Southeast Asia IPO market - Southeast Asia bourses stay resilient against economic headwinds in 2019 with healthy levels of IPO activity 2019 ...
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Southeast Asia IPO market Southeast Asia bourses stay resilient against economic headwinds in 2019 with healthy levels of IPO activity 2019 Report
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Southeast Asia IPO market 01
Thailand’s IPO market in 2019 06
Singapore’s IPO market in 2019 09
Contact us 16
2
Southeast Asia IPO market
Southeast Asia IPO market
Southeast Asia performance
Capital markets across Southeast Asia achieved market capitalisation of US$25.2 billion,
having produced 161 initial public offerings (IPOs) and raising US$7.3 billion of funds in 2019.
Amount raised, market capitalisation and number of IPOs (2016-2019)
200 50,000
46,070
180 178 45,000
Amount raised/IPO Market Cap (US$ million)
160 161 40,000
152
140 33,243 35,000
Number of IPOs
120 30,000
113
100 25,000
25,163
80 20,000
18,631
60 15,000
40 9,921 9,538 10,000
7,349
20 5,000
5,479
-
2016 2017 2018 2019 Total
No. of IPOs 113 178 152 161 604
Amt Raised 5,479 9,921 9,539 7,349 32,288
Market Cap 18,631 33,243 46,070 25,163 123,107
Although IPO market capitalisation in Southeast Asia decreased by 45% from 2018’s US$46.1
billion to 2019’s US$25.2 billion, the total fund raised decreased by only 23% from
US$9.5 billion to US$7.3 billion.
01
Southeast Asia IPO market
IPO Market by Country
Number of IPOs in Southeast Asia (2016-2019)
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
2016 16 12 4 16 27 38 113
2017 37 13 4 20 46 58 178
Number of IPOs in Southeast Asia (2016-2019)
2018 57 23 1 15 23 33 152
2019 Indonesia
55 Malaysia
30 Philippines
4 Singapore
11 Thailand
34 Vietnam
27 Total
161
2016 16 12 4 16 27 38 113
2017 37 13 4 20 46 58 178
IPO Market by Country
2018 57 23 1 15 23 33 152
2016 2017 2018 2019
2019 55 30 4 11 34 27
31,103 161
Cap (US$ million)
15,000
13,000
IPO Market by Country
11,000 2016 2017 2018 2019
9,000 31,103
million)
15,000
7,000
Market
13,000
5,000
IPO(US$
11,000
3,000
9,000
IPO Market Cap
1,000
7,000
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
5,000
2016 4,348 942 3,911 3,229 4,497 1,704 18,631
3,000
2017 3,249 3,938 2,470 6,219 13,537 3,830 33,243
1,000
2018 5,998 683 763 2,168 5,355 31,103 46,070
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
2019 5,071 1,955 1,337 3,176 12,685 939 25,163
2016 4,348 942 3,911 3,229 4,497 1,704 18,631
2017 3,249 3,938 2,470 6,219 13,537 3,830 33,243
Thailand
2018
produced the highest
5,998
IPO Amount
683
market763
capitalisation
raised of US$12.7
by country (2016-2019)
2,168 5,355
billion in 2019, accounting
31,103 46,070
for 50%
2016 2017 2018 2019
5,000of the 5,071
total IPO market
1,955 capitalisation
1,337 for the 3,176
region in 2019.
raised (US$ million)
2019 12,685 939 25,163
4,000 Amount raised by country (2016-2019)
2016 2017 2018 2019
2,996
(US$ million)
3,000
5,000
2,263
2,000
4,000
Amount
1,052
1,000 2,996
3,000
Amount raised
459 407
2,263 172
2,000
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
1,052
2016
1,000 922 277 921 1,662 1,502 195 5,479
2017 1,024 1,716 459 473 407 3,492 2,912 304 9,921
172
2018 1,132 186 153 551 2,850 4,667 9,539
2019 Indonesia
1,052 Malaysia
459 Philippines
407 Singapore
2,263 Thailand
2,996 Vietnam
172 Total
7,349
2016
Total 922
4,130 277
2,638 921
1,954 1,662
7,968 1,502
10,260 195
5,338 5,479
32,288
2017 1,024 1,716 473 3,492 2,912 304 9,921
2018 1,132 186 153 551 2,850 4,667 9,539
2019 1,052 459 407 2,263 2,996 172 7,349
Total 4,130 2,638 1,954 7,968 10,260 5,338 32,288
02Southeast Asia IPO market
Thailand emerged top performer
in Southeast Asia with largest funds
raised in 2019
This performance was led by Thailand, followed by Singapore, which respectively accounted for 41% and 31% of total funds raised in 2019.
Thailand
Thailand IPO capital market raised a total of US$3.0 billion in 2019, placing first amongst all Southeast Asian countries. With a stable
and positive economic environment suitable for initial public offerings (IPOs), companies in Thailand want to go public to raise funds for
expansions and restructuring. Furthermore, this environment has also strengthened the Thai real estate sector which contributed to 70%
of the capital funds raised this year. Consistent performance of the Stock Exchange of Thailand has also attracted the interest of foreign
investors, with 40% of investors in the Thai capital market being foreign investors in 2019.
Singapore
Singapore came in second with US$2.3 billion funds raised for 2019. During the year, Real Estate Investment Trusts (REITs) and Property
Trusts listings dominated the Singapore Exchange (SGX) with four major listings which accounted for 98% of all funds raised. There is an
increasing trend of REITs and Property Trusts with foreign assets seeking to list on SGX. As at the end of 2019, REITS and Property Trusts
with portfolios comprising purely of foreign assets took up 38%, while those with a mix of Singapore-based and foreign assets made up
48% of all REITs and Property Trusts listed on SGX to date.
Indonesia
Indonesia was the third best performer with US$1.1 billion worth of funds raised from a total of 55 IPOs in 2019, the highest number of
completed IPO deals in the region. The country’s consistent growth rate reflects in its IPO market with funds raised from IPOs each year
being fairly consistent. The main driver of the IPO market in Indonesia comes from consumer business enterprises. Since 2017, at least
50% of the funds raised from IPO coming from the consumer business industry. In particular, the consumer business industry was the
main contributor to funds raised in IPOs in Indonesia, with the sector raising US$503 million in 36 IPO deals.
Vietnam
Vietnam raised US$172 million worth of funds from a total of 27 IPOs in 2019. The Vietnam stock markets enjoyed tremendous success in
2018 achieving top performer in Southeast Asia for the year with US$4.7 billion funds raised that is mainly attributed to the privatisation
of state-owned enterprises (SOEs). In 2019 the government slowed down equitisation of its SOEs which led to the significantly lower funds
raised for the year due to factors such as political uncertainties, lack of corporate transparency as well as poor post-IPO performance.
However, in the third quarter of 2019, the government issued Decision 26 approving a list of 93 SOEs to be equitised by end of 2020. As
such, the Vietnam stock markets will likely see an improvement in performance in the coming year.
03Southeast Asia IPO market
Top 3 IPOs in Southeast Asia in 2019
The top three blockbuster listings in Southeast Asia for 2019 came from Thailand and Singapore:
S/N Country of Company name Date of listing IPO market cap Amount raised Industry
listing (US$’mil) (US$’mil)
Thailand Asset World Corp Public 10 October 2019 6,151 1,382 Real Estate
Company Limited
Singapore Prime US REIT 19 July 2019 813 612 Real Estate
Singapore Eagle Hospitality Trust 24 May 2019 677 566 Real Estate
HOTEL
HOTEL
$
$
$
Asset World Corp Public Company Limited Prime US REIT is the largest IPO on the Eagle Hospitality Trust raised US$566
is the hospitality and property firm of Thai Singapore Exchange year-to-date raising million is the first US hospitality pure-play
billionaire Charoen Sirivadhanabhakd. It US$612 million. The portfolio consists of REIT. The portfolio consists of 41 upper
raised US$1.4 billion making it the largest 11 high-quality, Class A and freehold office midscale to upscale hotels located in nine
listing of an individual company on the Stock properties which are located in nine key states across the US.
Exchange of Thailand. Foreign investors office markets across the US.
took up 53% of share sales, with Singapore’s
GIC purchasing US$300 million worth of
shares.
Malaysia
Energy and Resources 5%
Consumer Business 4% Philippines
10% 5%
Indonesia
7%
Financial Services
7%
Thailand
Top 10 IPOs by Top 10 IPOs by 37%
Industry in Southeast Asia
Real Estate
Southeast Asia 79% Exchanges
Singapore
46%
04Southeast Asia IPO market
Outlook for Southeast Asia
IPO market in 2020
SEA remains an economic powerhouse, with all six countries’ forecast GDP growth exceeding that of the 2019 World GDP at 2.5%.
Malaysia: 4.5% The Philippines: 6.1% Vietnam: 6.5%
Weakening export growth is partly offset Domestic demand will continue to benefit Growth in commodity importers remains
by strong domestic demand, underpinned from supporting financing conditions and solid due to robust private consumption
by favourable financing conditions and low public infrastructure projects are coming and supportive policies.
inflation. on-stream.
Singapore: 2.5% Thailand: 2.7% Indonesia: 5.1%
Manufacturing sector is expected to return Domestic demand will continue to benefit Growth has been supported by continuous
to positive growth and growth in all other from supporting financing conditions and support from private consumption,
sectors are expected to remain healthy. public infrastructure projects are coming pickup in investment, solid growth on the
on-stream however it is impacted by working-age population, and improving
weaker exports. labour markets.
In comparison to:
China USA EU Japan Hong Kong Australia
China: United States: Europe: Japan: Hong Kong: Australia:
5.9% 1.8% 1.0% 0.7% 1.0% 0.9%
*Extracted from these sources:
MY, PH, VN, TH, ID, China, Japan, Europe and US GDP forecast for 2020: http://www.worldbank.org/en/publication/global-economic-prospects#data
SG GDP Estimates 2020: The Ministry of Trade and Industry (MTI).
HK and Australia GDP Forecast 2020: https://tradingeconomics.com/hong-kong/forecast and https://tradingeconomics.com/australia/forecast
Other highlights of SEA capital markets to look out for
Philippines: Proposed gradual reduction of transaction • Encourage entry of more players
tax rate on listed stocks from 0.6% to 0.1% in 2024, and
proposed cut on interest income tax from 20% to 15%. • Boost domestic capital market
Indonesia: Proposed gradual reduction of corporate tax
• On par with Singapore’s and lower than
from 25% to targeted 20% starting 2021. Listed firms can
neighbouring countries such as Malaysia,
enjoy a lower-than-normal 17% corporate tax rate in the
Thailand and Vietnam.
first five years following their IPOs.
05Southeast Asia IPO market
Thailand’s IPO market in 2019
In spite of changing market landscape and emerging challenges, Thailand maintained its strong
IPO performance for the past 4 years and is Southeast Asia’s hottest capital market in 2019, having
produced the highest IPO market capitalisation and in IPO amount raised in 2019.
Thailand saw 34 listings in 2019, with the amount of funds raised totalling US$3.0 billion.
The total IPO market capitalisation was US$12.7 billion in 2019 which is 2.4 times more than
US$5.4 billion in 2018.
Thailand IPO performance in 2016-2019
3,500 16,000
13,537 12,685
IPO Market Capitalisation (US$ million)
3,000 5,355 14,000
Amount Raised (US$ million)
12,000
2,500
10,000
2,000
4,497 2,850 2,996 8,000
2,912
1,500
6,000
1,000
4,000
1,502
500
2,000
- -
2016 2017 2018 2019
Amount Raised Market Capitalisation
06Southeast Asia IPO market
Performance of Thailand’s
IPO market in 2019
Technology, Media
Financial Services, 3
and Telecommunications, 3
Energy and Resources, 3
Industrial Products, 2
34 IPOs
breakdown Real Estate, 11
by industry
Consumer Business, 12
Of the 34 completed IPOs in 2019, 35% of the IPOs were in the Consumer Business,
followed by Real Estate accounting for 32% of the completed IPOs.
Amount Raised/Market Cap by Industry
Financial Services
Energy and Resources
Industrial Products
Consumer Business
Real Estate
Technology, Media and Telecommunications
0 2,000 4,000 6,000 8,000 10,000
(US$ million)
Amount Raised Market Capitalisation
However, Real Estate took the top spot in terms of funds raised and market capitalisation. Raising
US$2.1 billion which amounted to 70% of the total sales proceeds and a market capitalisation
of US$7.5 billion which is 59% of the total market capitalisation of IPOs in Thailand in 2019.
07Southeast Asia IPO market
Top 10 IPO Companies
in Thailand in 2019
The top 10 IPOs accounted for 90% of the total funds raised in Thailand with a collective total of
US$2.7 billion. Asset World Corp Public Company Limited, the top IPO in Southeast Asia, alone
raised US$1.4 billion which constitutes 46% of the total funds raised.
No Company Listing Industry Amount raised IPO Market Cap.
date (US$ million) (US$ million)
1 Asset World Corp Public Company Limited 10-Oct-19 Real Estate 1,382 6,151
2 S Hotels And Resorts Public Company Limited 12-Nov-19 Real Estate 247 618
3 Super Energy Power Plant Infrastructure Fund 21-Aug-19 Energy and 168 168
Resources
4 Bangkok Commercial Asset Management Public Company 16-Dec-19 Financial 164 1,767
Limited Services
5 Bualuang K.e. Retail Leasehold Real Estate Investment Trust 12-Dec-19 Real Estate 156 281
6 Absolute Clean Energy Public Company Limited 13-Nov-19 Energy and 148 1,481
Resources
7 S Prime Growth Leasehold Real Estate Investment Trust 23-Jan-19 Real Estate 143 143
8 Dohome Public Company Limited 06-Aug-19 Consumer 118 472
Business
9 Aim Commercial Growth Leasehold Real Estate Investment 12-Jul-19 Real Estate 94 94
Trust
10 Index Living Mall Public Company Limited 26-Jul-19 Consumer 75 361
Business
“The performance of Thailand’s IPO market in 2019 is largely driven by home grown
companies and both foreign and domestic investor liquidity is high, which continues to
generate strong appeal for investors and fund managers. We are seeing a strong deal
pipeline for Thailand and we expect capital market activity to continue to increase the total
market capitalisation of the Stock Exchange of Thailand.”
Ms Wilasinee Krishnamra, Disruptive Events Assurance Leader, Deloitte Thailand.
08Southeast Asia IPO market
Singapore’s IPO market in 2019
Singapore’s capital market experienced an improvement in performance in 2019, compared to
2018. Singapore saw 11 listings in 2019, with the amount of funds raised totalling S$3.1 billion
(US$2.3 billion), an increase of 425% as compared to 2018’s S$730 million (US$551
million). This includes 4 trusts on SGX Mainboard with S$3.0 billion (US$2.2 billion)
funds raised. On the Catalist board, 7 deals raised S$59 million (US$43 million).
Singapore IPO performance (2016–2019)
Singapore IPO performance (2016 – 2019)
Market Capitalisation (S$ million)
5,000 10,000
Amount Raised (S$ million)
8,474
4,000 8,000
4,353
3,000 6,000
4,392
2,883
2,000 4,000
1,000 2,000
1,919 298 4,171 273 422
235 106 134 174
0 3,045 59
0 0
2016 2017 2018 2019
Amount Raised - Mainboard Amount Raised - Catalist
Amount Raised - Mainboard (REITs & Trusts) Total Market Capitalisation
Singapore remains attractive for foreign issuers to list with 37% of IPOs between 2016 to 2019
being companies with operations or assets located overseas. Furthermore, foreign issuers are able
to raise large amounts of funds on the Singapore Exchange, raising S$7.5 billion equivalent to
69% of the total funds raised.
Total amount raised by geography (2016 – 2019)
45 4500
40 4129
40 4000
3594
Sale Proceeds (S$ million)
35 3500
Number of deals
30 3000
25 2500
20 2000
15 1500
10 9 913 1140 1000
950 5
5 4 500
2 2
0 111 0
Singapore Europe USA Malaysia Australia People's Republic
of China
No. of IPOs Total Amount Raised
09Southeast Asia IPO market
Singapore IPOs in 2019
No Company Mainboard/ Date of Amount Amount IPO IPO PE/PB IPO Offer Current Price % Industry Country of
Catalist listing Raised Raised Market Cap Market Ratio Price (31/12/2019) Change operations
(million) (S$’m) (million) Cap (S$’m)
in source in source
currency currency
1 Grand Venture Catalist 23/01/2019 S$13.20 13.20 S$64.42 64.42 8.76 S$0.275 S$0.265 -4% Industrial Singapore
Technology Products
Limited
2 Sim Leisure Catalist 01/03/2019 S$5.81 5.81 S$29.53 29.53 56.40 S$0.22 S$0.22 0% Consumer Malaysia
Group Ltd. Business
3 Reclaims Catalist 11/03/2019 S$4.60 4.60 S$30.13 30.13 8.07 S$0.23 S$0.31 35% Industrial Singapore
Global Limited Products
4 Fortress Catalist 27/03/2019 S$15.00 15.00 S$100.00 100.00 n.m. S$0.20 S$0.235 18% Energy and Malaysia
Minerals Resources
Limited
5 ARA US Mainboard 09/05/2019 US$498.00 686.69 US$672.59 927.43 1.020 US$0.88 US$0.87 -1% Real USA
Hospitality - Trusts Estate
Trust
6 Eagle Hospitality Mainboard 24/05/2019 US$565.83 780.23 US$676.95 933.45 0.890 US$0.78 US$0.545 -30% Real USA
Trust - Trusts Estate
7 Alliance Catalist 31/05/2019 S$6.40 6.40 S$41.58 41.58 11.40 S$0.20 S$0.14 -30% Life Singapore
Healthcare Sciences
Group and Health
Care
8 TrickleStar Catalist 18/06/2019 S$3.90 3.90 S$21.27 21.27 6.53 S$0.26 S$0.31 19% Industrial Malaysia
Limited Products
9 ST Group Catalist 03/07/2019 S$9.62 9.62 S$63.96 63.96 18.60 S$0.26 S$0.26 0% Consumer Australia
Food Industries Business
Holdings
Limited
10 Prime US Mainboard 19/07/2019 US$612.00 838.07 US$813.00 1,113.32 1.048 US$0.88 US$0.965 10% Real Estate USA
REIT - REIT
11 Lendlease Mainboard 02/10/2019 S$740.31 740.31 S$1,027.79 1,027.79 1.082 S$0.88 S$0.93 6% Real Estate Singapore
Global - REIT
Commercial
REIT
Total count: 11 2019 Total: S$3,104 S$4,353 *Average: 2.00%
Total count: 15 2018 Total: S$730 S$2,883 *Average: -21.07%
Total count: 20 2017 Total: S$4,742 S$8,474 *Average: 35.34%
Total count: 16 2016 Total: S$2,261 S$4,392 *Average: 11.61%
Amount IPO Market
No. of Raised Capitalisation
IPOs (S$ million) (S$ million)
Mainboard Trusts 4 3,045 4,002
Catalist 7 59 351
Total 11 3,104 4,353
* Average for the respective year
10Southeast Asia IPO market
REITs and Property Trusts in Singapore
The IPO market in Singapore in 2019 witnessed the launch of two stapled hospitality trusts and two REITs.
Singapore is seen as the Asian Hub for REITs and Property Trusts in Asia (excluding Japan). Much credit can be lauded to an early mover
advantage, having being the first in the region to roll out regulations for REITs. The achievement enjoyed in this sector can also be
attributed to the stable business environment in Singapore and its progressive regulatory framework, for example, being the first in the
Southeast Asia region to roll out a Business Trust framework in 2004.
Early mover advantage
2016
S
Hong Kong
Japan 2015
SG
2009 Indonesia
2005
E
Australia
2000
2003
Philippines
S
Thailand
Vietnam
1971
1999 Malaysia
A E
A
In Asia (excluding Japan), Singapore has the highest number of REITs and Property Trusts and the largest market capitalisation. REITs and
Property Trusts are highly sought after as they offers higher returns than fixed income in Singapore. Investors are also inclined to the
stability and security that REITs and Property Trusts offer.
REITs and Property Trusts
Singapore Hong Kong Australia Japan
Market Cap US$83.6B US$36.6B US$121.7B US$148.6B
Average Dividend Yield 6.20% 5.26% 4.42% 4.00%
Asset location Domestic + Offshore Mainly China assets Mainly Domestic assets Mainly Domestic assets
Average P/B 1.1x 0.6x 1.1x 1.5x
No. of REITs and Property Trusts 44 12 52 64
11Southeast Asia IPO market
Singapore’s 44 REITs and Property
Trusts as at 31 December 2019
Singapore-listed REITs and Property Trusts are well-diversified with assets located domestically and internationally.
In 2019, 3 of the REITs were pure-play US REITs while Lendlease was a combination of commercial properties in Singapore and Italy.
Healthcare
7%
Singapore 14% Specialised 2%
Industrial
20%
Office 18%
Overseas Number
38% Asset Singapore +
of Trusts by
Ownership Overseas Hospitality
48% sector 16%
Retail 23%
Diversified
14%
Sufficient liquidity in the market allows REITs and Property Trusts in Singapore to hold successful secondary fundraisings for acquisitions
and expansion of the existing portfolio to reap even more long-term benefits for their shareholders.
Total amount raised by geography (2010-2019)
Total amount raised by geography (2010 to 2019)
18.0
16.0
2.4
14.0
12.0 2.3 3.1
4.1 0.9
(S$ billion)
10.0 2.2
4.3
8.0 0.9 5.9 7.7
2.3 6.7
1.3 2.3
6.0 2.8 4.1
9.5
4.0 3.4 1.2
6.4 6.6 5.5 2.0
2.0 4.9 4.0 4.7
2.5 3.1
0.6 2.0
0.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
REITs and Property Trusts' Secondary Fund Raised
Secondary Fund Raised excluding REITs and Property Trusts
Funds Raised from New Listings
12Southeast Asia IPO market
Catalist listings and the changing
landscape of fundraising
Singapore Exchange (SGX) Catalist listings in 2019 experienced a slowdown with only 7 IPOs, the lowest number of deals in the past
4 years with total funds raised only one-third of last year’s S$174 million (US$131 million).
Amount raised, market capitalisation and number of IPOs 2016-2019
14 $1,600
13
12
$1,400
Total Amount Raised/Market Cap
12
11 $1,473
$1,200
10
Number of listings
$1,000
(S$ million)
8
$952 7
$800
6
$600
4 $529
$400
$273 $351
2 $174
$106 $200
$59
0 $-
2016 2017 2018 2019
Number of IPOs Total Amount Raised (S$ m) Total Market Cap (S$ m)
With the changing landscape of fundraising, companies now have more options to meet their fundraising needs.
SGX Catalist Board Other fundraising options
Support acquisitive
Proven access to capital strategies through friendly
regulatory framework
Overseas Stock
SGX
Exchanges
Public
Well-established sponsor Speed-to-market
supervised regime Venture Private
Capital Equity
Private
Private
4-5 weeks Exchange
Notification processing time
The Catalist board is an established platform for growth companies The local bourse now faces a more competitive environment with
to tap on the capital market to support their expansion strategies. more fundraising options for issuers that incur lower costs than
It benefits growth companies who regularly engage their investor traditional methods of listing on the SGX, and a greater variety of
pool through fundraising for continual growth initiatives. These investment opportunities for investors.
companies could eventually step up to the Mainboard to access
larger pool of capital.
Given the numerous fundraising options in the market available, companies now have more choices for fundraising to suit their needs.
Companies with sound business plans would weigh out their options and tap into resources that are most beneficial for them.
These companies would also get themselves ready so as to strike when the market opportunity arise.
13Southeast Asia IPO market Key Highlights for Singapore IPO market in 2019 Singapore IPO market performed well in 2019 with the listing of four REITs/Property Trusts and seven listings on the Catalist board. Our local exchange has also seen active secondary fundraising from existing listed companies/trusts to aid them in their expansions. Singapore possesses a strong reputation as a REIT and Property Trust hub Singapore has the highest number of REITs and Property Trusts and the largest market capitalisation in Asia (excluding Japan) with well- diversified portfolio of assets located domestically and internationally. In 2019 the local bourse had four REIT and Property Trusts listed of which one was the 2nd highest fund raised in Southeast Asia. Singapore is attractive to foreign issuers Companies with foreign operations accounted for 98% of funds raised in Singapore IPO market for 2019. Furthermore, the highest fund raised in Singapore for 2019 was by Prime US REIT, a pure-play US commercial REIT, at S$838 million. What is the outlook for 2020? “For Singapore, we are expecting a strong pipeline of listings from the REITs and service- based companies in 2020. While there is no lack of liquidity in Singapore’s capital market, as evident from the strong secondary fundraising market of US$6.1 billion, and the sizeable funds raised of US$2.3 billion from IPOs in 2019, we foresee that companies will be more discerning in weighing the pros and cons of an IPO vis-à-vis a private capital raising option” Ms Tay Hwee Ling, Disruptive Events Assurance Leader, Deloitte Southeast Asia and Singapore. 14
Southeast Asia IPO market
15Southeast Asia IPO market
Contact us
To find out more, please contact the respective DEA Country Leaders:
Southeast Asia and Singapore
Tay Hwee Ling
Leader, Disruptive Events Assurance
hwtay@deloitte.com
+65 6216 3258
Cambodia Guam Indonesia
Kimleng Khoy Tung Wei-Li Joe Lai
kkhoy@deloitte.Com wtung@deloitte.com joelai@deloitte.com
+855 23 963 788 +1 671 646 3884 +62 21 5081 8009
Laos Malaysia Myanmar
Surachutikarn Choopong Wong Kar Choon Cho Aye
csurachutikarn@deloitte.com kcwong@deloitte.com aycho@deloitte.com
+66 2034 0114 ext 40114 +60 3 7610 8820 +95 96 7980 6766
Philippines Thailand Vietnam
Baltazar Wilfredo Krishnamra Wilasinee Nam Pham Hoai
wbaltazar@deloitte.com wkrishnamra@deloitte.com npham@deloitte.com
+63 2 581 9000 ext 011 +66 2034 0149 +84 24 710 50599
16Southeast Asia IPO market
17Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms and their affiliated entities are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax & legal and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organisation”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 312,000 people make an impact that matters at www.deloitte.com. Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Shanghai, Singapore, Sydney, Taipei, Tokyo and Yangon. © 2020 Deloitte Southeast Asia Ltd
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