Singapore’s IPO Market Hits 6-Year High with $2 Billion Raised
Singapore has recorded its strongest IPO performance since 2019, raising over $2 billion and setting the stage for an even more positive outlook in 2026, according to Deloitte’s latest report.
Key Takeaways
- Singapore raised US$1.6 billion (S$2.08 billion) from 9 IPOs in 2025
- This marks the highest proceeds since 2019’s US$2.26 billion
- Two major Reit listings drove the strong performance
- Singapore led Southeast Asia in IPO fundraising
Regional IPO Landscape
The Southeast Asian market showed a clear shift toward fewer but larger deals. While total IPOs dropped 25% to 102 deals, total proceeds surged 51.4% to US$5.6 billion. The average deal size more than doubled from US$27 million to US$55 million.
Singapore emerged as the regional leader, followed by Malaysia (US$1.12 billion from 48 deals) and Vietnam (US$1 billion from just 2 deals).
Driving Factors and Market Trends
The strong 2025 performance was largely driven by two blockbuster real estate investment trust listings: NTT DC Reit’s US$773 million and Centurion Accommodation Reit’s S$771.1 million IPOs. This success was attributed to lower interest rates and improved market sentiment following regulatory reforms.
“The contrast between fewer deals but larger deal values in 2025 shows that investors were concentrating on companies with stronger fundamentals and resilience as the market enters a recovery phase,” Deloitte noted.
Expert Insights and 2026 Outlook
Ms Tay Hwee Ling, capital markets services leader at Deloitte Southeast Asia, highlighted that while large listings are increasing, market sentiment remains cautious.
“While large listings are picking up, sentiments are still relatively cautious with listing aspirants monitoring the capital markets for favourable timing and valuations, leading to smaller, more strategic offering sizes,” said Ms Tay.
Private equity continues to play a significant role, contributing to a 54% increase in proceeds despite fewer deals. Several portfolio companies are already targeting IPO readiness in 2026.
Shift in Listing Preferences
The report revealed an interesting trend: 27 Southeast Asian companies launched US IPOs in 2025, an 80% increase from 2024, but most performed poorly post-listing.
Ms Tay explained that companies are now reconsidering their listing strategies: “In the past, firms would prefer to list in the US where they believed they could get higher valuations. But in the last two years, investors in the Southeast Asian market have become more educated as they understand companies’ fundamentals better.”
This shift has led companies like Malaysian digital media platform Foodie Media to choose local exchanges, as rising investor sophistication makes regional listings more attractive.
Future Prospects
Singapore’s IPO pipeline for 2026 could feature cross-border listings, including other Southeast Asian companies considering Singapore exchanges. The market anticipates further pro-business reforms from MAS’s Equities Market Review Group.
However, Ms Tay emphasized that post-listing performance remains critical:
“IPO is not a point of time, it is a journey. Companies need to continue to keep up whatever they promised in the prospectus, deliver good returns and strengthen investor confidence. This helps the whole ecosystem.”
