In terms of regional performance:

• Asia-Pacific saw 107 IPOs that raised US$20b in Q1 2026, down 9% in volume and a 75% jump in value, year-over-year (yoy).

• EMEIA closed the quarter with 93 IPOs that raised US$11b in Q1 2026, down 23% in volume and a 9% increase in value yoy.

• Americas captured 32 IPOs that raised US$11b in Q1 2026, down 49% in volume and a 17% increase in value yoy.

• Southeast Asia saw a total of 14 IPOs that raised US$1.8b, a 48% decline in volume and 174% increase in proceeds compared with Q1 2025 (27 IPOs raising US$0.7b). Exchanges in the region that were active in Q1 2026 were in Malaysia and Singapore. Notably, listings by a major real estate investment trusts (REITs) listing on the Singapore Exchange and a private healthcare provider on Bursa Malaysia led to the region’s strong showing in IPO proceeds during the quarter.

• Malaysia: 11 IPOs raising US$852.1m in Q1 2026 vs. 14 deals raising US$284.4m in Q1 2025.

• Singapore: 3 IPOs raising US$967.1m in Q1 2026 vs. 0 deals in Q1 2025.

Looking ahead

• As 2026 progresses, the trajectory of known issues – including the Middle East, energy prices, private credit, interest rate decisions and Chinese regulatory approvals – plus any new developments that the market will need to contend with, will determine whether this year is a banner year, an average year, or a subpar year in the IPO market.

• Notably, capital is gravitating toward larger, scaled issuers with resilient fundamentals and a clear path to value creation. In this environment, early preparation can make the difference between being able to IPO or not.

• How the capital market plays out will depend on many variables outside of any company’s control, so preparation and flexibility will be critical.

Quotes by Chan Yew Kiang, EY Asean IPO Leader

“Despite the initial optimism toward IPO performance seen at the start of 2026, global IPO volume has come down significantly. The conflict in the Middle East that started in February has created energy security risks across Southeast Asia, impacting the broader macroeconomic landscape and leading some IPO aspirants to take a more cautious approach with their listing plans.

That said, Singapore and Malaysia continued to draw investor interest. Notably, Malaysia has ranked among the top 10 locations for deals numbers and proceeds amid strong demand among IPO hopefuls who seek to tap the market to raise funds for growth. Similarly, Singapore is the top 10 locations globally in for deal proceeds – an early indication that the investors are responding well to government initiatives to revitalize the capital market.

Looking ahead, we are still seeing appetite among Asean companies for capital to support growth. However, increased geopolitical and tariff uncertainties as well as the energy crisis will continue to impact issuer and investor interest. Hence, early preparation by the issuer will determine the success of the IPO.”