Where to List? Comparing IPO Pathways Across Southeast Asia

As Southeast Asia’s startup ecosystem matures, the conversation is shifting from fundraising rounds to public market readiness. For growth-stage companies, especially in tech, understanding the IPO landscape across the region is critical to long-term capital strategy. At TNB Aura, our research-led approach drives us to evaluate the structural readiness of Southeast Asia’s exchanges (from Singapore to Vietnam) and what they offer scaling companies.

In 2023 alone, Southeast Asia recorded 163 IPOs, surpassing traditional markets like the US (147) and Hong Kong (73). Indonesia led the charge, raising US$3.6B, with Malaysia and Thailand following at US$621M and US$620M, respectively. The surge is underpinned by new economy companies tapping into domestic and regional capital markets.

Here’s how the region’s five primary exchanges compare on listing requirements, incentives, and accessibility:

Singapore – SGX (Mainboard & Catalist)

SGX remains the most internationally recognised exchange in the region, offering two routes: the Mainboard for mature businesses and Catalist for high-growth companies without a profitability track record. Listing typically takes 6–9 months, and government-backed grants can offset up to S$1 million of IPO-related expenses. SGX is increasingly attractive for tech companies with strong governance and regional ambitions.

Indonesia – IDX

Indonesia has emerged as Southeast Asia’s IPO frontrunner, launching four board options, including a dedicated New Economy Board tailored for tech. The listing process is efficient (4–6 months), and entry requirements are flexible, allowing pre-profit and high-growth startups to go public. Local investor demand for digital-first companies has made IDX an increasingly viable option for regional unicorns and Series C+ startups.

Malaysia – Bursa

Bursa Malaysia operates a three-tiered system: Main Market, ACE Market (for growth-stage firms), and LEAP Market (for micro-SMEs). Timelines vary from 6 to 14 months, depending on the board. While Bursa’s depth lags behind SGX or IDX, it offers a structured progression route for companies at various stages of development, especially those with Malaysian market exposure.

Philippines – PSE

The Philippines Stock Exchange features a streamlined, three-month listing timeline, one of the fastest in the region. Listing fees are pegged at 1% of total securities value. While regulatory frameworks are still evolving to attract more tech IPOs, the PSE offers speed and simplicity for companies already generating profits and planning domestic investor outreach.

Vietnam – HNX/HOSE

Vietnam’s listing pathway remains conservative, requiring multiple years of profitability. Listings typically take ~12 months, with limited current incentives for tech companies. However, ongoing capital market reforms may change this by 2025, unlocking new pathways for high-growth ventures seeking early liquidity in Vietnam.

Conclusion

Southeast Asia’s IPO landscape is evolving fast. Exchanges are building infrastructure to accommodate tech IPOs, but choosing the right venue depends on company stage, investor alignment, and long-term growth plans. At TNB Aura, we’re all in on helping founders navigate not just private rounds, but public ones too.