KUALA LUMPUR: Malaysia stood out in Southeast Asia's initial public offering (IPO) market in the first nine months of 2026, accounting for 38 of the 56 listings recorded across the region, according to Ernst & Young (EY).
The 38 IPOs raised US$1.62 billion (US$1=RM4.05), compared with US$992 million raised through 37 listings in the corresponding period last year, stated EY in a factsheet today.
In the third quarter of 2026 (3Q 2026), Malaysia recorded nine IPOs raising US$167.2 million, compared with eight IPOs that raised US$94 million in the same quarter last year.
Among other Southeast Asian markets, Singapore recorded eight IPOs raising US$1.28 billion, followed by Indonesia with seven IPOs raising US$121.3 million and Thailand with three IPOs raising US$21.3 million.
Southeast Asia recorded 56 IPOs raising US$3 billion in the first nine months of 2026, a decline of 26 per cent in volume and 13 per cent in value year-on-year.
In 3Q 2026, 20 IPOs raised US$500 million, compared with 26 IPOs that raised US$2.1 billion over the same period in 2025.
EY Capital Markets representative Nghia Trung Nguyen said Malaysia exceeded both the number of listings and proceeds recorded over the same period last year.
"The stronger proceeds are encouraging and point to continued investor appetite for quality companies with compelling growth prospects.
"This momentum also reflects the role of the capital market in supporting companies as they pursue their next phase of growth, providing access to capital while broadening their investor base and market profile," he said in a statement.
Nghia said issuers needed to be well-prepared and realistic about market timing and investor expectations amid an uncertain global environment, as investors became increasingly selective.
He added that a compelling business proposition, supported by strong fundamentals, good governance and a clear growth strategy, remained crucial to securing a successful listing and sustaining investor confidence beyond the IPO.
EY Asean IPO leader Chan Yew Kiang said regulatory reforms, a muted economic outlook and geopolitical uncertainties had dampened listing sentiment across the region, prompting IPO aspirants to adopt a more cautious approach.
"Hence, in 3Q 2026, except Malaysia, IPO transaction counts across Southeast Asia slowed compared with the same period last year. Exchanges in the region also began to focus on unlocking shareholders' value through different initiatives.
"For example, in Singapore, while the Equity Market Development Programme (EQDP) that was introduced in February 2025 had injected liquidity and vibrancy into the local exchanges, more needs to be done by corporates to improve liquidity and post-IPO performance," he said.
Globally, EY said there were 908 IPOs that raised US$290 billion in the first nine months of 2026, representing a two per cent decline in deal volume but a 153 per cent increase in proceeds compared with the corresponding period in 2025.
It said for 3Q 2026, there were 387 IPOs that raised US$95.6 billion, compared with 374 IPOs that raised US$52 billion over the same period in 2025.
In terms of regional performance, EY said Asia-Pacific recorded 399 IPOs raising US$93.2 billion in the first nine months of 2026, up 14 per cent in volume and 79 per cent in proceeds year-on-year.
Meanwhile, the Europe, Middle East, India and Africa (EMEIA) region recorded 389 IPOs raising US$30.2 billion in the first nine months of 2026, representing a one per cent increase in volume and six per cent in proceeds year-on-year.
According to EY, Americas' IPO activity saw a 35 per cent decline in deal volume to 120 listings in the first nine months of 2026, although proceeds surged 392 per cent to US$166.6 billion. - Bernama
