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Southeast Asia’s IPO market is ‘still hot’ — and Thailand appears to be leading the way

Signage for the Stock Exchange of Thailand (SET) is displayed outside the bourse in Bangkok, Thailand, on Monday, Oct. 26, 2020.

Taylor Weidman | Bloomberg via Getty Images

Thailand could see a record number of IPOs this year, says Dealogic’s Ken Fong.

Data shows it’s been a standout in Southeast Asia’s public listing space.

“Thailand is doing really well. It continues the good trend from last year,” said Fong, head of equity capital market research for Asia-Pacific at Dealogic.

The deals so far this year have totaled $2.92 billion in value, according to Dealogic data.

With no reason for the current trend to stop, Thailand’s IPO space now appears “on track to have a record year,” the analyst added.

The Southeast Asian country usually sees about 30 public listings each year, and data showed most usually come in the latter half of the year, he told CNBC in a call. “Roughly 70-80% of the activity comes from Q4 and Q3 every year.”

So far this year, Thailand has seen 14 listings — about half the annual level, Dealogic data showed. The amount raised by this year’s IPOs has already surpassed the annual full year average of $2.8 billion, according to Fong.

Elsewhere in the region, the Philippines has also seen a relatively strong performance in its IPO market, following the debut of food and beverage firm Monde Nissin — described by Fong as the “largest” public listing on record in the country.

In Malaysia and Singapore, however, the listing scene has been “rather quiet,” he added.

‘Very high one-day pop’ for some IPOs

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