Indonesia’s IPO market rebounded despite a 44% decline in the number of listings to 14. Total proceeds rose 73% to US$427 million while market capitalisation nearly tripled to US$3.5 billion. The average deal size grew from US$10 million to US$30 million, indicating the return of larger, more established issuers. PT Yupi Indo Jelly Gum Tbk and PT Bangun Kosambi Sukses Tbk were standout IPOs, raising US$124 million and US$141 million respectively. These deals reflected renewed interest in the consumer and real estate sectors. The Indonesia Stock Exchange introduced an ESG reporting module aligned with ASEAN standards, aimed at increasing transparency and investor confidence. It is also reviewing its listing rules to refine free float requirements and enhance market liquidity.
According to Deloitte’s Southeast Asia Mid-Year IPO Snapshot 2025 report, initial public offerings (IPOs) in Southeast Asia regained momentum in the first half of 2025, with US$1.4 billion raised across 53 listings. While the number of IPOs declined 21% compared to the same period in 2024, total market capitalisation rose by 33% to US$7.7 billion, signalling a shift towards larger and more mature listings despite cautious investor sentiment.
Malaysia led the region in all key IPO metrics. The country recorded 32 listings (up from 21 in 1H2024) which collectively raised US$940 million and achieved a market capitalisation of US$4.0 billion, representing increases of 109% and 165% respectively. Notable listings included Eco-Shop Marketing Berhad, which raised US$230 million and closed 6.19% higher on its debut; and Oriental Kopi Holdings Berhad, which saw a first-day jump of 98.86%. Regulatory changes played a key role in this surge. These included a shortened three-month approval timeline for listings, accelerated transfers from the ACE Market to the Main Market, tax deductions for technology companies, and broader definitions for sophisticated investors under the LEAP Market. Bursa Malaysia’s RISE+ initiative, launched in April, has also helped pre-IPO companies attract attention by expanding research coverage.
