JAKARTA — Two prominent Indonesian issuers, PT Merdeka Gold Resources Tbk. (EMAS) and PT Super Bank Indonesia Tbk. (SUPA), have successfully secured spots among the top 10 largest initial public offerings (IPOs) in Southeast Asia for 2025. This achievement underscores Indonesia’s growing influence in the regional capital markets, as highlighted in a recent report by Deloitte Southeast Asia.
According to the comprehensive Deloitte analysis, Merdeka Gold Resources, a key player in the energy and resources sector, claimed the seventh position, raising a substantial US$279 million from its listing. Following closely, Super Bank Indonesia secured the tenth spot, with its IPO generating US$168 million. Cumulatively, the top 10 IPOs in the region amassed an impressive US$4.26 billion, representing a significant 65% of the total IPO value across Southeast Asia.
Merdeka Gold Resources commenced trading on the Indonesia Stock Exchange (BEI) on September 10, 2025, commanding a robust market capitalization of US$2.79 billion. Meanwhile, Super Bank, which made its debut on December 17, 2025, achieved a market capitalization of US$1.27 billion, further solidifying the strong performance of Indonesian companies in the regional equity landscape.
Beyond Indonesia, Singapore firmly maintained its leadership position in the market, particularly through its robust Real Estate Investment Trust (REIT) instruments. The top two spots on the list were dominated by Singaporean entities: NTT DC REIT, which successfully raised US$824 million in July 2025, and Centurion Accommodation REIT, securing US$597 million from its public offering in September 2025. This strong showing by REITs underscores Singapore’s mature and attractive real estate investment environment.
The financial services sector also demonstrated remarkable strength, with Vietnamese issuers making a significant impact. Techcom Securities and VPBank Securities collectively raised US$525 million and US$484 million, respectively. Notably, Techcom Securities recorded the largest market capitalization on this prestigious list, reaching an astounding US$5.24 billion, highlighting the dynamism of Vietnam’s financial market.
Reflecting on the entire year, the largest IPOs globally for 2025 accounted for a total market capitalization of US$20.6 billion. This figure represents 62% of the overall IPO market capitalization in Southeast Asia, which totaled US$33.3 billion. The Deloitte report further revealed that funds raised from 120 IPOs across six regional exchanges reached US$6.5 billion, marking a substantial 76% year-on-year surge, indicating a vibrant and expanding market.
Hwee Ling Tay, Capital Markets Services Leader for Deloitte Southeast Asia, attributed this significant increase to the strong market performance observed in key economies such as Singapore, Vietnam, Malaysia, and Indonesia. She noted that the real estate, energy and resources, and financial services sectors were the primary drivers of this surge in issuance value. “There’s a shift in the average IPO size mirroring sector dynamics, with the market increasingly emphasizing companies that possess higher resilience,” Tay stated in her report, quoted on Tuesday, January 27, 2026.
Tay also highlighted a notable trend in IPO transaction values across the region, which more than doubled from an average of US$27 million in 2024 to US$54 million in 2025. This growth was largely propelled by four “blockbuster” IPOs that each raised over US$500 million in Singapore, Vietnam, and the Philippines, alongside 14 new issuers achieving a market capitalization exceeding US$1 billion.
Looking ahead, Hwee Ling Tay projects a continued healthy appetite from investors in the Southeast Asian region throughout the current year. “Moving forward, Deloitte anticipates investor interest will remain robust, driven by the continuous emergence of new market opportunities,” she concluded, signaling continued optimism for the region’s capital markets.
Below is the list of the 10 largest IPOs in Southeast Asia throughout 2025:
1. NTT DC REIT (Singapore): US$824 million – Real estate
2. Centurion Accommodation REIT (Singapore): US$597 million – Real estate
3. Maynilad Water Services, Inc. (Philippines): US$583 million – Energy & resources
4. Techcom Securities (Vietnam): US$525 million – Financial services
5. VPBank Securities (Vietnam): US$484 million – Financial services
6. UltraGreen.AI Limited (Singapore): US$400 million – Healthcare
7. Merdeka Gold Resource (Indonesia): US$279 million – Energy & resources
8. Eco-Shop Marketing (Malaysia): US$230 million – Consumer
9. Mr. DIY Holding (Thailand): US$174 million – Consumer
10. Super Bank (Indonesia): US$168 million – Financial services
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