The Vietnamese IPO market recorded an impressive recovery in the first half of 2026

The Vietnamese IPO market recorded an impressive recovery in the first half of 2026, with 4 IPOs after none in the same period of the previous year, according to the "Southeast Asia IPO performance in 2026 H1" report released by Deloitte in mid-July. 

Notably, Vietnam led Southeast Asia in terms of IPO market capitalization, reaching $6.929 billion. 

Mr. Bui Van Trinh, Deputy General Director, Capital Markets Services, Deloitte Vietnam, commented that with FTSE Russell’s confirmation of the roadmap to upgrade to a secondary emerging market in March 2026, Vietnam’s IPO market in the first half of 2026 continued to record success, albeit in modest numbers. "With four IPOs among the top 10 transactions in Southeast Asia, Vietnam’s capital market once again affirms its increasingly important role in the region," he added.

According to the report,  Vietnam continues to be in the regional middle group in terms of the number of IPOs, while maintaining its competitiveness in capital raising. This trend is similar to 2025, when large-scale transactions will be the main driver of total capital raised through IPOs.

The FTSE's confirmation of Vietnam's official upgrade from a frontier market to a secondary emerging market marks a significant milestone for the capital market, expected to boost foreign investor participation, improve liquidity, and enhance its presence in the global emerging market portfolio.

On a regional scale, the Southeast Asian IPO market recorded 47 deals in the first half of 2026, raising over $3.07 billion with a total IPO market capitalization of $15.07 billion.

Compared to the same period in 2025, the number of IPOs decreased by 11 per cent (from 53 to 47 deals). However, the total capital raised increased by 117 per cent, from $1.41 billion to over $3.07 billion, while the IPO market capitalization increased by 96 per cent, from $7.70 billion to $15.07 billion.

Notably, the region saw three IPO deals exceeding $500 million – a milestone not reached in the first half of 2025. The top 10 IPO deals alone raised a total of $2.686 billion, equivalent to 88 per cent of the total IPO capital in the entire region.

Ms. Tay Hwee Ling, Head of Capital Markets Services at Deloitte Southeast Asia, stated that the Southeast Asian IPO market in the first six months of 2026 remained stable and resilient, while also experiencing transformative changes characterized by a significant difference between the number of deals and the amount of capital raised.

"Regionally, IPO activity slowed in terms of the number of listings, with 47 IPOs in the first half of 2026 compared to 53 in the same period of 2025, but the total capital raised through IPOs surged to approximately $3.07 billion, reflecting a broader structural shift," she said.

In terms of market rankings, Malaysia leads Southeast Asia in capital raised with $1.344 billion, accounting for 43 per cent of the region's total IPO capital. The country recorded 36 IPOs and had four companies in the top 10 largest deals in Southeast Asia.

Singapore ranked second with $868 million, equivalent to 28 per cent of the total capital raised, surpassing Indonesia in the regional IPO rankings. The main driving force came from the listing of UI Boustead REIT, which raised $754 million and had an IPO market capitalization of $931 million. Additionally, a co-working space provider also made it into the top 10 with a fundraising value of $78 million.

Ms. Ling also added that despite an improving IPO pipeline across Southeast Asia, market execution is expected to remain selective in the second half of 2026. Global macroeconomic uncertainties and heightened investor scrutiny of valuations and aftermarket performance are likely to continue influencing the timing and success of IPO launches. Nevertheless, companies with strong fundamentals, clear growth strategies and appropriate pricing are expected to continue attracting investor interest.

Against this backdrop, Singapore is expected to remain well positioned for larger, institutional-quality listings, although successful execution will continue to depend on valuation alignment and sustained investor demand.