The Philippines sat out Southeast Asia’s initial public offering (IPO) recovery in the first half of 2026, recording no new listings even as the region more than doubled the capital raised from stock market debuts, according to advisory firm Deloitte.
In its latest report, Deloitte said the local market stayed subdued as would-be issuers weighed valuation expectations, dilution concerns and shifting public float requirements.
Even so, the firm believes the country’s IPO pipeline could regain momentum with two anticipated listings. One is Mynt Inc., the parent company of digital wallet GCash. The other is Vitro, the data center real estate investment trust (REIT) of telecommunications giant PLDT.
Stephen Sieh, Deloitte Philippines’ strategy, risk and transactions leader, said a Mynt listing would rank as the largest IPO in the country’s history, while Vitro’s debut would mark the arrival of the Philippines’ first data center REIT.
“These developments have the potential to reignite domestic and foreign investor interest in the PSE (Philippine Stock Exchange) and set the tone for a more active listing environment ahead,” Sieh said.
The optimistic outlook stands in contrast to the first half of the year, when the Philippines was among the few Southeast Asian markets that failed to launch a single IPO between January and June.
A region favoring bigger deals
Across Southeast Asia, Deloitte tallied 47 IPOs that together raised more than $3.07 billion, a 117 percent jump from the same period a year earlier despite an 11 percent drop in the number of listings.
“The Southeast Asia IPO market in the first half of 2026 has shown a resilient but transitioning performance, characterized by a clear divergence between deal volume and capital raised,” said Tay Hwee Ling, capital markets services leader at Deloitte Southeast Asia.
Total IPO market capitalization nearly doubled to $15.07 billion as investors gravitated toward fewer but far larger offerings. Three standout deals each raised more than $500 million, a milestone the region did not reach in the first half of 2025. They were Singapore’s UI Boustead REIT, Malaysia’s Sunway Healthcare Holdings Berhad and Vietnam’s Dien May Xanh Investment Joint Stock Company.
The results reflected what Deloitte called a shift toward “quality over quantity” in Southeast Asia’s capital markets.
Where the money went
Malaysia led the region with $1.34 billion in IPO proceeds. Singapore followed, overtaking Indonesia on the strength of the $754 million UI Boustead REIT listing.
Vietnam proved to be one of the biggest surprises, rebounding from zero IPOs a year ago to four listings that gave it the region’s largest IPO market capitalization. The consumer and real estate sectors remained the top fundraising industries.
For the Philippines, Deloitte said further reforms could help strengthen the listing environment and encourage more companies to go public.
