hwee Ling, Deloitte’s Southeast Asia capital markets chief, noting that the average IPO size has jumped to $65 million, compared to just $27 million last year.
Singapore Leads With $1.6 Billion Raised
Singapore reclaimed its status as Southeast Asia’s IPO capital, raising $1.6 billion across nine deals. Massive listings such as NTT DC REIT ($824M) and Centurion Accommodation REIT ($597M) fueled the rebound, helped by regulatory reforms and renewed interest from regional and global funds. Deloitte expects a surge in cross-border listings seeking Singapore’s stability and liquidity heading into 2026.
Vietnam Delivers Breakout Moment: $1 Billion From Just Two Listings
Vietnam emerged as the region’s most compelling growth story, raising $1 billion from two blockbuster financial-sector IPOs—Techcombank Securities (TCBS) with $525 million and VPBank Securities (VPBankS) with $484 million. Both rank among the top 10 largest IPOs in Southeast Asia this year.
Deloitte attributes Vietnam’s momentum to the government’s accelerated listing reforms, which are making the market “more efficient, transparent, and investor-friendly,” helping unlock pent-up liquidity. Vietnam’s strong domestic demand and rising institutional participation have further strengthened its appeal as a capital-raising venue.
Other Regional Highlights
- Malaysia led the region in deal count with 48 IPOs raising $1.1B, driven by consumer goods, industrials, and energy listings supported by government incentives.
- Indonesia raised $921M across 24 deals, dominated by energy and natural resources names such as Merdeka Gold Resources ($279M).
- Notable regional listings include Mr. D.I.Y. Thailand ($174M) and Maynilad Water Services in the Philippines ($583M).
- 27 Southeast Asian firms listed in the U.S., raising $329M, while three more listed in Hong Kong, raising $588M.
Momentum is also evident in performance: several newly listed stocks are trading above their IPO prices, including Merdeka Gold Resources, up 31%.
Strong but Cautious Heading Into 2026
Deloitte forecasts a steady—but selective—IPO environment next year. Investors are expected to favor profitable companies with robust governance and clear expansion strategies, while many firms are waiting for optimal valuations before relaunching paused IPO plans.
Risks remain: tariff uncertainty, global trade tensions, and macroeconomic headwinds could still dampen sentiment. But for now, the return of mega deals and cross-border interest suggests Southeast Asia’s capital markets are entering a new phase of maturity.
Vietnam’s billion-dollar breakout and Singapore’s regulatory-driven resurgence mark a turning point—one that could reshape how global investors view Southeast Asia’s growth potential in the years ahead.
