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Top 10 IPOs in Southeast Asia in 2024
1
99 Speed Mart Retail Holdings Berhad
US$0.51bnMalaysia
2
Thai Credit Bank Public Company Limited
US$0.20bnThailand
3
Johor Plantations Group Berhad
US$0.16bnMalaysia
4
Alpha IVF Group Berhad
US$0.10bnMalaysia
5
Prolintas Infra Business Trust
US$0.10bnMalaysia
6
Neo Corporate Public Company Limited
US$0.09bnThailand
7
Medeze Group Public Company Limited
US$0.07bnThailand
8
Food Moments Public Company Limited
US$0.06bnThailand
9
PT Ancara Logistics Indonesia Tbk
US$0.05bnIndonesia
10
Petchsrivichai Enterprise Public Company Limited
US$0.05bnThailand
In 2024, Malaysia’s Initial Public Offerings (IPOs) market led Southeast Asia (SEA), securing four of the top ten spots. The standout was 99 Speed Mart Retail Holdings Berhad, which raised US$0.51bn. Johor Plantations Group Berhad and Alpha IVF Group Berhad followed, raising US$0.16bn and US$0.10bn, respectively. Additionally, Prolintas Infra Business Trust made history as Malaysia's first highway business trust IPO, contributing US$0.10bn and ranking fifth in the region.
The Thailand Stock Exchange also performed well, with five companies in the top 10, collectively raising US$0.47bn. The largest was Thailand Credit Bank Public Company Limited, the first commercial bank IPO in a decade, which raised US$0.20bn.
Conversely, Indonesia experienced a quieter IPO year due to the February elections, with 39 listings raising US$0.37bn, down from 79 listings and US$3.55bn in 2023. The largest Indonesian IPO was PT Ancara Logistics Indonesia Tbk, which raised US$0.05bn.
Singapore’s IPO market 2024 overview
In 2024, the Singapore Stock Exchange (SGX) faced a challenging year, with only four IPOs raising a mere US$0.03bn, the lowest in Southeast Asia. All IPOs were on SGX's Catalist platform, with no Mainboard listings.
The decline in IPO activity and funds was attributed to poor market liquidity, low valuations, and a lack of listings from local companies. Some Singapore-based companies opted for the US market, including Ryde Group and Superhi International Holdings Ltd.
To address this trend, the Monetary Authority of Singapore (MAS) introduced initiatives like the Grant for Equity Market Singapore (GEMS) to subsidise listing expenses. Other efforts include the Anchor Fund @65 and the Growth IPO fund, aiming to support companies with growth potential. MAS also established a review group to enhance market development.
Despite a slow start, SGX saw increased activity in the second half of 2024, with listings from Food Innovators Holdings, Attika Holdings, and Goodwill Entertainment Holdings. Japan's NTT is also considering a REIT listing in 2025, signalling potential growth for SGX.
Singapore: Updates to S-REIT requirements
A robust regulatory framework and detailed investment guidelines have been established to boost confidence in the S-REIT industry. The tax regime offers appealing concessions, such as flow-through treatment for specific income types and stamp duty relief on property transfers. On 28 November 2024, the Monetary Authority of Singapore (MAS) updated the Code on Collective Investment Schemes to streamline leverage requirements for the REIT sector.
Southeast Asia’s IPO market 2024 overview
In 2024, the Southeast Asia IPO market saw 120 deals, raising a total of US$2.67bn. Malaysia led the region, accounting for 39% of IPO deals and 56% of the funds raised, thanks to favourable government economic policies. Bursa Malaysia's ACE market dominated with 35 deals, followed by ten on the Main Market and two on the LEAP market. The largest deal was 99 Speed Mart Retail Holdings Berhad, raising US$0.51bn.
Indonesia completed 39 IPOs, raising US$0.37bn, reflecting a decline from the previous year due to policy uncertainties post-election. The largest deal was PT Ancara Logistics Indonesia Tbk at US$0.05bn.
Thailand ranked third in the number of deals with 30 IPOs but second in funds raised at US$0.77bn. The largest deal was Thai Credit Bank Public Company Limited, raising US$0.20bn, followed by Neo Corporate Public Company Limited at US$0.09bn. Thailand saw 17 new listings on the Market for Alternative Investment (MAI) and 13 on the Stock Exchange of Thailand (SET).
Singapore lagged behind with just four IPOs, raising US$0.03bn. The biggest deal was the Singapore Institute of Advanced Medicine, raising US$19.5m. Despite a slow start, interest picked up in the second half of the year, with three listings compared to just one in the first half.
The road ahead: 2025
The SEA IPO market is poised for a rebound in 2025 following a challenging 2024, driven by stabilising macroeconomic conditions and favourable interest rate reductions across the region. Indonesia anticipates a surge in IPO activity following post-election stability, while Malaysia's market is expected to remain buoyant with supportive incentives. Singapore foresees a gradual increase in listings, aided by macroeconomic improvements, and Thailand's revised regulations aim to enhance market quality. For a detailed outlook on the SEA IPO market in 2025, please refer to our full report.
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Lee Chian Yorn
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Partner, Capital Markets and Accounting Advisory Services, PwC Singapore
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