ASEAN IPO Market Stabilise, 75 Listings Raise $3.9 Billion

ASEAN’s IPO market stabilised in Q3 2025, with YTD figures showing 75 listings raising $3.9 billion, representing a 22% decline in deals but 54% increase in proceeds versus 2024, indicating larger average deal sizes, according to report entitled Latest IPO Trends released by EY Global.

Singapore emerged as the regional leader, dominating Q3 with 7 deals raising $1.5 billion and this performance was driven by two large Real Estate Investment Trusts (REITs) listings – NTT DC REIT and Centurion Accommodation REIT.

This surge elevated Singapore Exchange (SGX) to sixth place among global exchanges, indicating government reforms are showing results ahead of schedule. The city-state’s push for regulatory reforms aimed at injecting liquidity into the market has led to improving sentiment and growing interest in the local bourse.

While we expect companies in Singapore to continue pursuing cross-border listings in Hong Kong and the US, the Island nation has also seen increased interest driven by pro-market reforms, while maintaining its reputation as a stable, well-regulated, and free market attracting companies amid geopolitical tensions.

Malaysia also continued its momentum in attracting listings in the country with positive IPO returns. And its IPO pipeline is expected to remain strong across diversified industries, supported by improving valuations and liquidity. Discussions with intermediaries and corporates also indicate that activity levels are likely to increase.

Malaysian companies exploring capital market alternatives should prepare early, remain ready to act within narrow market windows, and develop comprehensive Plan B strategies, such as trade sales or mergers with listed entities, as market sentiment continues to improve.

EY ASEAN IPO Leader Yew Kiang Chan said that Singapore’s remarkable turnaround in the third quarter demonstrated the market’s underlying resilience. “We expect this momentum to accelerate through year-end as reforms take hold,” he said.

Across the world, accelerating momentum in the global IPO market became more evident in Q3 and the US led the rebound, supported by a constructive market backdrop and generally positive IPO pricing and trading outcomes.

India also showed remarkable growth, with deal volumes tripling and proceeds nearly quadrupling, while Greater China and the Middle East sustained their paces, and Europe experienced a modest recovery.

Reforms Gather Pace

Global stock exchanges are accelerating reforms to boost competitiveness, streamline listings, and attract innovative firms. Flexible listing rules — such as Hong Kong’s TECH channel — enable broader access for high-growth companies.

Alternative pathways like special purpose acquisition companies (SPACs), direct listings, and potential blockchain-based models offer issuers more options amid selective IPO conditions. Meanwhile, regulators are tightening safeguards to balance innovation with investor protection, introducing measures to curb manipulation and ensure sustainable fundamentals, ultimately fostering resilient capital markets and long-term investor confidence.

Though mergers and acquisitions (M&A) and secondary sales remained popular, PE-backed IPO listings more than doubled y-o-y, supported by global monetary easing and equity market rallies. The trend is particularly evident in the US, Greater China and the Nordics, where PE-backed deals surged.

The resurgence was also sectoral broad-based, with multiple regions stepping up their participation in key industries, the report said.

Outlook

The global IPO market outlook for the last quarter of 2025 and early 2026 carries more optimism than previous quarters, supported by several encouraging tailwinds.

Monetary policy across major economies is easing, albeit unevenly. A combination of softer growth momentum and moderating inflation, before the renewed inflationary impulse from the US tariffs has led central banks in the US, euro area, UK, China and key emerging markets to cut rates or prepare for further policy recalibration.

Short-term interest rates have declined, and overall financial conditions remain broadly accommodative. Encouragingly, resilient corporate earnings and strong equity market performance continue to underpin investor confidence.

While future adjustments will remain data-dependent, the shift toward easing is helping to bolster market sentiment.

Post-listing performances are further reinforcing investor appetite, especially among issuers with scalable business models and credible growth narratives. Regional strength in the US, the Chinese mainland, Hong Kong, India and the Middle East are rebounding quicker than other regions.