It said that IPO funds raised in Malaysia accounted for 33% of the region’s US$1.4 billion (RM6.29 billion) in proceeds raised for the period under review.
In its 2024 Southeast Asia Mid-Year IPO Snapshot report, Deloitte said Thailand was the next most successful country with US$427 million (RM 1.919 billion) raised, followed by Indonesia at US$248 million (RM1.1146 billion), the Philippines at US$194 million (RM871.79 million), Vietnam at US$37 million (RM166.28 million), and Singapore at US$20 million (RM89.88 million).
It said Southeast Asia’s capital market saw a decrease in new IPOs, with just 67 IPOs in H1 2024 compared with 85 in H1 2023.
Deloitte said Indonesia had the most new IPOs with 25, followed by Malaysia (21 IPOs), Thailand (17 IPOs), and the Philippines (2 IPOs), while Vietnam and Singapore both had 1 IPO each.
Meanwhile, in a statement, Deloitte Malaysia transaction advisory services partner Wong Kar Choon said since 2018, the number of new listings on Bursa Malaysia Securities’ ACE Market has surpassed that of the Main Market.
“We have also seen that a majority of these new listings in the ACE market have recorded gains in their post-listing share price.
“Encouragingly, half of these companies also saw double-digit gains in their share prices one-week post-IPO, indicating reasonable IPO valuations that are further supported by ample market liquidity,” he said.
Wong noted that Malaysia would continue to have well-established brand names in the IPO landscape.
He said that in H1 2024, the local stock market saw fertility care specialist Alpha IVF Group Bhd raising about US$94 million (RM422.5 million).
“Notably, Malaysia also has four out of the top 10 IPOs in Southeast Asia, as of H1 2024.
“This clearly shows Malaysia’s positive economic landscape, and there are a lot of good companies poised to leverage their strong market presence to tap into the opportunities within the IPO capital market,” he added.
He also pointed out that the IPO landscape for Malaysia for the rest of 2024 appears hopeful, with Bursa’s target of 42 listings remaining optimistic.
Deloitte also stated that historically, Southeast Asia’s second half of each year has always been a better-performing half, notably between 2020 and 2022.
“However, there has been a downward trend between H1 2023 and H1 2024, signalling subdued IPO market sentiments where investors and IPO candidates continue to navigate macroeconomic factors such as the global geopolitical climate, a high interest rate environment, and reduced liquidity,” it added.