While IPOs worldwide mostly underperformed, those in Southeast Asia fared relatively better in 2022 in terms of the number of deals, a report from Ernst & Young (EY) shows.
There were 137 IPOs that raised US$6.5 billion in the region in 2022, compared to 134 at US$13.2 billion in 2021, the report says. Indonesia led with 60 listings that raked in US$2.2 billion, followed by Thailand, Malaysia, the Philippines, and Singapore.
Globally, the market took a sharp turn south from 2021, with only 1,333 public offerings that amounted to US$179.5 billion last year. This dipped by 45% and 61% by the number of deals and proceeds, respectively.
The report attributes this to increased market volatility and other unfavorable market conditions, along with the dismal performance of many IPOs since 2021.