Due to Economic Headwinds, IPO Funds Raised by Southeast Asian Corporations Decline

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Last Updated on November 17, 2022 by Bitfinsider

According to data from Deloitte, the amount of money acquired through public offerings in Southeast Asia decreased by 52% this year compared to the previous year.

From January through November 11, companies in the region raised $6.3 billion through initial public offerings (IPOs), according to the management consultancy firm. This is much less than the $13.3 billion raised in the entirety of 2021.

The data revealed that the number of listings in 2022 decreased from 152 in 2021 to 136 thus far in 2022.

This report examined Singapore, Indonesia, Thailand, Vietnam, the Philippines, and Malaysia.

The research also found that only eight large and medium-sized companies were listed in 2022, less than half of the 19 listed in 2021.

Large corporations are those with market capitalizations greater than $1 billion, whilst medium-sized companies have market capitalizations between $500 million and $1 billion.

This year, just two mega-IPOs occurred in Southeast Asia: Indonesia’s GoTo, which raised $1.1 billion, and Thai Life Insurance, which raised $1 billion.

This may indicate that the larger companies are delaying their IPOs in expectation of improved market circumstances, according to Deloitte.

In August of last year, the Indonesian e-commerce company Bukalapak went public for $1.5 billion, and there were also three enormous IPOs in Thailand.

In February, the retail branch of Thailand’s state oil giant, PTT Oil and Retail Business (PTTOR), raised $1.6 billion. In May, microfinance company Ngern Tid Lor raised $1.4 billion, while in November, entertainment media content creator and distributor The One Enterprise raised $118 million.

In 2021, macroeconomic factors such as growing global inflation and interest rates hindered the economy’s growth.

“Prior to the COVID-19 outbreak, IPO activity parallels economic and GDP growth. Tay Hwee Ling, disruptive events advisory leader for Deloitte Southeast Asia and Singapore, stated on Tuesday at a media briefing that the opposite has been true for the past two years.

In terms of the number of firms that listed on the Indonesia Stock Exchange between January and the second week of November, Indonesia dominated the region. Thailand ranks third with 28 IPOs, followed by Malaysia with 31 IPOs.

The April IPO of Indonesia’s GoTo, the amalgamated entity of Gojek and Tokopedia, garnered $1.1 billion, making it the third-largest IPO in Asia and the fifth-largest IPO globally this year.

Thailand topped the list by amount raised, accounting for 39% of the amount raised from 28 offerings in Southeast Asia at $2.5 billion. This was primarily due to the listings of Thai Life Insurance, which raised $1 billion, and meat manufacturer Betagro Public Company Limited, which raised $550 million. Indonesia came in second with $2.3 billion, followed by Malaysia with $681 million.

Thailand and Indonesia provided 75% of Southeast Asia’s total monies raised.

This year, the Malaysian IPO market has raised $681 million, compared to $337 million in 2021. In contrast, Singapore, the Philippines, and Vietnam showed a decline in both deal volume and cash raised.


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