Despite wider regional difficulties, Malaysia topped Southeast Asia’s IPO activity in the first half of the year, according to Deloitte data.

The firm’s recent report highlighted that Malaysia saw a roughly 48% year-on-year rise in the number of listings to 32, while the total IPO funds raised surged by about 109% to $940 million. Additionally, the overall IPO market capitalisation grew by approximately 165%, reaching $4.04 billion.

“The IPO outlook in Malaysia remains optimistic for the remainder of 2025, with 32 listings recorded as of 30 June 2025, putting Bursa Malaysia on track toward its full year target of 60 listings,” according to Deloitte Malaysia Transactions Accounting Support Partner Wong Kar Choon.

However, he pointed out that recent US trade tariffs and geopolitical tensions have created uncertainty, which could affect the IPO market.

He believes this environment may prompt investors to become more cautious, leading them to prefer safer, less risky assets during this uncertain time.

Furthermore, he also suggested that companies, particularly export-driven ones facing supply chain disruptions and rising costs, might postpone their IPO plans, Xinhua news agency reports.

Meanwhile, he expects the consumer industry, with its strong and established brands, to remain a key pillar of Malaysia’s economy and to capitalise on IPO opportunities thanks to their solid market presence.

Overall, Southeast Asia’s IPO capital market showed resilience in the first half of 2025, with 53 IPOs raising over $1.4 billion in proceeds and reaching a market capitalisation of $7.7 billion.

This compares to the first half of 2024, which recorded 67 IPOs, just under $1.4 billion in proceeds, and a market capitalisation of $5.8 billion.

This reflects a 3% rise in IPO proceeds and a 33% growth in IPO market capitalisation, even though the number of IPOs across Southeast Asia dropped by 21% compared to the first half of 2024.