Thai IPOs sag amid regional boom

While Southeast Asia's initial public offering (IPO) market stages a solid rebound in 2025, with large listings driving fundraising momentum across the region, Thailand lags behind regional peers as domestic political uncertainty and high household debt plague stock market sentiment, says Deloitte.

- NUNTAWUN POLKUAMDEE

Across six major markets, 102 IPOs raised around US$5.6 billion in the first 10.5 months of 2025, up 53% from last year's proceeds even though the number of listings declined.

Singapore, Malaysia, Indonesia and Vietnam accounted for more than $4.7 billion, or 83% of total capital raised, underscoring their dominant role in the region's equity fundraising cycle, the global consultancy said in a recent report.

The shift reflects renewed investor appetite, improving regulatory landscapes, and stronger sectoral performance in real estate, financial services and consumer businesses.

Deloitte said the average deal size more than doubled year-on-year, rising from $27 million in 2024 to $55 million thanks to a series of blockbuster offerings.

Four IPOs across Singapore, Vietnam and the Philippines each raised more than $500 million, while 11 newly listed companies now boast market capitalisations above $1 billion.