Thailand Leads Southeast Asia IPO Resurgence, but Faces Challengers

(Nikkei Asia) — Southeast Asian companies have raised more than $10 billion from initial public offerings this year for the first time since 2017 as executives sought capital for expansion and stock exchanges worked hard to woo new listings.

According to data compiled by accounting firm Deloitte, Thailand continued to lead the region by a large margin, with 35 companies and real estate investment trusts raising $4.2 billion as of Nov. 15, while the Philippines and Indonesia leapfrogged Singapore to take second and third place, respectively. The amount raised through IPOs in the Philippine market more than tripled, while in Indonesia it almost sextupled.