KUALA LUMPUR: Malaysia's initial public offering (IPO) market topped Southeast Asia by volume, with 59 IPOs raising US$1.4 billion (2024: 55 IPOs raising US$1.6 billion), mainly through the ACE Market (US$1 = RM3.96).
Deloitte Southeast Asia Ltd, in its Southeast Asia IPO Capital Market 2025 report, said the performance was driven by sustained investor confidence and a strong pipeline of companies seeking to raise capital on the stock exchanges.
"Malaysia’s IPO market in 2025 is characterised by strong sectoral diversity, positive investor sentiment, and a supportive regulatory environment, making it a resilient and attractive capital market hub in the region for IPOs.
"We saw a first secondary listing as well as the listing of a subsidiary of a Korea Exchange-listed company in Malaysia,” it said.
It said that following its 55 listings in 2024, Malaysia’s IPO market has achieved another milestone with 59 IPOs (the highest since 2006) in 2025.
For sector breakdown, it said that the industrial products sector continued to lead in terms of the number of IPOs, followed by consumer, energy and resources, and technology, media and telecommunication.
"The consumer, energy and resources, and industrial products sectors constitute the top three industries with the most IPO funds raised in 2025.
"The largest IPOs in 2025 (Eco-Shop Marketing Bhd
) and 2024 (99 Speed Mart Retail Holdings Bhd) both came from the consumer industry,” it said.
It said that Malaysia’s proportion of IPO amount raised by Southeast Asian countries in 2025 is at 22 per cent, and Singapore’s number stood first at 31 per cent, Indonesia 17 per cent, Vietnam 15 per cent, the Philippines nine per cent and Thailand six per cent.
The region’s IPO trends in 2025 point to recovery centred on value, sector leadership in real estate, energy and resources, financial services and consumer services, and the emergence of Singapore as a high-profile IPO destination due to market-friendly regulatory measures and landmark listings, it said.
"While large listings are picking up, sentiments are still relatively cautious with listing aspirants monitoring the capital markets for favourable timing and valuations, leading to smaller, more strategic offering sizes.
"Despite geopolitical and macroeconomic uncertainties, the regional market has been resilient, underpinned by regulatory reforms, sector diversification and growing investor confidence,” it said.
It said this robust environment indicates that Southeast Asia remains an attractive region for public market capital raising in 2025 and beyond.
"As market conditions improve, IPO aspirants will 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,” it added. - Bernama
