KUALA LUMPUR: Eco-Shop Marketing Bhd stood out as the only local firm to rank among Southeast Asia’s top 10 initial public offerings (IPOs) in 2025, even as Malaysia led the region in IPO volume last year.
The country recorded 60 IPOs in 2025, including a secondary listing by Singapore’s UMS Integrated Ltd on the local bourse, raising a total of RM5.95 billion, according to Bursa Malaysia data.
Deloitte Southeast Asia Ltd said Malaysia topped the region by number of IPOs, but the 10 largest listings were dominated by Singapore and Vietnam, with Eco-Shop the sole Malaysian firm in the list, ranking eighth.
In its May 2025 Main Market listing, Eco-Shop raised RM974.22 million in gross proceeds, the largest IPO since minimart operator 99 Speed Mart Retail Holdings Bhd raised RM2.36 billion in August 2024.
The company closed its first trading day six per cent higher than its opening price of RM1.25, which was already a 12 sen premium to its IPO price of RM1.13.
The dollar-store retailer was last traded at RM1.55, valuing it at RM8.92 billion, compared with its IPO market capitalisation of about RM6.53 billion.
Among the region’s top 10, Eco-Shop was dwarfed by Singapore’s NTT DC Real Estate Investment Trust (Reit) and Centurion Accommodation Reit, which ranked first and second after raising US$824 million and US$597 million respectively.
Third place was held by the Philippines’ Maynilad Water Services Inc at US$583 million, while fourth and fifth places went to Vietnam’s Techcom Securities and VPBank Securities, which raised US$525 million and US$484 million respectively.
The remaining four comprised one Singapore company, two Indonesian firms and Thailand’s Mr DIY Holding (Thailand) Plc at number 10, which raised US$174 million.
Together, the 10 IPOs raised about US$4.26 billion, accounting for roughly 65 per cent of total IPO proceeds in Southeast Asia, and carried a combined market capitalisation of about US$20.6 billion, or 62 per cent of the regional total, Deloitte data showed.
Deloitte Malaysia capital markets services partner Wong Kar Choon said that while Malaysia led Southeast Asia in IPO volume in 2025, average deal sizes declined to RM103 million as issuers remained cautious amid economic and geopolitical uncertainties.
“Past trends provide important context. Even though Malaysia led Southeast Asia in IPO volume in 2025, the average deal size moderated, declining from around RM135 million in 2024 to RM103 million in 2025,” he told Business Times.
“This reflects the uncertain macroeconomic environment, particularly geopolitical considerations, where issuers have taken a more conservative approach, opting for smaller fundraising amounts to preserve valuations and manage market timing more carefully.”
Malaysia recorded an 18 per cent year-on-year decline in IPO funds raised to US$1.4 billion in 2025 from US$1.7 billion in 2024, but Deloitte said the market continued to demonstrate strong sectoral diversity and investor confidence.
It said the IPOs reflected the breadth of listings across industries, even as deal sizes were generally smaller than those seen in neighbouring markets that produced several blockbuster offerings.
“This was driven by sustained investor confidence and a strong pipeline of companies seeking to raise capital on the stock exchanges,” Deloitte said.
“Malaysia’s IPO market in 2025 is characterised by strong sectoral diversity, positive investor sentiment and a supportive regulatory environment, making it a resilient and attractive capital market hub in the region for IPOs.”
Across Southeast Asia, IPO markets raised US$6.5 billion from 120 listings in 2025, up 76 per cent from 2024 despite a drop in deal count from 136.
Singapore, Malaysia and Indonesia collectively accounted for 70 per cent of total IPO proceeds, with Singapore leading at 31 per cent, followed by Malaysia at 22 per cent and Indonesia at 17 per cent.
Deloitte said 14 companies in the region surpassed a US$1 billion market capitalisation in 2025, signalling growing investor appetite for higher-quality listings.
Source: https://www.nst.com.my/business/corporate/2026/01/1366825/malaysia-led-ipo-boom-2025-only-eco-shop-made-regions-top-10
MALAYSIA LED IPO BOOM IN 2025, BUT ONLY ECO-SHOP MADE REGION’S TOP 10
KUALA LUMPUR: Eco-Shop Marketing Bhd stood out as the only local firm to rank among Southeast Asia’s top 10 initial public offerings (IPOs) in 2025, even as Malaysia led the region in IPO volume last year.
The country recorded 60 IPOs in 2025, including a secondary listing by Singapore’s UMS Integrated Ltd on the local bourse, raising a total of RM5.95 billion, according to Bursa Malaysia data.
Deloitte Southeast Asia Ltd said Malaysia topped the region by number of IPOs, but the 10 largest listings were dominated by Singapore and Vietnam, with Eco-Shop the sole Malaysian firm in the list, ranking eighth.
In its May 2025 Main Market listing, Eco-Shop raised RM974.22 million in gross proceeds, the largest IPO since minimart operator 99 Speed Mart Retail Holdings Bhd raised RM2.36 billion in August 2024.
The company closed its first trading day six per cent higher than its opening price of RM1.25, which was already a 12 sen premium to its IPO price of RM1.13.
The dollar-store retailer was last traded at RM1.55, valuing it at RM8.92 billion, compared with its IPO market capitalisation of about RM6.53 billion.
Among the region’s top 10, Eco-Shop was dwarfed by Singapore’s NTT DC Real Estate Investment Trust (Reit) and Centurion Accommodation Reit, which ranked first and second after raising US$824 million and US$597 million respectively.
Third place was held by the Philippines’ Maynilad Water Services Inc at US$583 million, while fourth and fifth places went to Vietnam’s Techcom Securities and VPBank Securities, which raised US$525 million and US$484 million respectively.
The remaining four comprised one Singapore company, two Indonesian firms and Thailand’s Mr DIY Holding (Thailand) Plc at number 10, which raised US$174 million.
Together, the 10 IPOs raised about US$4.26 billion, accounting for roughly 65 per cent of total IPO proceeds in Southeast Asia, and carried a combined market capitalisation of about US$20.6 billion, or 62 per cent of the regional total, Deloitte data showed.
Deloitte Malaysia capital markets services partner Wong Kar Choon said that while Malaysia led Southeast Asia in IPO volume in 2025, average deal sizes declined to RM103 million as issuers remained cautious amid economic and geopolitical uncertainties.
“Past trends provide important context. Even though Malaysia led Southeast Asia in IPO volume in 2025, the average deal size moderated, declining from around RM135 million in 2024 to RM103 million in 2025,” he told Business Times.
“This reflects the uncertain macroeconomic environment, particularly geopolitical considerations, where issuers have taken a more conservative approach, opting for smaller fundraising amounts to preserve valuations and manage market timing more carefully.”
Malaysia recorded an 18 per cent year-on-year decline in IPO funds raised to US$1.4 billion in 2025 from US$1.7 billion in 2024, but Deloitte said the market continued to demonstrate strong sectoral diversity and investor confidence.
It said the IPOs reflected the breadth of listings across industries, even as deal sizes were generally smaller than those seen in neighbouring markets that produced several blockbuster offerings.
“This was driven by sustained investor confidence and a strong pipeline of companies seeking to raise capital on the stock exchanges,” Deloitte said.
“Malaysia’s IPO market in 2025 is characterised by strong sectoral diversity, positive investor sentiment and a supportive regulatory environment, making it a resilient and attractive capital market hub in the region for IPOs.”
Across Southeast Asia, IPO markets raised US$6.5 billion from 120 listings in 2025, up 76 per cent from 2024 despite a drop in deal count from 136.
Singapore, Malaysia and Indonesia collectively accounted for 70 per cent of total IPO proceeds, with Singapore leading at 31 per cent, followed by Malaysia at 22 per cent and Indonesia at 17 per cent.
Deloitte said 14 companies in the region surpassed a US$1 billion market capitalisation in 2025, signalling growing investor appetite for higher-quality listings.
Source: https://www.nst.com.my/business/corporate/2026/01/1366825/malaysia-led-ipo-boom-2025-only-eco-shop-made-regions-top-10