KUALA LUMPUR: The initial public offering (IPO) market remained one of the most active in South-East Asia, continuing to lead the region in terms of total IPO funds raised and number of IPOs, according to Deloitte South-East Asia Mid-Year IPO Snapshot 2026.
The report also said Malaysia retained its position as the top-performing country for two consecutive first-half periods, with Sunway Healthcare Holdings Bhd raising US$707mil and having a market capitalisation of US$4.13bil in the first half of financial year 2026 (1H26).
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 1H26 is healthy and maturing, transitioning from a volume-driven surge in 2025 to a more balanced, quality-focused growth phase.”
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 South-East Asia’s IPO rankings, signalling growing investor confidence and strong endorsement of its market reforms.
Meanwhile, Vietnam has rebounded strongly from zero IPOs in 1H25 to four in 1H26, with the highest IPO market capitalisation at US$6.92bil.
Deloitte said the South-East Asia IPO capital market saw 47 IPOs in 1H26, with over US$3.07bil in proceeds raised and a market capitalisation of US$15.07bil, compared with 1H25, which saw 53 IPOs, with proceeds of US$1.41bil and market capitalisation of US$7.7bil.
Compared with 1H25, the IPO amount raised and market capitalisation increased by 117% and 96%, respectively, despite an 11% decrease in the number of IPOs across South-East Asia.
“The average IPO deal size is 2.4 times that of 1H25, rising from US$26mil to US$65mil,” the report said.
Deloitte expects the South-East 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, higherquality deals. Malaysia is expected to sustain its IPO activity, while Singapore is expected to continue attracting large institutional listings,” it said.
