The Deloitte report highlighted that Malaysia’s 59 IPOs in 2025 represented the country’s highest number of fresh listings since 2006.
PETALING JAYA: Malaysia’s initial public offering (IPO) market topped South-East Asia by volume last year, with 59 IPOs raising US$1.4bil largely through the ACE Market, says Deloitte in its “South-East Asia IPO Capital Market 2025 Full Year Report”.
According to the report, this performance was driven by sustained investor confidence and a strong pipeline of companies that sought to raise capital on 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,” it said.
The report also highlighted that Malaysia’s 59 IPOs in 2025 represented the country’s highest number of fresh listings since 2006. This follows 2024’s record 55 listings, which marked an increase of 72% from 32 in 2023.
Of the 59 IPOs in 2025, there were 44 on the ACE Market, 10 on the Main Market and five on the LEAP Market.
The report also revealed that Malaysia’s US$1.4bil in IPO amount raised in 2025 was an 18% year-on-year decline from the previous year’s US$1.7bil.
Additionally, total IPO market capitalisation in 2025 fell to US$5.6bil from 2024’s US$7.2bil.
When broken down into industries, the industrial products sector in Malaysia continued to lead in terms of the number of IPOs with 25 in 2025.
It was followed by the consumer, energy and resources, and technology, media and telecommunication sectors with 15, 10 and six IPOs, respectively.
Notably, Malaysia’s top IPO in 2025 – Eco-Shop Marketing Bhd
– was the eighth largest in the South-East Asian region, with US$230mil raised and a market capitalisation of US$1.53bil.
Last year also saw a first secondary listing of UMS Integrated Limited, a Singapore Exchange-listed firm in Malaysia, as well as the listing of CUCKOO International (MAL) Bhd, a subsidiary of a Korea Exchange-listed company.
According to Deloitte’s report, Malaysia’s IPO market comprised a 22% share of total IPO funds raised across South-East Asia in 2025.
Singapore had the largest share of IPO amounts raised at 31%, while Indonesia had the third highest with 17% of total raised funds.
“Most of the countries within the region saw a trend of recovery, except for Thailand which recorded an exceptionally low level of IPO performance in 2025,” the report stated.
It added that Malaysia and Indonesia led in terms of volume and value of IPOs, while Indonesia and Vietnam led in IPO market capitalisation.
According to the report, South-East Asia’s capital markets are experiencing a rebound, with 120 IPOs across six bourses raising approximately US$6.5bil in 2025.
“Total IPO proceeds in the region grew 76% 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,” it said.
Tay Hwee Ling, capital markets services leader at Deloitte Southeast Asia, observed that there has been shifts in IPO sizes as well as sector dynamics, with the market putting more emphasis on companies with stronger resilience.
“While large listings are picking up, sentiment is still relatively cautious with listing aspirants monitoring the capital markets for favourable timing and valuations, leading to smaller, more strategic offering sizes,” she said.
“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 capture pent-up demand for liquidity events that will enable investors and shareholders to unlock value,” she added.
