KUALA LUMPUR: Two Malaysian companies ranked among the top 10 initial public offerings (IPOs) in Southeast Asia (SEA) raising a combined total of RM667.73 million in proceeds, according to Deloitte.
Deloitte's newly published SEA Mid-Year IPO report ranked Radium Development Bhd and Cape EMS Bhd's listing earlier this year as among the top 10 IPOs in SEA.
The largest IPO in the region hailed from Indonesia's energy and resource industry – PT Trimegah Bangun Persada Tbk, having raised US$683 million and a market capitalisation of US$5.39 billion.
Deloitte Malaysia Disruptive Events Advisory Leader Wong Kar Choon, said Bursa Malaysia Securities went against all odds and stood strong with 16 listings in the first half of 2023, raising RM1.6 billion with a market capitalisation of RM9.4 billion.
"All these data points have shown continued confidence in Malaysia's capital market, with a proven track record of business. Most of the 16 IPOs have had high oversubscription rates due to the support from institutions and retail investors, " Wong said.
Indonesia led the IPO scene in the region having the best results to date, by raising US$2.3 billion from a total of 44 IPOs.
This was followed by Thailand at US$528 million, Malaysia at US$363 million, Philippines at US$66 million, and Singapore at US$33 million.
The Southeast Asia IPO capital market achieved 85 IPOs in the first half of 2023, with US$3.3 billion in IPO proceeds raised and an IPO market capitalisation of US$20.1 billion as compared with the first half of 2022 with 73 IPOs, US$3.1 billion in IPO proceeds and IPO market capitalisation of US$35.4 billion.
Compared with the first half of 2022, there was a 16 per cent increase in number of new IPOs in the region and a 5 per cent increase in the IPO amount raised.
Wong said the first half of 2023 opened with a strong capital and IPO market in Southeast Asia, maintaining competitive capital market pricing despite a long list of threats and impending predicted sharp slowdowns to the worldwide economy.
