Equity Capital Markets Watch

2023 year in review, Singapore, Southeast Asia and Hong Kong

Top 10 IPOs in Southeast Asia and Hong Kong in 2023 and their performance

Indonesia’s Initial Public Offering (IPO) market shone in 2023, capturing 5 out of the top 10 IPO deals in Southeast Asia (SEA) and Hong Kong, including the region's largest IPO by an Indonesian gold and copper mining company. These five Indonesian IPOs collectively raised a combined US$2.76bn, contributing to 78% of the total funds raised in the country in the year 2023.

Five IPOs on the Hong Kong Stock Exchange (HKEX) were also among our top 10 IPOs in terms of funds raised in the year 2023 despite the challenging capital market environment, where many large scale IPOs were put on hold waiting for market stabilisation.

1
PT Amman Mineral Internasional Tbk
US$0.70bn
Indonesia
2
ZJLD Group Inc
US$0.68bn
Hong Kong
3
PT Trimegah Bangun Persada Tbk
US$0.66bn
Indonesia
4
PT Merdeka Battery Materials Tbk
US$0.60bn
Indonesia
5
PT Pertamina Geothermal Energy Tbk
US$0.59bn
Indonesia
6
WuXi XDC Cayman Inc.
US$0.52bn
Hong Kong
7
J&T Global Express Ltd
US$0.50bn
Hong Kong
8
REPT BATTERO Energy Co Ltd
US$0.27bn
Hong Kong
9
Horizon Construction Development Ltd
US$0.21bn
Hong Kong
10
PT Barito Renewables Energy Tbk
US$0.21bn
Indonesia

2023 Southeast Asia and Hong Kong IPO market overview

The SEA and Hong Kong IPO markets witnessed 228 IPO deals with a total of US$11.37bn funds raised in 2023. Indonesia was the top performing country in the SEA IPO markets in terms of number of IPO deals, with 51% of the SEA IPO deals, and in terms of total funds raised accounting for 65% of the SEA IPO proceeds. Hong Kong was only second to Indonesia in terms of the number of IPO deals, with a total of 73 IPO deals in 2023. However, Hong Kong was first in terms of funds raised, accounting for US$5.94bn in 2023. Two other larger contributors in the SEA IPO markets in 2023 were Thailand with 37 IPOs and US$1.06bn funds raised and Malaysia with 32 IPO deals and US$0.79bn funds raised. The Singapore IPO market was the quietest in terms of IPO deals and funds raised, respectively at 7 and US$0.03bn in the year 2023.

2021 - 2023 Southeast Asia and Hong Kong IPO market trend

Hong Kong IPO market witnessed both, a decrease in IPO deals and funds raised from the year 2021 to 2023. Where IPO deals in Hong Kong decreased by ca. 9% from the year 2021 to 2022, the decrease in funds raised in the same year was 69%. IPO Deals and funds raised in Hong Kong continued to decline from the year 2022 to 2023 at ca. 19% and 56%, respectively.

The SEA IPO market witnessed an increase in IPO deals of ca. 20% from the year 2021 to 2023, with Indonesia being the driver of this positive development. However, the funds raised in SEA decreased by 48% from the year 2021 to 2023 as a reflection of investors becoming more selective and price sensitive due to the geopolitical instability and the rising interest rates.

  • Indonesia recorded its best years in terms of IPO deals with a 46% increase from the year 2021 to 2023. This is largely due to the listing of companies from the renewable energy and metals/minerals sectors.
  • While the IPO deals in Thailand remained relatively stagnant from the year 2021 to 2023, the funds raised decreased significantly by 67% from the year 2022 to 2023.
  • Malaysia witnessed an increase in IPO deals and funds raised in the year 2022 and 2023 when compared to the year 2021.
  • Singapore IPO market gained momentum in the year 2022 in terms of IPO deals due to the listing of the first three Special Purpose Acquisition Companies (SPACs) with a total of funds raised accounting for US$0.39bn. However, the funds raised from the year 2021 to 2023 continued to decline due to the absence of Real Estate Investment Trust (REIT) companies which in the year 2021 accounted for US$0.94bn of proceeds raised.

The road ahead: 2024

The outlook of the SEA and Hong Kong IPO market in the year 2024 will remain challenging in view of geopolitical tension. However, stabilising macroeconomics and an accommodating interest rate environment could propel a rebound and drive growth for the SEA and Hong Kong IPO markets. Check out our full report for further details on the outlook of 2024 for SEA and Hong Kong.

Equity Capital Markets Watch

2023 year in review, Singapore, Southeast Asia and Hong Kong

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Tham Tuck Seng

Capital Markets Leader, PwC Singapore

+65 9618 3776

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Jimmy Seet

Partner, Capital Markets and Accounting Advisory Services, PwC Singapore

+65 9833 2074

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Brian Choi

Capital Market and Accounting Advisory Service Leader, PwC China

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Irwan Lau

Capital Markets and Accounting Advisory Services Leader, PwC Indonesia

+62 21 5212901

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Woon Meng Tiang

Capital Markets Leader, PwC Malaysia

+60 3-2173 1152

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Pongthavee Ratanakoses

Capital Markets Leader, PwC Thailand

+66 2 844 1000

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