Southeast Asia launched less IPOs and raised less funds amid economic headwinds. But 2023 still has room for high growth, as we emerge from the pandemic.
Last year, there was the $1.5 billion IPO of Indonesian e-commerce company Bukalapak in August, as well as three giant IPOs in Thailand.
Macroeconomic headwinds such as rising global inflation rates and interest rates have slowed the momentum seen in 2021. By deal count, Indonesia led the region with 54 companies listing on the Indonesia Stock Exchange from January to the second week of November. Malaysia ranks second with 31 IPOs, followed by Thailand at 28 IPOs.
By amount raised, Thailand topped the table, accounting for 39% of the amount raised from 28 offerings in Southeast Asia at $2.5 billion, fueled by the listings of Thai Life Insurance at $1 billion raised and meat manufacturer Betagro Public Company Limited at $555 million raised. Indonesia was second place with $2.3 billion raised, followed by Malaysia's $681 million.Thailand and Indonesia contributed to 75% of total funds raised across Southeast Asia.
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