Deloitte has released its Southeast Asia Mid-Year IPO Snapshot 2026, reporting a resilient initial public offering (IPO) market across Southeast Asia during the first half of the year as larger fundraising deals more than offset a decline in the number of listings.
The report showed that Southeast Asia recorded 47 IPOs during the first six months of 2026, raising more than USD 3.07 billion and achieving a combined IPO market capitalization of USD 15.07 billion. Although the number of IPOs declined by 11% from the 53 listings recorded during the same period in 2025, total proceeds surged by 117% from USD 1.41 billion, while IPO market capitalization nearly doubled from USD 7.70 billion, increasing by 96% year on year.
A key driver of the region’s stronger fundraising performance was the emergence of three blockbuster IPOs, each raising more than USD 500 million during the first half of 2026. The region did not record any IPOs of this scale during the same period last year.
Singapore climbed to the top of Southeast Asia’s IPO rankings, overtaking Indonesia following the landmark listing of UI Boustead REIT, which raised USD 754 million and debuted with an IPO market capitalization of USD 931 million. Malaysia and Vietnam also delivered strong performances, reinforcing the region’s steady capital market activity.
The report also found that the consumer sector remained the largest contributor to IPO proceeds, accounting for 33% of total funds raised, followed by the real estate sector and the life sciences and healthcare industry. These sectors maintained their positions as the region’s leading IPO industries from the first half of 2025.
Commenting on the report’s findings, TAY Hwee Ling, Capital Markets Services Leader, Deloitte Southeast Asia, said:
“The Southeast Asia IPO market in the first half of 2026 has shown a resilient but transitioning performance, characterised by a clear divergence between deal volume and capital raised. Regionally, IPO activity slowed in terms of the number of listings, with 2026 H1 recording 47 IPOs compared to 53 in 2025 H1, but total IPO funds raised surged sharply to around USD 3.07 billion, reflecting a broader structural shift.”
Philippine IPO Market Awaits Stronger Pipeline
In the Philippines, IPO activity remained subdued during the first half of 2026, with no companies listing on the Philippine Stock Exchange (PSE), reflecting cautious investor sentiment.
According to Deloitte, IPO momentum remained selective as issuers and shareholders continued to balance valuation expectations, dilution concerns, and evolving public float requirements.
The report also noted that the PSE has proposed a tiered IPO public float framework, introducing Minimum Public Ownership requirements based on a company’s expected market capitalization. Deloitte said the proposed reform is intended to make IPO requirements more proportionate while preserving market liquidity and investor protection.
Despite the slow start to the year, Deloitte believes the Philippine IPO market is positioned for renewed momentum.
Stephen Sieh, Strategy, Risk & Transactions Leader, Deloitte Philippines, said:
“While the Philippine public market has seen subdued IPO activity in recent years, the outlook for a meaningful resurgence is building. The highly anticipated listing of Mynt Inc., parent of GCash, would mark the largest IPO in Philippine history, while PLDT VITRO’s expected listing would introduce the country’s first data center REIT. These developments have the potential to reignite domestic and foreign investor interest in the PSE and set the tone for a more active listing environment ahead.”
Larger Deals Fuel Southeast Asia’s IPO Recovery
Despite fewer listings across the region, larger transactions significantly boosted fundraising activity.
The report found that Southeast Asia’s Top 10 IPOs generated USD 2.686 billion, accounting for 88% of the region’s total IPO proceeds during the first half of 2026.
Malaysia emerged as the region’s top fundraising market, contributing 43% of Southeast Asia’s total IPO proceeds, or approximately USD 1.344 billion. The country completed 36 IPOs during the period and accounted for four of the region’s Top 10 listings.
Singapore ranked second, contributing 28% of total IPO proceeds, equivalent to approximately USD 868 million. Its Top 10 listings included UI Boustead REIT, which raised USD 754 million, and a coworking space company that raised USD 78 million.
Overall, Deloitte’s latest IPO Snapshot underscores a changing capital market landscape across Southeast Asia, where fewer but significantly larger listings are driving fundraising activity. While market conditions remain selective, the report suggests that investor confidence continues to support high-quality offerings, positioning the region for sustained IPO activity in the periods ahead.
For a more detailed analysis of each market, please find the full report attached and downloadable https://www.deloitte.com/content/dam/assets-zone1/southeast-asia/en/docs/services/audit-assurance/2026/sea-aud-mid-year-ipo-snapshot-2026.pdf
