IPO fundraising plunged in Thailand and Indonesia in second half of 2023

SINGAPORE/BANGKOK/JAKARTA — Funds raised through initial public offerings in Southeast Asia plunged over 60% in the second half of 2023 from the same period the year before, with companies shying away from listing due to factors such as domestic elections and uncertainty over China’s faltering economy.

Data on IPOs in Southeast Asia analyzed by Nikkei in cooperation with U.S. research firm Dealogic showed that a total of $1.6 billion was raised in the second half of last year, down 63% from the corresponding time in 2022. The number of IPOs dropped 21% to 71.