Deloitte sees continued potential in Philippine IPOs

DESPITE only two local initial public offerings (IPOs) this year, the Philippine market raised substantial funds and remains poised for growth within Southeast Asia’s IPO landscape, according to global professional services firm Deloitte.

“The Philippine market has actually shown quite consistent performance,” Deloitte Southeast Asia Capital Markets Services Leader Tay Hwee Ling said during a briefing on Tuesday.

“Year in, year out, we do see faster growth from the Philippines. So, the Philippine market as well — we do see potential,” she added.

While only two firms have listed on the Philippine Stock Exchange this year — Maynilad Water Services, Inc., which made its market debut on Nov. 7, and Top Line Business Development Corp., a fuel distributor and retailer in Cebu — total funds raised surged.

Maynilad’s IPO, priced at P15 per share, raised P34.3 billion in gross proceeds, making it the largest domestic listing since Monde Nissin Corp.’s P48.6-billion offering in 2021.

“This year, for the amounts of funds basically, compared to let’s say Singapore, Malaysia, and Vietnam, the fund raised actually increased more than double compared to last year from the Philippine market. It’s fueled by the IPO blockbuster water company that raised a respectable amount of funds in water,” Ms. Hwee Ling said.

Deloitte’s report showed that IPO activity across Southeast Asia picked up during the first 10.5 months of 2025, with 102 IPOs on six exchanges raising about $5.6 billion.

Although the number of listings fell compared with 2024 (136 IPOs raising $3.7 billion) and 2023 (163 IPOs raising $5.8 billion), total IPO proceeds rose by 53%, largely due to bigger deals and strong market performance in Singapore, Vietnam, Malaysia, and Indonesia.

“The increase in total IPO proceeds in 2025 is mainly due to more high-value listings in the real estate, financial services, and consumer sectors,” the report said.

Average IPO size in the region rose from around $27 million in 2024 to $55 million in 2025, with four IPOs in Singapore, Vietnam, and the Philippines raising more than $500 million each, and several companies reaching market values above $1 billion.

“At the same time, if you recall, talking about cross-border listing into NASDAQ, there’s also Hotel 101, which is a Philippine-based business that successfully got listed in NASDAQ in July this year — raising this is by respect, which is also a sizable business as well,” Ms. Hwee Ling said.

On July 1, Hotel 101 became the first Filipino-owned company to be listed on NASDAQ, with a market capitalization of approximately $1.36 billion as of Nov. 11.

To date, DoubleDragon remains the first and only Filipino company with a subsidiary publicly listed on the NASDAQ.

“So, from a Philippine market perspective, while we don’t see a significant count, we always see consistent performance in the top IPO blockbuster across the nation,” Ms. Hwee Ling said.

Deloitte also noted that private equity-backed listings sustained capital inflows across the region and attracted strong investor interest.

“Looking ahead to the coming year, Deloitte anticipates that investor appetite will remain healthy, sustained by the continued emergence of new market opportunities,” the team said. — Alexandria Grace C. Magno