Southeast Asia's IPO market enjoys strong first half of 2023

06 July 2023 2 min. read
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Despite economic and geopolitical headwinds and a downturn in the global IPO market, Southeast Asia’s initial public offering market managed to book growth in 2023 so far, according to analysis by Deloitte.

In its latest IPO Snapshot report for Southeast Asia, Deloitte said that the region experienced 85 IPOs in the first half of 2023, raising $3.3 billion with a market capitalization of $20.1 billion. This marked a 16% increase in IPO count and 5% increase in raised funds compared to the same period in 2022.

The growth was realized on the back of reopening foreign investment channels, a revitalized tourism sector, and robust domestic demand. A number of IPOs that previously were delayed have also materialized in the first half of 2023, lifting IPO numbers.

2023 H1 IPO  performance in Southeast Asia

Region-wise, Indonesia led the way achieving 44 IPOs in the first half of 2023. Activity was headline by three sizable IPOs in Indonesia that had each raised more than US$500 million, as compared to only one such blockbuster IPO in the year 2022.

Notable IPOs included the listings of a nickel miner that raised approximately US$683 million, an integrated electronic vehicle battery materials company that raised approximately US$627 million, a geothermal power plant operator that raised approximately US$594 million.

Thailand’s IPO market had a slower period compared to the same period in 2022, accounting for about 16% of the $3.3 billion amount. Notable listings included: a cosmetic surgery hospital that raised approximately US$91 million, an automotive retail group that raised US$65 million, an e-book store operator that raised approximately US$61 million, and a financial advisory company focused on managing non-performing assets that raised approximately US$46 million.

Malaysia contributed 11% to the first half total, with Singapore, the Philippines, and Vietnam all providing less than 2%.

IPO Capital market in 2023 H1

Looking ahead, the outlook is mixed, said Deloitte. “While taking into account possible changes to global events, we remain cautiously optimistic about the region’s prospects for the second half of 2023. It still remains to be seen how Southeast Asia will ride out the storm in its economic recovery.”

“We can expect IPOs in several industries across Southeast Asia, including logistics, technology, mining, electric vehicles and renewable energy.”

According to the International Monetary Fund, Southeast Asia is set to be the world’s fastest growing region, with the five largest economies – Indonesia, Malaysia, Philippines, Singapore and Thailand – expected to expand at the rate of at 4.5% in 2023 and 4.6% in 2024.