Compared to regional peers, Thailand is a relatively mature economy, leading companies to try to outpace competitors by venturing into other countries or equipping themselves with better digital offerings. (Source photos by AP and Getty Images)

Thailand leads Southeast Asia IPO resurgence, but has challengers

Listing of tech unicorn Bukalapak boosts funds raised in Indonesia above $2bn

MASAYUKI YUDA, Nikkei staff writer

December 6, 2021 06:04 JST

BANGKOK -- Southeast Asian companies have raised more than $10 billion from initial public offerings this year for the first time since 2017 as executives sought capital for expansion and stock exchanges worked hard to woo new listings.

According to data compiled by accounting firm Deloitte, Thailand continued to lead the region by a large margin, with 35 companies and real estate investment trusts raising $4.2 billion as of Nov. 15, while the Philippines and Indonesia leapfrogged Singapore to take second and third place, respectively. The amount raised through IPOs in the Philippine market more than tripled, while in Indonesia it almost sextupled.