Southeast Asia Mid-Year IPO Snapshot 2024

Deloitte has published the 2024 Southeast Asia Mid-Year IPO Snapshot report. The report highlights a lukewarm regional IPO outlook and features the Top 10 Listings in Southeast Asia for the first half of 2024.

There is a downward trend in the number of IPOs, market capitalisation, and amount raised between the first half of 2024 and a similar timeframe in 2023. This can be attributed to an absence of blockbuster IPOs in the first half of this year.

Deloitte Southeast Asia Accounting & Reporting Assurance Leader Tay Hwee Ling noted that “While Southeast Asia’s IPO market may appear subdued in 2024, there is cautious optimism that conditions will improve beyond 2024. As investors and IPO candidates adapt to the new norm of higher interest rates and reduced liquidity, they are becoming more adept at navigating the complexity in geopolitical tensions and the global economic landscape. Looking further ahead, the potential for interest rates to decrease could spur the return of REIT listings in the region. Additionally, many Artificial Intelligence (AI) and AI-associated businesses are still in the early seeding stages within the private domain. We anticipate a significant wave of AI IPOs tapping on the IPO capital markets in the coming years, bringing innovation and new opportunities to the market.

Some of the report highlights are:

Philippines performance

• Philippines saw two IPOs in the first half of 2024, with US$194 million in proceeds raised and an IPO market capitalisation of US$930 million.
• Philippines ranked fourth at the leaderboard with 14% (US$194 million) of the IPO amount raised across Southeast Asia (US$1.4 billion)
• Philippines has two top-10 listings in SEA in 2024:
  • OceanaGold (Philippines), Inc. is the first gold and copper mining company to be listed in the Philippine Stock Exchange (“PSE”) since 2012, raising approximately US$104 million; and
  • Citicore Renewable Energy Corporation, a pure play solar power company, marked its stock market debut on the PSE, raising approximately US$90 million.
• The Energy & Resources industry remains a strong sector for the country’s capital market.

2024 H1 Regional Performance 

• The Southeast Asia IPO capital market saw 67 IPOs in the first half of 2024, with US$1.4 billion in IPO proceeds raised and an IPO market capitalisation of US$5.8 billion. This is compared to 85 IPOs, US$3.4 billion in IPO proceeds and IPO market capitalisation of US$20.1 billion in the first half of 2023.
• As compared to the first half of 2023, 2024 saw a 21% decrease in the number of new IPOs. Correspondingly, there has been a sharp decrease of 71% in market capitalisation, and a 59% decrease in the amount raised.

Proportion of IPO amount raised by country in H1 2024

• Malaysia is at the top of the leaderboard with 33% (US$450 million) of the IPO amount raised across Southeast Asia. It had 21 IPOs in the first half of 2024, and has four top-10 listings in the region in 2024. These include a fertility care specialist and a business trust that raised US$94 million each.
• Thailand follows closely behind with 31% (US$427 million) and has two top-10 listings in SEA in 2024. It has the largest IPO listing in Southeast Asia thus far – a commercial bank that raised US$208 million – and a consumer goods company that raised US$86 million.