Indonesia Prioritizes Fundamentals as IPO Market Repositions in 2025

• The global IPO market recorded 539 listings raising US$61.4b in H1 2025, a 17% increase in proceeds year-over-year (YOY)
• Indonesia’s IPO market in the first half of 2025 saw fewer deals but a 70% rise in proceeds, reflecting a cautious yet fundamentally driven investor outlook 
• Greater China now captures one-third of global IPO proceeds; Southeast Asia saw a total of 48 IPOs raising US$1.4b in H1 2025 
• Cross-border listings reached record highs in H1 2025, with 62% of US listings by foreign issuers  

JAKARTA, 5 August 2025. In the first half (H1) of 2025, the global IPO market demonstrated resilience with 539 listings raising US$61.4b in capital, reflecting a 17% increase in proceeds YOY. Sustained IPO activity amid significant policy uncertainty and market volatility highlights the resilience of strategically positioned and well-prepared IPO companies and their ability to adapt in a shifting capital market landscape. Notably, Greater China has re-emerged as a dominant player, capturing one-third of all global proceeds, while Europe has seen its share decline to just 10%. 

The prevailing market conditions served as a defining characteristic of H1 2025, compelling many companies to rethink their exit strategies, and decide whether to stay private for longer or pursue listings with smaller float sizes. Cross-border IPO activity reached a record high in H1 2025, accounting for 14% of total global deal number. Geographic flows reveal a clear pattern: Greater China and Singapore have emerged as the dominant sources, while the US became the overwhelming destination of choice. 

George Chan, EY Global IPO Leader, says:

“The realignment of the IPO market across regions and sectors reflects a deeper shift in global capital flows and investor sentiment. As markets recalibrate in real time, robust IPO readiness will be essential for companies to navigate short-term volatility while aligning their IPO strategies with long-term macro trends” 

Indonesia Embraces Quality Over Quantity in the 2025 IPO Landscape

Indonesia’s IPO market in the first half of 2025 reflected global trends of cautious investor sentiment, with activity slowing due to ongoing geopolitical tensions, trade uncertainties, and domestic policy transitions following the recent presidential election. Although enthusiasm was high at the beginning of the year, market participants became more selective, causing many companies to delay their listing plans. However, recent IPOs in late Q2, including several oversubscribed offerings in sectors such as infrastructure, cryptocurrency, and logistics, indicate that amidst the current global uncertainty, investor appetite remains strong for companies with solid fundamentals and clear long-term strategies.

Joe Lai, EY Indonesia Financial Accounting Advisory Services Leader: 

“The IPO market for the remainder of 2025 offers a unique opportunity for companies that are prepared to navigate the current landscape with strategic foresight. Despite a decrease in the number of IPOs in the first half of 2025 compared to the same period in 2024, there has been a significant increase in total proceeds, up by $175.9 million or 70%. This paradox highlights a shift towards prioritizing quality over quantity in the IPO market. We anticipate that both investors and potential IPO candidates will continue to adopt a more cautious approach due to the uncertainty surrounding when the current volatilities will subside.” 

This caution should not be viewed as a deterrent, but rather as an opportunity for companies to refine their approach to going public. By focusing on quality and strategic planning, businesses can not only survive but thrive in the evolving market of 2025. As Indonesia continues to align with global IPO dynamics, the key to success lies in thoughtful preparation, transparent governance, and a compelling equity story. With the right positioning and execution, Indonesian companies, especially those in emerging and resilient sectors, can capitalize on renewed investor confidence. The remainder of 2025 presents a timely window for well-prepared issuers to tap into a more discerning market and unlock sustainable growth through public listings. 

Geographic Realignment in the IPO Landscape

The first half of 2025 was characterized by significant geographic realignment in the IPO landscape. The US led the way with 109 IPOs, marking its strongest first-half performance since the 2021 peak. A significant rebound is underway in Greater China following years of market trough. In particular, Hong Kong has reclaimed its top global IPO exchange position by proceeds achieving a sevenfold increase YOY. 

In H1 2025, Southeast Asia saw a total of 48 IPOs raising US$1.4b, down from 66 deals raising US$1.4b over the same period in 2024. The most active markets during this period were Malaysia, which saw 27 IPOs raising US$896m, followed by Indonesia (14 deals raising US$428m) and Thailand (5 deals raising U$27m). Philippines and Singapore each saw 1 IPO raising US$12m and US$5m, respectively.  

Chan Yew Kiang, EY Asean IPO Leader says:

“Southeast Asia’s IPO market faced significant headwinds in H1 2025 with a sharp decline in activity, while proceeds held steady. Indonesia bore the brunt of this weakness and Malaysia emerged as the regional frontrunner. Importantly, the market’s struggles extend beyond numbers. Post-IPO performance has not been strong, with most new listings trading below their IPO offer prices.

This persistent underperformance is reshaping corporate strategy, with companies more likely to sell smaller portions of their equity in IPOs, either to retain greater control during turbulent times or because investors are showing diminished appetite for large equity injections. A notable shift is emerging in listing strategies, as regional companies explore cross-border opportunities.” 

Most major European markets have hit a pause since the market turmoil in early April, although Sweden contributed a mega IPO. Strong momentum persisted in the Middle East, while India also sustained elevated fund-raising levels despite a decline in deal number. 

Nuanced Sector Trends Shaped by Geopolitical Dynamics

Geopolitical dynamics and national strategic priorities have played a crucial role in shaping the sectoral IPO landscape, driving opportunities at more granular levels. Industrial sector IPOs, especially in mobility, are benefiting from reshoring and supply chain localization. Energy IPOs are shifting toward strategic infrastructure, while defense tech is gaining traction amid rising global defense budgets. Life Sciences are attracting interest through biotech innovation. Technology remains foundational, with US and Japan leading in software IPOs and Greater China contributing hardware listings. Digital assets and FinTech are gaining renewed momentum, with stablecoin pioneers among the players.

Cautious Optimism for H2 2025

The global IPO market demonstrated resilience during the first half of 2025 while the outlook for the second half remains cautiously optimistic despite ongoing challenges. The potential for a global IPO market rebound hinges on more cooperative trade frameworks, accommodative monetary policy, controlled inflation and geopolitical de-escalation. Companies aligned with national priorities and innovation, and those able to present a credible equity story with realistic valuations and flexible timing, are likely to succeed in navigating this complex environment.

For more insights, please refer to the EY Global IPO Trends report. 

-ends-

Notes to editors

About EY

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. 

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About the data 

The data presented here is available on ey.com/ipo/trends.

Q2 2025 refers to the second quarter of 2025 and covers completed IPOs from 1 April to 30 June 2025. Q2 2024 refers to the second quarter of 2024 and covers completed IPOs from 1 April to 30 June 2024. H1 2025 refers to the first half of 2025 and covers completed IPOs from 1 January 2025 to 30 June 2025. H1 2024 refers to the first half of 2024 and covers completed IPOs from 1 January to 30 June 2024. 2024 refers to the full calendar year and covers completed IPOs from 1 January 2024 to 31 December 2024. 

All data contained in this document is sourced from Dealogic, Mergermarket, S&P Capital IQ, LSEG and EY analysis unless otherwise noted. The Dealogic data in this report are under license by ION. ION retains and reserves all rights in such data. SPAC data are excluded from all data in this report, except where indicated.