The biggest IPO wave in nearly 20 years — Malaysia leads Southeast Asia’s IPO market.

(Kuala Lumpur, Jan 28)
Malaysia emerged as Southeast Asia’s most active IPO market by deal count last year, according to a new report by Deloitte.

Driven by strong activity on the ACE Market, Malaysia recorded 59 IPOs—its highest number since 2006—raising approximately US$1.4 billion. This compares with 55 IPOs and US$1.6 billion raised in 2024.

In its Southeast Asia IPO Capital Markets Report 2025, Deloitte said Malaysia’s strong performance was underpinned by improving investor confidence and a growing pipeline of companies seeking to raise capital through public listings.

Industrials lead by number of listings

Deloitte highlighted Malaysia’s diversified industry base, positive market sentiment, and robust regulatory framework as key strengths. The year also marked several milestones, including the country’s first secondary listing and the listing of a subsidiary of a Korea Exchange (KRX)-listed company.

By sector, industrial companies accounted for the largest number of IPOs, followed by consumer, energy and resources, and technology, media and telecommunications (TMT).

In terms of funds raised, the consumer, energy and resources, and industrial sectors ranked as the top three contributors.

Notably, the two largest Malaysian IPOs over the past two years both came from the consumer sector: ECOSHOP in 2025 and 99SMART in 2024.

Singapore still leads in capital raised

Despite leading by IPO count, Malaysia ranked second by capital raised in Southeast Asia, with a 22% share. Singapore topped the region with 31%, followed by Indonesia (17%), Vietnam (15%), the Philippines (9%), and Thailand (6%).

Deloitte noted that Singapore’s market-friendly regulations and several landmark mega listings have cemented its position as a preferred IPO destination.

Shift toward value-driven recovery

Deloitte also observed a value-oriented recovery in Southeast Asia’s IPO market in 2025, with real estate, energy, and financial services showing particular strength.

While the number of large IPOs has increased, market sentiment remains cautious. Prospective issuers are closely monitoring volatility to time listings at optimal valuations, resulting in fundraising strategies that are increasingly “smaller but more targeted.”

Despite ongoing geopolitical and macroeconomic uncertainties, Deloitte expects regulatory reforms and investor confidence to continue supporting the region’s capital markets, with more companies turning to IPOs to unlock shareholder value as conditions improve.