Key Takeaways
- • Malaysia leads Southeast Asia in IPO volume and proceeds, with about $1.62 billion raised over the first nine months of 2026 versus $992 million a year earlier, a rise of nearly 64%, according to Bursa Malaysia.
- • Southeast Asia overall weakened: its 56 IPOs raised $3 billion, down 26% in volume and 13% in value year on year, per EY data, while global IPOs raised $290 billion from 908 listings.
- • Creador-backed pharmacy chain Big Caring launched its IPO ahead of a planned November 19 Bursa Malaysia listing, offering existing shareholders a chance to sell alongside new share issuance.
- • Market participants argue a strong IPO market improves exit visibility but should reinforce, not replace, the underlying business fundamentals that investors must assess before committing capital.
- • Malaysia ranked second to Singapore in funding volume and value in the first half of 2026 per DealStreetAsia's DATA VANTAGE figures, supported by 6% year-on-year GDP growth in Q2 2026 and 1.8% September inflation.
Summary
Private equity investors in Southeast Asia have struggled to achieve exits and return capital to backers, making a viable listing route a notable development. Creador-backed pharmacy chain Big Caring launched its IPO last week ahead of a planned November 19 listing, offering existing shareholders the opportunity to sell alongside the company's issuance of new shares. Asia OneHealthcare has also filed a draft prospectus for an IPO of up to 4.38 billion shares with a planned Bursa Malaysia listing.
Regional data from EY shows 908 IPOs globally raised $290 billion in the first nine months of 2026, with proceeds up 153% despite a 2% decline in listing volume. Southeast Asia moved the other way, with 56 IPOs raising $3 billion, down 26% in volume and 13% in value. Malaysia was the exception, leading the region in both IPO volume and proceeds over the period according to Bursa Malaysia, with about $1.62 billion raised compared with $992 million a year earlier.
Investors' use of the listing route varies by stage. Jelmer Ikink, managing partner at Foxmont Capital, said early-stage investors price entries on historical and near-term performance because an IPO is usually years away, while late-stage investors discount a credible local listing less and can justify higher entry prices. Yen Ming Lee, co-founder and CEO of PolicyStreet, stressed that an exit route only matters if there is a valuable business to exit from. Victor Chua of Vynn Capital said investors should back the strength of the business rather than the prospect of a listing.
DealStreetAsia's DATA VANTAGE figures show Malaysia-headquartered companies ranked second to Singapore in funding volume and value in the first half of 2026, up from Indonesia and Vietnam's positions in 2025. Macro conditions also support the case, with Malaysia's economy growing 6% year on year in Q2 2026 and forecast to outpace the regional average, while September inflation of 1.8% was the lowest among six major Southeast Asian economies.
The analysis concludes that a strong IPO market can make a future sale more credible and help an investment clear the exit objection, but it remains one factor among several for increasingly selective investors.
Regional data from EY shows 908 IPOs globally raised $290 billion in the first nine months of 2026, with proceeds up 153% despite a 2% decline in listing volume. Southeast Asia moved the other way, with 56 IPOs raising $3 billion, down 26% in volume and 13% in value. Malaysia was the exception, leading the region in both IPO volume and proceeds over the period according to Bursa Malaysia, with about $1.62 billion raised compared with $992 million a year earlier.
Investors' use of the listing route varies by stage. Jelmer Ikink, managing partner at Foxmont Capital, said early-stage investors price entries on historical and near-term performance because an IPO is usually years away, while late-stage investors discount a credible local listing less and can justify higher entry prices. Yen Ming Lee, co-founder and CEO of PolicyStreet, stressed that an exit route only matters if there is a valuable business to exit from. Victor Chua of Vynn Capital said investors should back the strength of the business rather than the prospect of a listing.
DealStreetAsia's DATA VANTAGE figures show Malaysia-headquartered companies ranked second to Singapore in funding volume and value in the first half of 2026, up from Indonesia and Vietnam's positions in 2025. Macro conditions also support the case, with Malaysia's economy growing 6% year on year in Q2 2026 and forecast to outpace the regional average, while September inflation of 1.8% was the lowest among six major Southeast Asian economies.
The analysis concludes that a strong IPO market can make a future sale more credible and help an investment clear the exit objection, but it remains one factor among several for increasingly selective investors.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.