Private equity (PE)-backed flotations are helping drive a rebound in Southeast Asia’s initial public offering (IPO) market, lifting average deal sizes and proceeds even as the number of new listings falls, Deloitte said in a report on Tuesday.
According to data compiled by the accounting firm, proceeds from IPOs across six Southeast Asian exchanges rose 53% in the first 10.5 months of 2025 to about $5.6 billion, from $3.7 billion a year earlier, even though the deal count slipped to 102 from 136.
Larger offerings in real estate, financial services, and consumer-facing businesses underpinned the recovery, alongside steady PE exits.
Deloitte said PE-backed IPOs have contributed to a 54% jump in capital raised, with sponsors bringing bigger and more mature portfolio companies to market as they seek liquidity ahead of 2026. “This showcases a clear shift towards quality over quantity, with PE and institutional investors playing an increasingly influential role in shaping the growth of the region’s capital markets,” the report said.
Malaysia’s Creador has capitalised the moment, with the listings of MR. DIY Holdings in Thailand, which raised $174 million in early November; and Eco-Shop in Malaysia raising $230 million in May, which is now trading at a price-earnings ratio of above 30.
“The P/E ratio confirms that the consumer sector in Southeast Asia is still commanding high public market valuations and the IPO window is reopening at a level that is attractive for private equity firms to consider the IPO [route] again,” said Trin Bui, Capital Markets Services partner at Deloitte Vietnam.
Affinity-backed confectionery maker PT Yupi Indo Jelly Gum was another major IPO in the region, raising about $124 million in Indonesia. The Philippines’s Maynilad, whose cornerstone investors include IFC and ADB, was another regional private capital-backed IPO that reaped $174 million. Thailand coconut water company IFBH, a portfolio 10 Bridge, also made a notable debut in Hong Kong, raising $148 million in fresh funds in June.
Activity has been concentrated in digital infrastructure, healthcare, consumer retail, and technology, reflecting investors’ focus on cash-generative, asset-backed, and technology-enabled businesses.
The report noted that the average deal size more than doubled to about $55 million from $27 million in 2024, supported by four IPOs that each raised more than $500 million in Singapore, Vietnam, and the Philippines.
Across the region, 11 listings debuted with market capitalisations above $1 billion, signalling a tilt towards fewer, larger, and higher-quality deals.
The data compiled by Deloitte showed that Singapore led the region by proceeds with nine IPOs raising $1.6 billion, its highest take since 2019.
Two real estate investment trusts—NTT DC REIT and Centurion Accommodation REIT—accounted for 88% of funds raised, helped by market-friendly reforms and a softer interest rate backdrop.
First-day share price gains averaged 12%, with year-to-date returns around 29%, the report said.
“Singapore’s turnaround has been bolstered by regulatory and market reforms and large-cap listings, signalling renewed investor confidence and drawing interest from regional and global funds,” said Tay Hwee Ling, Capital Markets Services leader at Deloitte Southeast Asia.
Vietnam’s market, largely subdued since 2018, was lifted by two financial sector offerings, Techcom Securities and VP Bank Securities, which together raised $1 billion.
Deloitte said upcoming changes to Vietnam’s market classification to “Secondary Emerging Market” from September 2026, combined with regulatory upgrades, are expected to attract more foreign capital.
“These strategic moves are fuelling stronger capital inflows and positioning Vietnam as one of Asia’s most compelling emerging markets for both domestic and international investors,” said Bui.
Malaysia remained the most active market by deal count, with 48 IPOs raising $1.1 billion, mainly on the ACE Market, the report noted.
Industrial products and consumer names dominated, including strong debuts by THMY Holdings and Oriental Kopi, as authorities push to meet a target of 60 listings this year.
Malaysia also saw its first secondary listing—that of UMS Integration Ltd, an SGX-listed company. Cuckoo International (MAL) Berhad, a subsidiary of Korea-listed Cuckoo Holdings Co Ltd, also listed in Malaysia.
“Despite geopolitical uncertainties, trade tariffs affecting export-driven companies, and supply-chain pressures, well-established consumer-oriented companies remain central to Malaysia’s IPO market and economic landscape,” Wong Kar Choon, Capital Markets Services partner at Deloitte Malaysia, said.
Indonesia, meanwhile, hosted 24 IPOs that raised $921 million, with energy and resources leading proceeds through deals such as PT Merdeka Gold Resource and PT Chandra Data Investasi.
Real estate and consumer listings, including PT Bangun Kosambi Sukses and confectionery maker PT Yupi Indo Jelly Gum, added breadth to the market.
Hwee Ling said the infrastructure and energy sectors, especially renewables, saw increased interest due to Indonesia’s strategic project pipeline and transition to clean energy.
Regionally, real estate accounted for about a third of IPO proceeds, followed by energy and resources and financial services. Healthcare and technology deals continued to draw institutional and PE backing, according to the report.
Looking ahead, Deloitte said Southeast Asia remains an attractive region for public market capital raising in 2025 and beyond.
“As market conditions improve, IPO aspirants continue to keep a close watch on the capital markets for the right moment to maximise valuations and to capture pent-up demand for liquidity events that will enable investors and shareholders to unlock value,” Hwee Ling said.
