Over 50 IPOs seen in Southeast Asia in the first quarter

Singapore accounted for 1 IPO launch that raised US$15m.

A total of 51 initial public offerings (IPOs) were launched in Southeast Asia in the first quarter, amounting to US$1.4b in proceeds, EY reported.

This is higher than the 29 IPOs launched in the same quarter last year, which raised some US$1b in proceeds.

Of the total amount raised in the first quarter, Indonesia accounted for 30 IPOs, raising US$828m. It is followed by 10 IPOs in Thailand (US$322m), 10 in Malaysia (US$238m), and 1 in Singapore (US$15m).

“Amid persistent macroeconomic and geopolitical uncertainty, exacerbated by stress in the global banking system, IPO windows are fleeting and funding conditions are getting tougher, with investors prioritizing value over growth,” Paul Go, EY Global IPO Leader, said.

“IPO-bound companies need to focus on building sustainable businesses with strong fundamentals to be well-positioned in a volatile environment and meet the challenges and opportunities of going public.”

The Asia Pacific market overall accounted for 59% of global IPO deals, reflecting a 6% decline by number and plummeting 70% by proceeds, respectively, YOY.

A total of 175 deals and US$12.7b in proceeds were record during the quarter.

“Despite the lifting of almost all its pandemic control measures earlier this year, the Mainland China market was a bit quieter than usual, but it is on a healthy projected track and still accounted for more than 40% of all global IPO proceeds,” the report read in part.

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