Malaysia tops Southeast Asia’s IPO rankings in first half of 2025

MALAYSIA has emerged as Southeast Asia’s leading market for initial public offerings (IPOs) in the first half of 2025, accounting for 66 per cent of the region’s total IPO proceeds, according to Deloitte’s Mid-Year IPO Snapshot 2025.

The report revealed that Malaysia raised US$940 million out of the region’s US$1.4 billion in total IPO funds during the first six months of the year, outperforming its Southeast Asian peers across all major benchmarks – number of IPOs, market capitalisation and capital raised.

“Malaysia recorded approximately a 48 per cent increase in the number of listings, with IPO amount raised increasing by approximately 109 per cent, along with a corresponding uptick in total IPO market capitalisation by approximately 165 per cent,” Bernama cited Deloitte saying in a statement.

Leading the charge was Eco-Shop Marketing Bhd, a well-known domestic discount retail chain, which raised US$230 million in what was the largest IPO in the region so far this year. The company’s shares rose six per cent on their debut on Bursa Malaysia’s Main Market.

With 32 IPOs completed as of 30 June, Malaysia also recorded six out of the top 10 listings in Southeast Asia for the period.

The region as a whole saw 53 IPOs in the first half of 2025, raising US$1.4 billion in total proceeds and posting a market capitalisation of US$7.7 billion. This is slightly down from 67 IPOs in the same period last year, which raised slightly less than US$1.4 billion but with a smaller market cap of US$5.8 billion.

Deloitte Malaysia Transactions Accounting Support partner Wong Kar Choon said the outlook for Malaysia’s IPO market remains upbeat, with Bursa Malaysia on track to meet its full-year target of 60 listings.

“However, the recent US trade tariffs and geopolitical tensions have introduced uncertainty, and we foresee that there could be an impact on the IPO market,” Wong cautioned.

“This situation may lead to cautious investor sentiments as investors may adopt a more cautious approach and favour less risky assets during these uncertain periods.”

He added that export-oriented companies facing supply chain disruptions and rising costs might choose to defer their IPO plans in the near term. - July 11, 2025