Equity Capital Markets Watch: 2025 Singapore and Southeast Asia

The Singapore and Southeast Asia (SEA) IPO markets are poised for further growth in 2026, driven by an easing global interest rate environment, regulatory reforms and steady local liquidity.

Against this backdrop, IPO activity in Singapore is expected to progress in its recovery, supported by regulatory and market reforms, specifically measures implemented by the Equities Market Review Group. The more accommodative interest rate environment has also supported the return of REIT listings on the Singapore Exchange (SGX).

Additionally, we expect healthcare and technology companies to pursue listing on the SGX, driven by favourable market conditions and supportive regulatory mechanisms. ​

Across the wider SEA region, momentum is expected to persist. We forecast that IPO activity in the rest of SEA will advance along its recovery path, with Malaysia’s IPO market expected to sustain its momentum in 2026 as interest in new listings remains elevated, and Thailand's regulatory and market reforms to support activity. Indonesia will likely rebound from a backlog of IPOs, while the Philippines is likely to stay subdued. ​

Investors will remain selective, focusing on companies with strong fundamentals, well-prepared offerings and decent valuations. Sustained economic and geopolitical stability will be crucial to maintaining the strength of IPO activity in Singapore and across SEA. 

Singapore’s IPO market 2025 overview

After a decline over the past three years, Singapore’s IPO activities experienced a strong rebound in 2025 with 12 IPO deals. This growth was driven by new measures from the Equities Market Review Group set up by the Monetary Authority of Singapore (MAS), along with two Real Estate Investment Trust (REIT) listings in Q3 2025, namely NTT DC REIT (US$824.1 million) and Centurion Accommodation REIT (US$625 million).

Regarding funds raised per sector in 2025 in Singapore, the properties and real estate sector led with 76%, followed by the healthcare sector with 19%, driven by the listing of UltraGreen.ai Limited (US$400 million). The funds raised by these three major listings in Singapore accounted for 90.3% of total funds raised in 2025.

Additionally, Singapore witnessed two secondary listings with AvePoint (US$228.3 million), a global leader in data security, governance and resilience and China Medical Systems Holdings Limited, a platform company linking pharmaceutical innovation and commercialisation with strong product lifecycle management capability. This, along with dual listings in previous years, underscores Singapore’s position as a trusted hub for companies keen to widen the depth of their shareholder base.

In 2025, PwC Singapore audited the highest number of new companies listed on SGX, with five IPO deals. 

Southeast Asia’s IPO market 2025 overview

Despite stabilising in Q4 2025 after a US$2.1 billion surge in the previous quarter, the SEA IPO markets recorded 116 deals raising US$4,9 billion in 2025. Across the wider SEA region, Malaysia ranked second to Singapore in terms of funds raised, with US$1.4 billion in 2025. ​

Malaysia led in deal volume at 50%, followed by Thailand at 26% and Singapore at 16%. Although the number of IPOs in Malaysia increased in 2025, the total funds raised decreased by 14%. The top five IPOs accounted for 56% of total funds raised in SEA, up from 48% in 2024, reflecting larger IPO deals in 2025.

By sector, properties and real estate dominated funds raised in 2025 with 35%, followed by the consumer sector at 21%. In terms of the number of IPOs, the consumer sector led with 29%, closely followed by industrials at 26%.