ASEAN IPO Market Watch List
ASEAN’s IPO market is set for a strong comeback in 2025. Malaysia, Indonesia, and the Philippines lead the region with major listings planned. Investors can expect high-profile listings across multiple sectors, reflecting economic growth and market confidence.
Malaysia: ASEAN Hub for High-Profile Listings
Malaysia is preparing for several major IPOs in 2025. U Mobile, a leading mobile service provider, plans to raise over $500 million in the first half of the year. This listing highlights the strength of Malaysia’s telecom sector. OMS Group, a telecom infrastructure company backed by KKR, is also revisiting its IPO plans. The company aims to capitalize on the growing demand for digital infrastructure in Southeast Asia. These listings will reinforce Malaysia’s position as a key player in ASEAN’s capital markets.
Indonesia: A Market Poised for Recovery
Indonesia’s IPO market faced challenges in 2024 due to economic uncertainties and elections. However, 2025 looks promising, with the Indonesia Stock Exchange (IDX) targeting 66 new IPOs. The exchange also aims to attract two million new investors. Several state-owned enterprises, including PT Indonesia Asahan Aluminium (Inalum) and PT Perkebunan Nusantara III (PTPN III), are preparing to go public. Additionally, Superbank plans to list in Jakarta, aiming to raise $200 million to $300 million, with a valuation between $1.5 billion and $2 billion. These developments position Indonesia for strong IPO activity in the coming year.
Philippines: Record-Breaking Listings on the Horizon
The Philippines expects some of its largest IPOs ever in 2025. GCash, the country’s top fintech platform, is considering an IPO that could raise between $1 billion and $1.5 billion in the second half of the year. If successful, this would be the country’s biggest listing to date. Maynilad Water Services, a major water provider, has also engaged banks for an IPO valued at over $500 million. These offerings highlight the Philippines’ growing capital market and investor confidence.
Bonus Mention: Thailand IPO
Thailand’s IPO market is gearing up for notable activity in 2025. Bitkub Capital Group Holdings, Thailand’s largest cryptocurrency exchange, plans to go public on the Stock Exchange of Thailand (SET). The IPO could value the company at around 6 billion baht ($165 million). Another major listing comes from Amity Corp, an AI tech startup founded by the grandson of Thai billionaire Dhanin Chearavanont. The company plans to list its Thai unit, Amity Solutions, following a $60 million funding round. These listings reflect Thailand’s growing focus on technology and innovation.
ASEAN 2025 IPO Outlook
Malaysia, Indonesia, and the Philippines will dominate ASEAN’s IPO market in 2025. Strong investor interest, government support, and economic growth drive new listings. Thailand also presents exciting opportunities in emerging sectors. As these markets open new investment opportunities, regional and global investors should watch for promising IPOs in the year ahead.
