Southeast Asian firms raised $7.6 billion from 163 initial public offerings last yr, down 43% from a high of $13.3 billion from 152 IPOs in 2021, in keeping with Deloitte data. Despite the rise within the variety of IPOs, there was an overall decline in funds raised in 2022, which might be attributed to the high percentage of small-sized offerings this yr.
Among the stock exchanges in Southeast Asia, probably the most funds were raised in Thailand, where a complete of $3.6 billion was raised through 42 IPOs. Due to the easing of restrictions related to Covid-19, almost 90% of the capital generated was generated within the second half of the yr.
The amount collected was comparable to the amounts collected from 2017 to 2019 (nearly $3 billion per yr), which can indicate a return to pre-pandemic conditions. In the exceptional pandemic years of 2020 and 2021, over $4 billion was raised annually.
Last yr, 59 Indonesian IPOs raised $2.4 billion in capital, making Indonesia one in all the highest two IPO markets in Southeast Asia. Of this total, $1.1 billion was solely accounted for by PT GoTo Gojek Tokopedia Tbk (GoTo), which topped the regional leaderboard in 2022. Runner-up PT Global Digital Niaga Tbk (BliBli) raised $508 million. GoTo and BliBli are the most recent in an extended list of Indonesian digital firms to go public in recent times.
There were eight sales within the Philippines last yr, price a complete of $352 million. The yr’s biggest listing got here after Citicore Energy REIT Corp, the nation’s first real estate investment trust (REIT) within the energy sector, raised $124 million.
With $801 million raised in 2022, the Malaysian IPO market saw a 138 percent year-on-year increase in funding. The reason for this growth was the will to own firms with strong fundamentals. Particularly considering the economic climate, the variety of listings on the ACE exchange greater than doubled last yr from 11 in 2021 to 26, which is impressive.
In 2022, 11 Singapore IPOs generated $428 million, including $389 million from three special purpose acquisition company (SPAC) listings and $39 million from eight Catalyst IPOs. The SPAC framework, which was first implemented in Singapore almost two years ago, is off to start. Singapore has a 24-month de-SPAC deadline with a 12-month extension for SPACs. Successful de-SPACs are expected to encourage the addition of more SPAC listings.
Source: Vietnam Investment Review
