KUALA LUMPUR: Malaysia’s initial public offering (IPO) market remained one of the most active in Southeast Asia, continuing to lead the region in terms of total IPO funds raised and number of IPOs, according to Deloitte Southeast Asia Mid-Year IPO Snapshot 2026.
The report also said Malaysia retained its position as the top-performing country for two consecutive first-half (1H) periods, with Sunway Healthcare Holdings Bhd raising US$707 million and having a market capitalisation of US$4.13 billion in 1H 2026.
Its capital markets services partner (Malaysia) Wong Kar Choon said the fundraising value has strengthened, reflecting a shift towards larger and high-quality deals.
"Overall, the Malaysian IPO market in 1H 2026 is healthy and maturing, transitioning from a volume-driven surge in 2025 to a more balanced, quality-focused growth phase," he said.
He added that the IPO outlook in Malaysia is expected to remain positive for the rest of 2026, supported by a strong pipeline of more than 40 potential listings.
Singapore has overtaken Indonesia in Southeast Asia’s IPO rankings, signalling growing investor confidence and strong endorsement of its market reforms.
Meanwhile, Vietnam has rebounded strongly from zero IPOs in 1H 2025 to four IPOs in 1H 2026, with the highest IPO market capitalisation at US$6.92 billion.
Deloitte said Southeast Asia IPO capital market saw 47 IPOs in 1H 2026, with over US$3.07 billion in IPO proceeds raised and an IPO market capitalisation of US$15.07 billion, compared with 1H 2025, which saw 53 IPOs, with IPO proceeds of US$1.41 billion and IPO market capitalisation of US$7.70 billion.
Compared with 1H 2025, the IPO amount raised and IPO market capitalisation increased by 117 per cent and 96 per cent, respectively, despite an 11 per cent decrease in the number of IPOs across Southeast Asia.
The average IPO deal size is 2.4 times that of 1H 2025, rising from US$26 million to US$65 million, the report said.
"The Southeast Asia IPO capital market is shifting towards quality over quantity in 1H 2026, registering three blockbuster IPOs in 1H 2026,” it said.
The three IPOs raised more than US$500 million each, and the collective IPO market capitalisation of US$8.93 billion is UI Boustead REIT (Singapore), Sunway Healthcare Holdings Bhd (Malaysia) and Dien May Xanh Investment Joint Stock (Vietnam).
Moving forward, Deloitte expects the Southeast Asia IPO market to remain healthy, supported by a strong pipeline, improving investor sentiment and easing interest rate conditions.
"However, the market is likely to continue its shift toward fewer but large, higher-quality deals.
"Malaysia is expected to sustain its IPO activity, while Singapore is expected to continue attracting large institutional listings," it said. - Bernama
