IPOs in Southeast Asia keep growing despite global headwinds

Companies capture demand for EVs and green energy as decarbonization progresses

Indonesia had the most IPOs in Southeast Asia and raised the greatest amount between January and June. (Photo by Ken Kobayashi)

FUMIKA SATO and KENYA AKAMA, Nikkei staff writers

July 19, 2023 11:49 JST

KUALA LUMPUR/BANGKOK -- Initial public offerings are on the rise at Southeast Asian stock exchanges. While the amount raised through IPOs worldwide declined some 30% year-on-year from this January to June, it rose about 40% in Southeast Asia. The IPOs that stood out were those of companies focused on domestic demand, such as real estate and food products, as well as resource companies dealing with renewable energy -- but not tech companies, which are facing deteriorating market conditions in the U.S. and Europe.