According to Deloitte data, Southeast Asian businesses raised $7.6 billion from 163 initial public offerings (IPOs) last year, a decrease of 43% from the high $13.3 billion from 152 IPOs in 2021. Despite a rise in IPOs, 2022 saw a decline in total funds raised, which can be attributed to the year's high proportion of small-sized offerings.
Of the Southeast Asian exchanges, Thailand saw the largest IPO fund raising, with 42 IPOs raising a total of $3.6 billion. Due to the easing of COVID-19's restrictive measures, the second half of the year accounted for nearly 90% of the capital generated.
The amount collected was comparable to the sums raised from 2017 to 2019 (close to $3 billion annually), which may be an indication that conditions have returned to those from before the pandemic. In the exceptional pandemic years of 2020 and 2021, more than $4 billion was gathered annually.
Last year, 59 IPOs in Indonesia raised $2.4 billion in capital, keeping it among Southeast Asia's top two IPO marketplaces. PT GoTo Gojek Tokopedia Tbk (GoTo), which took the top position on the regional leaderboard in 2022, was solely responsible for $1.1 billion of that. The second-place finisher, PT Global Digital Niaga Tbk (BliBli), raised $508 million. GoTo and BliBli are the latest in a long line of Indonesian digital businesses that have gone public in recent years.
Last year, there were eight sales in the Philippines, raising $352 million in total. The biggest listing of the year was made by Citicore Energy REIT Corp, the nation's first real estate investment fund (REIT) in the energy sector after raising $124 million.
With US$801 million raised in 2022, the Malaysian IPO market saw a 138 percent year-over-year rise in funding. The desire for companies with strong fundamentals was what caused this increase. In particular, considering the economic climate, the number of ACE listings more than doubled last year from 11 in 2021 to 26, which is impressive.
In 2022, 11 IPOs in Singapore generated $428 million, including $389 million from three Special Purpose Acquisition Companies (SPAC) listings and US$39 million from eight Catalyst IPOs. The SPAC framework, which was first implemented in Singapore almost two years ago, is off to a good start. Singapore has a 24-month de-SPAC deadline with a 12-month extension choice for SPACs. Successful de-SPACs are anticipated to promote the addition of more SPAC listings.
Source: Vietnam Investment Review
