KUALA LUMPUR: Malaysia, which topped the initial public offering (IPO) leaderboard for Southeast Asia in the first half of 2024 (1H2024), had four of the regions's top 10 listings.
In Deloitte's recent 2024 Southeast Asia Mid-Year IPO Snapshot report, it said in 1H2024, Malaysia recorded 21 IPOs with four of the top-10 listings in the region, including a fertility care specialist and a business trust that raised US$94 million each.
Malaysia recorded 21 initial public offerings (IPOs), raising approximately RM2.1 billion (US$450 million), in the first half of 2024 (1H24).
The Southeast Asia IPO capital market saw 67 IPOs in the first half of 2024, with US$1.4 billion in IPO proceeds raised and an IPO market capitalisation of US$5.8 billion.
This is compared with 85 IPOs, US$3.4 billion in IPO proceeds and IPO market capitalisation of US$20.1 billion in the first half of 2023.
According to Deloitte, it said since 2018, the number of new listings on the ACE Market has surpassed that of the Main Market.
The firm said that the IPO landscape in Malaysia looks promising for the rest of 2024, with Bursa Malaysia's target of 42 listings remaining optimistic.
"We have seen that a majority of these new listings in the ACE market have recorded gains in their post-listing share price," it said.
Deloitte said that half of these companies experienced double-digit gains in their share prices one week after their IPOs, suggesting reasonable IPO valuations backed by ample market liquidity.
They also said that Malaysia will continue to feature well-established brand names in the IPO landscape.
"For 1H24, we have seen fertility care specialist Alpha IVF Group Bhd raising approximately RM440.1 million (US$94 million)."
"Notably, Malaysia also has 4 out of the top 10 IPOs in Southeast Asia, as of 1H2024. This clearly shows Malaysia's positive economic landscape, and there are a lot of good companies poised to leverage their strong market presence to tap on the opportunities within the IPO capital market," it added.