Thailand has seen a series of small IPOs this year, with the exception of Mr. DIY Holding (Thailand) Public Company Limited, which raised IPO funds of US$174 million. Market performance in Thailand has been weighed down by domestic political uncertainty, high household debt, international market volatility, and changes to fundraising regulations.

According to Deloitte’s report, the Southeast Asia region saw 102 IPOs across the six bourses in the first 10.5 months of 2025 raising approximately US$5.6 billion. Total IPO proceeds in the region have grown by 53% despite a decline in the number of listings, driven by larger deals, shifting sector dynamics, and strong market performances in Singapore, Vietnam, Malaysia, and Indonesia.

Ms Wilasinee Krishnamra, Capital Markets Services Partner, Deloitte Thailand says Thailand can draw lessons from regional peers to improve its IPO outlook for 2026.

“Thailand’s more muted IPO performance this year shows that structural challenges have weighed more heavily on sentiment than in neighbouring markets. While regional peers have benefited from clearer listing pathways and proactive reforms, Thailand is beginning to move in the same direction. Regulatory initiatives such as the Thai Capital Market Attractiveness programme, the JUMP+ project, and the SET’s efforts to simplify listing procedures will gradually strengthen market confidence and improve competitiveness of the Thai bourse. With continued regulatory momentum and greater macroeconomic stability, we anticipate Thailand’s IPO pipeline to regain momentum in 2026.”

A boost in higher-value listings in the real estate, financial services and consumer sectors has been the primary driver of the increase in total IPO proceeds in 2025. For comparison, US$3.7 billion was raised across 136 IPOs in 2024 and US$5.8 billion was raised across 163 IPOs in 2023.

The real estate sector has dominated, accounting for 33% of IPO proceeds, followed by energy & resources and finance sectors. Industrial sectors linked to mobility and energy infrastructure are gaining traction amid supply chain reshoring. Health care and technology offerings have also drawn substantial investor attention, supported by PE and institutional backers.

Southeast Asian IPO markets grew across varied trajectories over the first 10.5 months of 2025. Notably, private equity-backed listings emerged as a catalyst across the region, sustaining steady capital inflows and attracting strong investor interest. Looking ahead to the coming year, Deloitte anticipates that investor appetite will remain healthy, sustained by the continued emergence of new market opportunities.

Singapore tops Southeast Asia’s IPO market by proceeds, with nine deals raising US$1.6 billion in the first 10.5 months of the year. This was driven by two major REIT listings – NTT DC REIT and Centurion Accommodation REIT – as regulatory and market reforms, alongside a lower interest rate environment, boosted market sentiment. Fuelled by these blockbuster listings, each raising more than US$500 million and collectively accounting for 88% of total funds raised, Singapore’s IPO market saw its proceeds surge to the highest since 2019.

Ms TAY Hwee Ling, Capital Markets Services Leader, Deloitte Southeast Asia, commented, “Singapore’s turnaround has been bolstered by regulatory and market reforms and large-cap listings, signalling renewed investor confidence and drawing interest from regional and global funds. Recommendations made by the Monetary Authority of Singapore (MAS) equities market review group aim to advance Singapore towards a more disclosure-based regulatory regime that is aligned with major developed markets. Pro-business reforms and other proposed measures from the review group, such as the S$5 billion Equity Market Development Programme, also continue to stimulate liquidity and performance, adding depth to the Singapore IPO capital market and reinforcing the position of SGX at the forefront of Southeast Asia’s capital market recovery.”

Vietnam saw two blockbuster IPOs in the financial sector – Techcom Securities Joint Stock Company and VP Bank Securities – both raising a collective US$1 billion. This paves the way for a new growth cycle for Vietnam’s IPO market after years of stagnation since 2018.

Mr Van Trinh BUI, Capital Markets Services Partner, Deloitte Vietnam said, “Vietnam’s IPO market is entering a new cycle with a high-quality pipeline of deals across finance, real estate, retail, agriculture, and technology. At the heart of this transformation are sweeping regulatory reforms aimed at modernising the capital market. The government is enhancing transparency, upgrading infrastructure, and streamlining listing procedures to create a more efficient and investor-friendly environment. These strategic moves are fueling stronger capital inflows and positioning Vietnam as one of Asia’s most compelling emerging markets for both domestic and international investors”

Malaysia leads the pack in terms of the number of IPOs, with 48 IPOs raising US$1.1 billion, mainly through the ACE Market. Despite an overall decrease in key metrics (total IPO funds raised, IPO market capitalisation and number of IPOs), Malaysia is on track to meet its target of 60 IPOs by the end of the year. This is driven by sustained investor confidence and a strong pipeline of companies seeking to raise capital on the stock exchanges.

In Indonesia, 24 IPOs were recorded with US$921 million raised, with an increasing focus on higher-value offerings relative to deal count. The energy and resources sector led the way in terms of funds raised, with IPO activity spanning companies involved in oil and gas, renewable energy, and mining support services. This was driven by the listings of PT Merdeka Gold Resource TBK and PT Chandra Data Investasi Tbk, which raised US$279 million and US$144 million respectively.

Private Equity (PE) involvement in the IPO market in Southeast Asia has lifted average deal sizes and enhanced market confidence. This surge contributed to a 54% increase in proceeds raised despite fewer IPO deals overall, indicating that PE-backed companies tend to be larger and more mature businesses aiming for public markets as a key exit route. This showcases a clear shift towards quality over quantity, with PE and institutional investors playing an increasingly influential role in shaping the growth of the region’s capital markets.

This resurgence also reflects heightened investor confidence and a revitalised exit environment for PE investors in the region. PE activity has been especially prominent in sectors such as digital infrastructure (REITs and data centres), health care, consumer retail, and technology, reflecting Southeast Asia’s broader economic and investment trends towards technology-driven growth and real asset investments.

PE fundraising in Southeast Asia remains steady, with notable capital deployment in portfolio companies targeting IPO readiness, fueling a pipeline of potential exits ahead of 2026.

Despite geopolitical and macroeconomic uncertainties, the regional market has been resilient, underpinned by regulatory reforms, sector diversification, and growing investor confidence. This robust environment indicates that Southeast Asia remains an attractive region for public market capital raising in 2025 and beyond.

Looking ahead to 2026, Hwee Ling said, “As market conditions improve, IPO aspirants continue to keep a close watch on the capital markets for the right moment to maximise valuations and to capture pent-up demand for liquidity events that will enable investors and shareholders to unlock value.”

Note to editors and reporters: All data is accurate as of 15 November 2025 and does not include IPOs after 15 November 2025. The full year 2025 IPO Report will be available in January 2026.