S’pore is top IPO market in South-east Asia in Q3: Report

Republic also ranks sixth globally in terms of proceeds raised, says EY

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Singapore was the top initial public offering (IPO) market in Southeast Asia in the third quarter of 2025, according to an EY report.

Six deals saw US$15 billion (S$1.95 billion) raised, while Indonesia followed with eight deals raising US$478 million.

Vietnam raised US$410 million from one IPO, Malaysia raised US$94 million from eight and Thailand had two IPOs that raised US$5 million.

Singapore also ranked sixth globally in terms of proceeds raised as IPO activity accelerated in the quarter.

The lead was largely down to the listings of NTT DC Real Estate Investment Trust (Reit) and Centurion Accommodation Reit.

Deal volumes across the globe rose 19 per cent and proceeds surged 89 per cent from the third quarter of 2024, the EY Global IPO Trends Q3 2025 study found.

“Singapore's push for regulatory reforms aimed at injecting liquidity into the market has led to improving sentiments and growing interest in the local bourse,” said EY’s Asean IPO leader Chan Yew Kiang.

He noted that the country has seen increased interest driven by pro-market reforms, adding that maintaining its reputation as a “stable, well-regulated and free market” is attracting companies amid geopolitical tensions.

This is despite Singapore-based companies’ pursuit of cross-border listings in Hong Kong and the United States.

The global jump in IPO volume and proceeds raised was driven by monetary easing and improving market sentiment, said the report.

However, it found that the recovery was largely concentrated in a few key regions.