Deloitte has published its 2024 Southeast Asia Mid-Year IPO Snapshot report. The report highlights a lukewarm regional IPO outlook and features the Top 10 Listings in Southeast Asia (SEA) for the first half of 2024.
There is a downward trend in the number of IPOs, market capitalization, and amount raised between the first half of 2024 and the same period in 2023. This can be attributed to the absence of blockbuster IPOs in the first half of this year.
Deloitte SEA accounting and reporting assurance leader Tay Hwee Ling noted, “While Southeast Asia’s IPO market may appear subdued in 2024, there is cautious optimism that conditions will improve beyond 2024. As investors and IPO candidates adapt to the new norm of higher interest rates and reduced liquidity, they are becoming more adept at navigating the complexities of geopolitical tensions and the global economic landscape. Looking further ahead, the potential for interest rates to decrease could spur the return of REIT listings in the region. Additionally, many artificial intelligence (AI) and AI-associated businesses are still in the early seeding stages within the private domain. We anticipate a significant wave of AI IPOs tapping into the IPO capital markets in the coming years, bringing innovation and new opportunities to the market.”
Philippines performance
The Philippines saw two IPOs in the first half of 2024, with $194 million in proceeds raised and an IPO market capitalization of $930 million.
The Philippines ranked fourth on the leaderboard, contributing 14 percent ($194 million) of the IPO amount raised across SEA ($1.4 billion).
The Philippines had two top-10 listings in SEA in 2024: OceanaGold (Philippines), Inc., the first gold and copper mining company listed on the Philippine Stock Exchange (PSE) since 2012, raising approximately $104 million, and Citicore Renewable Energy Corporation, a pure-play solar power company, which marked its stock market debut on the PSE, raising approximately $90 million.
The energy and resources industry remains a strong sector for the country’s capital market.
2024 H1 regional performance
The SEA IPO capital market saw 67 IPOs in the first half of 2024, with $1.4 billion in IPO proceeds raised and an IPO market capitalization of $5.8 billion. This compares with 85 IPOs, $3.4 billion in IPO proceeds, and an IPO market capitalization of $20.1 billion in the first half of 2023.
Compared to the first half of 2023, 2024 saw a 21 percent decrease in the number of new IPOs. Correspondingly, there has been a sharp decrease of 71 percent in market capitalization and a 59 percent decrease in the amount raised.
Proportion of IPO amount raised by country in H1 2024
Malaysia leads with 33 percent ($450 million) of the IPO amount raised across SEA. It had 21 IPOs in the first half of 2024 and has four top-10 listings in the region, including a fertility care specialist and a business trust, each raising $94 million.
Thailand follows closely with 31 percent ($427 million) and has two top-10 listings in SEA in 2024. It features the largest IPO listing in SEA thus far – a commercial bank that raised $208 million – and a consumer goods company that raised $86 million.
