Southeast Asia IPO

Capital Market
2021 full year report
Southeast Asia IPO Market Overview 03
Country in focus: Indonesia 08
Country in focus: Thailand 11
Country in focus: Philippines 13
Country in focus: Malaysia 14
Country in focus: Singapore 15
Exploring the SPAC route 19

2
 Southeast Asia IPO Capital Market

Southeast Asia IPO

Market Overview
Southeast Asia IPO Market Performance
Capital markets across Southeast Asia recorded robust initial public offerings (“IPOs”) activity in 2021, having
produced 152 IPOs which raised US$13.3 billion in funds and US$50.9 billion in market capitalisation.

200 60

180
50

Amount Raised/ Market Cap (US$ billions)

160

140
40
120
Number of IPOs

100 30

80
20
60

40
10
20

0 0
2017 2018 2019 2020 2021

No. of IPOs 178 151 161 114 152

Amount Raised 10 10 7 7 13

IPO Market Cap 33 46 25 29 51

This year saw 152 IPOs, a 33% increase compared to the 114 IPOs in 2020. This is a strong signal that
the market conditions are improving as more entities seek IPO listings to tap on the capital markets.

2021 was a breakout year for the market as a grand total of US$13 billion of funds were raised during
this year, marking the highest amount of funds raised in the past 5 years.

The Southeast Asia IPO market closed 2021 with a IPO market capitalisation of US$51 billion. With a
record high amount of funds raised, IPO market capitalisation increased 75% from the previous year.

2021 ended on an all-time high with a flurry of IPO activities in the fourth quarter. This momentum
in IPO activity continues to grow even as the region is still battling the COVID-19 pandemic, giving a
strong signal to investors that the Southeast Asian IPO market has plenty of untapped potential as
we look forward to an exciting 2022.

03
Southeast Asia IPO Capital Market

Market overview by country

Number of IPOS 2017 2018 2019 2020 2021
70

60

50

40

30

20

10

0
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
2017 37 13 4 20 46 58 178
2018 57 22 1 15 23 33 151
2019 55 30 4 11 34 27 161
2020 51 19 4 11 28 1 114
2021 54 29 7 8 41 13 152

IPO market capitalisation 2017 2018 2019 2020 2021

35,000
30,000
US$ millions

25,000
20,000
15,000
10,000
5,000
0
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
2017 3,249 3,939 2,470 6,219 13,537 3,830 33,244
2018 5,998 683 763 2,168 5,355 31,103 46,070
2019 5,071 1,954 1,337 3,176 12,685 939 25,162
2020 2,484 2,900 3,045 2,835 17,590 285 29,139
2021 23,130 2,072 7,108 2,388 14,509 1,653 50,860

IPO amount raised 2017 2018 2019 2020 2021

5,000
4,500
4,000
US$ millions

3,500
3,000
2,500
2,000
1,500
1,000
500
0
Indonesia Malaysia Philippines Singapore Thailand Vietnam Total
2017 1,024 2,219 473 3,492 2,912 304 10,424
2018 1,132 166 153 551 2,850 4,667 9,519
2019 1,052 447 407 2,263 2,996 172 7,337
2020 377 490 809 968 4,356 9 7,009
2021 4,502 337 2,889 1,217 4,377 16 13,338

04
 Southeast Asia IPO Capital Market

Key Highlights in SEA

As conditions all around SEA improved, we saw the number of IPOs up by 33%, total funds rose by an astounding
90% and the total market capitalisation grew by 75%. This translates to a US$6.3 billion increase in total IPO
proceeds and US$21.7 billion increase in total IPO market capitalisation this year.

Indonesia, Thailand and Philippines accounted for 88% of funds raised across Southeast Asia.

Indonesia surpassed the US$2 billion mark in funds raised for the first time. Two blockbuster IPOs
- PT Bukalapak.com Tbk, Indonesia’s first tech unicorn and PT Dayamitra Telekomunikasi Tbk - both
contributed close to US$3 billion in total, out of the US$4.5 billion raised by all IPOs in Indonesia in
2021. In fact, Indonesia IPOs have raised more funds in 2021 than the past four years combined.

Thailand narrowly missed out top spot in 2021, coming in a close second behind Indonesia. A stable
economy, strong currency, low interest rates and consistently strong domestic liquidity contributed to
the Thai bourse raising US$4.4 billion in IPO proceeds, topping their performance in 2020.

In 2021, the bourse saw 4 mega REITs listings which raised a total of US$1.8 billion. Together with the
largest-ever listing in Philippines by Monde Nissin Corporation which raised US$1 billion, Philippines
raised more IPO funds in 2021 than in the last four years combined.

2021 was a slightly less eventful year for Singapore, as it recorded 8 IPOs, a 27% decrease in IPOs
from the previous year. The Singapore IPO market managed to raise a total of US$1.2 billion in funds,
and US$2.4 billion in market capitalisation. We observed that the Singapore IPO capital market picked
up momentum in Q4 of 2021, with almost 80% of the total amount raised in the last two months of the
year, and we saw this momentum continue with 3 SPACs and 1 Catalist being listed in January 2022.

Malaysia experienced a 53% increase of IPO listings from previous year, recording 29 listings in
2021. The recovery of Malaysia’s IPO market from the pandemic is boosted by strategic economic
frameworks and stimulus packages ushered in by the Malaysian Government plus the emergence of
the first REIT listing since 2017.

The Vietnam Stock Exchange (VNX) was officially launched on 11th December 2021. After VNX comes
into operation, Hanoi Stock Exchange (HNX) will have the main task of organising and operating the
derivatives, bond and other securities markets. Meanwhile Ho Chi Minh Stock Exchange (HOSE)
is responsible for organising and operating the stock market and other securities according to
regulations.

05
Southeast Asia IPO Capital Market

Largest IPOs of 2021

Remaining IPOs in 2021 PTT Oil and Retail Business Top 15 IPOs make up
20% Public Company Limited
13% 80% of total amount
raised in 2021
PT Archi Indonesia Tbk PT Bukalapak.com Tbk
1% 11%
6 of the top 15 IPOs
Top 6 REITs
PT Dayamitra Telekomunikasi Tbk. are from REITs
11%
20%
Ngern Tid Lor Public Company Limited
9% Remaining 137 IPOs
Aztech Global Ltd.
2% make up 20% of total
Monde Nissin Corporation
PT Cisarua Mountain 8% amount raised in 2021
Dairy Tbk.
PT Avia Avian Tbk.
2%
3%

Ranking Country of Company Date of Amount IPO market cap Industry

Listing listing raised (US$ million)
(US$ million)

1 Thailand PTT Oil and Retail Business Public 11-Feb-2021 1,780 6,890 Energy and Resources
Company Limited

2 Indonesia PT Bukalapak.com Tbk 06-Aug-2021 1,530 6,119 Technology, Media and

Telecommunications

3 Indonesia PT Dayamitra Telekomunikasi Tbk 22-Nov-2021 1,428 4,668 Technology, Media and
Telecommunications

4 Thailand Ngern Tid Lor Public Company 10-May-2021 1,218 2,708 Financial Services

5 Philippines Monde Nissin Corporation 01-Jun-2021 998 4,980 Consumer Business

6 Philippines DDMP REIT Inc 24-Mar-2021 826 826 Real Estate

7 Singapore Digital Core REIT 06-Dec-2021 600 990 Real Estate

8 Philippines RL Commercial REIT Inc 14-Sep-2021 424 424 Real Estate

9 Indonesia PT Avia Avian Tbk 08-Dec-2021 404 4,036 Industrial Products

10 Singapore Daiwa House Logistics Trust 19-Nov-2021 339 421 Real Estate

11 Philippines MREIT, Inc. 01-Oct-2021 269 269 Real Estate

12 Indonesia PT Cisarua Mountain Dairy Tbk. 06-Dec-2021 257 1,712 Consumer Business

13 Singapore Aztech Global Ltd. 12-Mar-2021 233 735 Consumer Business

14 Philippines Filinvest REIT, Corp 12-Aug-2021 230 230 Real Estate

15 Indonesia PT Archi Indonesia Tbk 28-Jun-2021 192 1,281 Energy and Resources

06
 Southeast Asia IPO Capital Market

Southeast Asia
IPO Market Outlook
As Southeast Asia closes the chapter of 2021 and ushered in 2022, there is newfound optimism that the region will begin to experience
economic recovery back to pre-pandemic levels. The re-opening of the economic and social sectors at full capacity has invariably been
delayed for the past two years, as countries stepped up their efforts in an attempt to contain the spread of COVID-19.

With a highly effective and successful vaccination program, SEA readies itself for post-pandemic recovery. All six countries had a positive
forecast for GDP growth in 2022, a stark improvement from 2021.

Philippines: 6.3% (2021: 3.2%) Thailand: 4.5% (2021: 1.0 %)

• High IPO numbers from REITs • Mild rebound projected in 2022
• Some optimism for a strong rebound • Several companies in the pipeline for listing on SET

Indonesia: 5.9% (2021: 3.2%) Singapore: 3.2% (2021: 6.0%)

• More economic sectors set to resume operations • IPO Market set to welcome a new wave of SPAC listings
• Revival in the manufacturing sector • Strong pipeline entering 2022 with 4 IPOs (3 SPACs
• Strong pipeline for tech IPOs and 1 Catalist) and 3 Catalist lodgements as
of 28th January 2022

Malaysia: 6.0% (2021: 3.5%) Vietnam: 6.6% (2021: 3.8%)

• Ongoing infrastructure projects showing signs • Manufacturing sector set to benefit due to steady
of recovery demand from the United States, Europe and China
• More economic and social sectors set to return to full • Approval of US$14.1 billion economic stimulus package
operating capacity to boost economic recovery

In comparison to:

China USA Europe Japan Hong Kong Australia

5.6% 5.2% 4.1% 3.2% 3.5% 4.1%
(2021: 8.0%) (2021: 6.0%) (2021: 5.0%) (2021: 2.4%) (2021: 6.4%) (2021: 3.5%)

Source: International Monetary Fund – World Economic Outlook Real GDP Growth (October 2021)

OUR
INSIGHTS

“Amidst the volatility in the capital markets, companies have learnt to be resilient
with pandemic-related challenges. With the growth potential and untapped
opportunities in Southeast Asia, I am bullish about what the region’s capital
markets can achieve in 2022 with the diverse sources of investment capital and
growing interest by sovereign wealth funds in Asian businesses.”
Ms Tay Hwee Ling, Southeast Asia Disruptive Events Advisory Leader, Deloitte Singapore

07
Southeast Asia IPO Capital Market

Country in focus: Indonesia

Indonesia IPO Market Performance
Indonesia IPO market scored the biggest boost from the listing of PT Bukalapak.com Tbk and PT Dayamitra Telekomunikasi Tbk which
raised US$1.5 billion and US$1.4 billion respectively.

Indonesia topped the chart with 54 listings in 2021, a 6% increase from prior year. Its IPO market raised an impressive US$4.5 billion
dollars, an almost 12 times increase from 2020. Market capitalisation figures rose to a record high US$23.1 billion dollars, 9 times
more than the previous year’s figures.

Indonesia IPO Performance Year-on-Year Number of IPOs

57 55
2021 23,130 60 54
4,502 51

2020 2,484
377 37
40
2019 5,071
1,052

2018 5,998
1,132 20

2017 3,249
1,024
0
0 5,000 10,000 15,000 20,000 25,000 2017 2018 2019 2020 2021
US$ Million
IPO market capitalisation Amount raised

Indonesia Stock Exchange topped the SEA charts in 2021 for amount raised and IPO
market capitalisation. Two blockbuster IPOs, PT Bukalapak.com Tbk. and PT Dayamitra
Telekomunikasi Tbk. each raised US$1.5 billion and US$1.4 billion, respectively.

The Technology, Media and Telecommunications industry raised over US$3 billion with
market capitalisation of US$11.1 billion. It represented 67% of total funds raised and 48%
of total IPO market capitalisation.

08
 Southeast Asia IPO Capital Market

Indonesia IPO performance across the Main Board, Development Board and Acceleration Board

2017 2018 2019 2020 2021

Main Board

Number of IPOs 7 17 10 8 19

Total Amount Raised (US$ million) 288 508 556 63 2,646

Total Market Cap. (US$ million) 890 3,226 2,368 1,007 14,625

Development Board

Number of IPOs 30 40 45 38 25

Total Amount Raised (US$ million) 736 623 496 302 1,832

Total Market Cap. (US$ million) 2,359 2,772 2,703 1,415 8,397

Acceleration Board

Number of IPOs N/A N/A N/A 5 10

Total Amount Raised (US$ million) N/A N/A N/A 12 24

Total Market Cap. (US$ million) N/A N/A N/A 62 108

2021 saw the Technology, Media and Telecommunications industry breakthrough in the Indonesian IPO market.
This industry saw 7 listings, US$3.0 billion of funds raised and a total of US$11.1 billion of market capitalisation. This
was a deviation from the norm that was usually dominated by industries such as consumer business, real estate
and financial services.

Indonesia Stock Exchange: The Acceleration Board

The Acceleration Board, which serves as a fund raising platform for small to medium scale assets companies saw
the number of IPOs and amount raised increase by twice the amount compared to 2020. This was a positive sign
that more companies are willing to take the opportunity to raise funds via the Acceleration Board.

Background & Objectives

• Established in July 2019, to provide potential growing small to medium scale asset companies and
start-ups the opportunity to raise funds via IPO
• A launchpad to the Development Board or Main Board, providing more access to a wider group
of investors to fund larger growth plans

Listing Requirements
• Asset size of more than US$4 million and less than US$20 million
• Minimum of 1 year SAK-ETAP report
• Minimum of 20% public or free float

Statistics
• 10 IPOs recorded with US$24 million of funds raised.
• Companies comprising of a diverse range of industries for investors to invest
• Investors base comprises of angel investors, venture capitalists and retail investors.

09
Southeast Asia IPO Capital Market

Top 10 largest IPOs in Indonesia in 2021

Company Date of listing Amount Raised IPO Market Cap Industry

(US$ million) (US$ million)

1 PT Bukalapak.com Tbk. 06-Aug-2021 1,530 6,119 Technology, Media and Telecommunications

2 PT Dayamitra Telekomunikasi Tbk 22-Nov-2021 1,428 4,668 Technology, Media and Telecommunications

3 PT Avia Avian Tbk. 08-Dec-2021 404 4,036 Industrial Products

4 PT Cisarua Mountain Dairy Tbk. 06-Dec-2021 257 1,712 Consumer Business

5 PT Archi Indonesia Tbk 28-Jun-2021 192 1,282 Energy and Resources

6 PT Cemindo Gemilang Tbk. 08-Sep-2021 82 814 Industrial Products

7 PT FAP Agri Tbk. 04-Jan-2021 71 692 Consumer Business

8 PT Widodo Makmur Perkasa Tbk. 06-Dec-2021 61 330 Consumer Products

9 PT Bank Multiarta Sentosa 30-Jun-2021 43 284 Financial Services

10 PT Indointernet Tbk. 08-Aug-2021 42 209 Technology, Media and Telecommunications

Indonesia could pride itself as a Gojek and Tokopedia, of what would be two of the most valuable
trade hub, as tech IPOs raised startups in Indonesia formed a merger that will seek to be listed
US$3 billion amongst companies in Indonesia and the United States. PT Bukalapak.com Tbk was
in the top 10 IPOs of 2021. This the first homegrown tech unicorn to list on Indonesia Stock
represented a 73% of funds Exchange, raising over US$1.5 billion.
raised in the top 10 and 67% of
overall funds raised in 2021.

With the dual-class shares framework, certain shares

carry heavier voting weight than the others. This allows
founders to retain strategic control of the company.

The Indonesian Stock Exchange will adjust its

This essentially paves the way for many travel tech
requirements to ease the listing of tech companies.
firms such as GoTo Group, Traveloka, Tiket.com and
from 7th December 2021, tech companies are allowed
e-commerce platform BliBli to list on the Indonesia
to issue multiple voting shares, thus adopting a dual-
Stock Exchange in 2022.
class shares framework.

OUR
INSIGHTS

“With the news of the government’s privatisation plan to list 14

state-owned companies, the commitment to promote fundraising
alternatives for growing small and medium enterprises through
the Acceleration Board and the widely-anticipated mega tech
listings from the emerging tech scene in Southeast Asia, we
foresee that this is just the cusp of a new era of listings”
Ms Imelda Orbito, Disruptive Events Advisory Leader, Deloitte Indonesia

10
 Southeast Asia IPO Capital Market

Country in focus: Thailand

Thailand IPO Market Performance
The bright spark for the Thai bourse in 2021 was the mega listing of PTT Oil and Retail Business Public Company that took the top spot on
the region’s leaderboard this year with US$1.8 billion funds raised. The Stock Exchange of Thailand has raised more than US$4 billion for
a second consecutive year.

The country saw 41 listings in 2021, an increase of 46.4% from the year before. Its IPO market raised a total of US$4.4 billion dollars,
narrowly edging out last year’s funds raised by an increase of 0.47%.

Thailand IPO Performance Year-on-Year Number of IPOs

2021 14,509 50
4,377 46
41

2020 17,590 40
4,356 34
28
12,685 30
2019 23
2,996
20
2018 5,355
2,850
10
2017 13,537
2,912
0
0 5,000 10,000 15,000 20,000 2017 2018 2019 2020 2021

IPO market capitalisation Amount Raised

The first and fourth largest listings of 2021, PTT Oil and Retail Business Public Company Limited and Ngern Tid Lor Public
Company Limited contributed to 69% of total funds raised in the Thailand IPO market.

Despite a spike in cases of Covid-19 in Q3 of 2021, Thailand’s IPO market remained stable as it rode out the pandemic with
63% of the number of listings coming in the second half of 2021.

Thailand market is continuously growing with 23 companies in the pipeline to be listed and are approved by Thai SEC as of
year end. The largest one in the pipeline is Thai Life Insurance Public Company Limited which provides integrated products
covering Personal Accident Insurance and Group Insurance.

OUR
INSIGHTS

“IPOs continue to be a major growth driver for the Stock Exchange

of Thailand (SET). This year’s IPOs are diverse, from oil groups
to telecommunications, retailers and finance companies, thus
appealing to a wide range of investors.”
Ms Wilasinee Krishnamra, Disruptive Events Advisory Leader, Deloitte Thailand

11
Southeast Asia IPO Capital Market

Top 10 largest IPOs in Thailand in 2021

Company Date of Amount Raised IPO Market Cap Industry

Listing (US$ million) (US$ million)

1 PTT Oil and Retail Business Public Company Limited 11-Feb-2021 1,780 6,890 Energy and Resources

2 Ngern Tid Lor Public Company Limited 10-May-2021 1,218 2,708 Financial Services

3 The ONE Enterprise Public Company Limited 05-Nov-2021 125 600 Technology, Media and
Telecommunications

4 INET Leasehold REIT 09-Aug-2021 102 102 Real Estate

5 UBON Bio Ethanol Public Company Limited 30-Sep-2021 97 277 Energy and Resources

6 Grande Royal Orchid Hospitality REIT 21-Jul-2021 96 96 Real Estate

7 KTBST Mixed Leasehold REIT 15-Nov-2021 89 89 Real Estate

8 Britania Public Company Limited 21-Dec-2021 80 269 Real Estate

9 Don Muang Tollway Public Company Limited 07-May-2021 72 605 Consumer Business

10 Srinanaporn Marketing Public Company Limited 20-Jul-2021 67 269 Consumer Business

With a sizeable pipeline year-on-year, Thailand’s IPO Market has consistently performed well amongst its Southeast Asian counterparts.

Also noteworthy is the Technology, Media and Telecommunications industry which boasted the biggest price change with an increase in
263% coming from DITTO (Thailand) Public Company Limited. 4 out of the top 5 best performers were based in the tech industry making it
a formidable part of the economy with huge growth potential in the coming years.

Top 5 Performers in terms of change in share price

Company Industry Offer price Share Price as % change

at 31-Dec-2021

1 DITTO (Thailand) Public Company Limited Technology, Media and Telecommunications THB 7.5 THB 27.3 263%

2 Addtech Public Company Limited Technology, Media and Telecommunications THB 11.0 THB 31.5 186%

3 TQR Public Company Limited Financial Services THB 5.1 THB 14.3 180%

4 Beryl 8 Plus Public Company Limited Technology, Media and Telecommunications THB 10.0 THB 25.0 150%

5 Proen Corp Public Company Limited Technology, Media and Telecommunications THB 3.3 THB 7.2 120%

OUR
INSIGHTS

“Based on the performance of the newly listed tech companies on

the Market for Alternative Investment (MAI), we should see more
digital tech companies going public in Thailand, a departure from
the usual traditional companies.”
Ms Wilasinee Krishnamra, Disruptive Events Advisory Leader, Deloitte Thailand

12
 Southeast Asia IPO Capital Market

Country in focus: Philippines

Philippines IPO Market Performance
Philippines pushed proceeds to the highest levels in five years, with 4 out of 7 number of listings coming from Real
Estate Investment Trusts (REITs), largely due to the relaxation of regulations on REITs as well as tax adjustment
schemes for companies doing business in the Philippines.

The Philippines IPO market raised a total of US$2.9 billion proceeds this 2021, higher than the proceeds raised
over the past 4 years combined. IPO market capitalisation also recorded a new high of US$7.1 billion.

IPOs on the Philippine Stock Exchange in 2021

Company Date of Amount Raised IPO Market Cap Industry

Listing (US$ million) (US$ million)

1 DDMP REIT Inc 24-Mar-2021 826 826 Real Estate

2 Monde Nissin Corporation 01-Jun-2021 998 4,980 Consumer Business

3 Filinvest REIT, Corp 12-Aug-2021 230 230 Real Estate

4 RL Commericial REIT, Inc. 14-Sep-2021 424 424 Real Estate

5 MREIT, Inc. 01-Oct-2021 269 269 Real Estate

6 AllDay Marts Inc. 03-Nov-2021 90 327 Consumer Business

7 Solar Philippines Nueva Ecija 17-Dec-2021 53 53 Industrial Products

Corporation

Total 2,890 7,109 7 listings

Corporate Recovery and Tax Incentives for Enterprises (CREATE)

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act was created by The Congress of
the Philippines in response to the COVID-19 pandemic as a fiscal relief to domestic and foreign corporations
doing business in the Philippines. It seeks to amend several provisions in the old Tax Code, with a central focus
on lowering corporate income tax rates and rationalizing fiscal incentives to better attract local and foreign
investments in the Philippines. It was signed into law on 26th March 2021 and took effect on 11th April 2021.

Key Adjustments under CREATE

Type of Business Pre-CREATE CREATE

Domestic Micro, Small and Medium Enterprises (MSME) with a taxable income of 30% 20%
PHP5 million and below, and with total assets of not more than PHP100 million

Domestic corporations which earn a taxable income above PHP5 million 30% 25%

Minimum corporate income tax (applicable from July 1, 2020 to June 30,2021) 10% 1%

Foreign sourced dividends received by domestic corporations 15% Exempt

Solar Philippines Nueva Ecija Corporation

Source: https://taxreform.dof.gov.ph/tax-reform-packages/p2-corporate-recovery-and-tax-incentives-for-enterprises-act/

13
Southeast Asia IPO Capital Market

Country in focus: Malaysia

Malaysia IPO Market Performance
Malaysia saw the number of IPOs going back to pre-COVID levels, driven by cornerstone investors, coupled with an abundance of
uninvested capital. With rising vaccination rates in the country, there is a growing number of technology-based startups and companies
looking to increase their presence and capacity to tap the capital markets.

Malaysia’s IPO market has remained vibrant with 29 listings in 2021, an increase of 53% from 2020. Its IPO market raised a total of
US$0.34 billion dollars, a decrease of 31% from prior year. Market capitalisation decreased by 29%, recording US$2.1 billion.

Malaysia IPO Performance Year-on-Year Number of IPOs

2,072 40
2021
337
30 29
2020 2,900 30
490
22
2019 1,954 19
447 20
683 13
2018
166
10
2017 3,939
2,219
0
0 1,000 2,000 3,000 4,000
2017 2018 2019 2020 2021
US$ million
IPO market capitalisation Amount raised

The Malaysian Stock Exchange fared better in the second half of the year with 74% of funds raised due to improving
economic conditions and the Government being able to contain the spread of COVID-19.

Companies that were listed on the Malaysian IPO market were evenly spread out among the 3 Markets on the Stock
Exchange. The Leap and Ace Market both recorded 12 and 11 listings respectively while the Main Market saw 6 listings
and 1 secondary listing of OM Holdings Berhad (excluded from table above) in 2021.

Malaysia saw the first REIT listing since 2017, IGB Commercial REIT raised US$90 million with a market capitalisation
of US$551 million.

OUR
INSIGHTS

“Looking back on the IPO market in Malaysia in 2021, it has remained vibrant with
29 IPO listings and we are optimistic more will be coming in 2022. The positive
sentiment can be attributed to the introduction of the Third Capital Market
Masterplan by Securities Commission Malaysia, digitalisation of operations, and
overall recovery of the economy from COVID-19. We would expect 2022 to be
an eventful year, keeping an eye on macro-economic impact from fiscal and
regulatory policies, which include sustainability reporting, from global markets.“
Mr Wong Kar Choon, Disruptive Events Advisory Leader, Deloitte Malaysia

14
 Southeast Asia IPO Capital Market

Country in focus: Singapore

Singapore IPO Market Performance
2021 saw the Singapore Exchange (SGX) raise a total of US$1.2 billion in IPO proceeds from 8 IPO deals. This comprises of 3 IPOs on
the SGX Mainboard with US$1,173 million funds raised and 5 deals on the Catalist board that raised US$44 million. In comparison,
the exchange raised US$968 million in proceeds from 11 IPO deals in 2020.

Singapore IPO Performance Year-on-Year Number of IPOs

2021 2,388 30
1,217

2020 2,835 20
968
20
3,176 15
2019
2,263
11 11
2018 2,168 10 8
551

2017 6,219
3,492
0
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2017 2018 2019 2020 2021
US$ Million

Market Cap Funds Raised

The Singapore Exchange (“SGX”) introduced the Special Purpose Acquisition Company (“SPAC”)
framework to encourage listings on its local exchange. Enhancements to the Grant for Equity Market
Singapore (GEMS) were ushered out to aid companies looking to list on SGX.

A much-needed boost for the Singapore IPO market came in the 4th quarter of 2021, when the
listings of Daiwa House Logistics Trust and Digital Core REIT raised a total of US$939 million with IPO
market capitalisation of US$1.39 billion.

OUR
INSIGHTS

“The highly anticipated inaugural SPAC IPO on SGX did not happen
in 2021, but we saw 3 of them listed in January 2022 instead. With
a holistic ecosystem in place that supports companies to IPO,
enabling them to tap on the capital market in a shorter timeframe,
I look forward to seeing more listing activities in Singapore.”
Ms Tay Hwee Ling, Southeast Asia Disruptive Events Advisory Leader, Deloitte Singapore

15
Southeast Asia IPO Capital Market

IPOs on the SGX in 2021

Company Mainboard/ Date of Amount Raised IPO Market Cap Industry

Catalist listing (US$ million) (US$ million)

1 Aztech Global Ltd Mainboard 12-Mar-2021 233 735 Consumer Business

2 ECON Healthcare (Asia) Catalist 19-Apr-2021 11 54 Life Sciences and Health Care
Limited

3 OTS Holdings Limited Catalist 17-Jun-2021 7 37 Consumer Business

4 Audience Analytics Catalist 30-Sep-2021 6 37 Technology, Media and

Limited Telecommunications

5 Trans-China Automotive Catalist 11-Nov-2021 14 98 Consumer Business

Holdings Limited

6 Daiwa House Logistics Mainboard (REIT) 19-Nov-2021 339 395 Real Estate
Trust

7 Mooreast Holdings Ltd. Catalist 24-Nov-2021 6 42 Energy and Resources

8 Digital Core REIT Mainboard (REIT) 06-Dec-2021 600 990 Real Estate

TOTAL 8 listings 1,217 2,388

2021 Total: Total Count: 8 1,217 2,388

2020 Total: Total Count: 11 968 2,835

2019 Total: Total Count: 11 2,263 3,176

2018 Total: Total Count: 15 551 2,168

2017 Total: Total Count: 20 3,492 6,219

16
 Southeast Asia IPO Capital Market

Key regulatory updates in 2021

17th September 2021

Boosting Equity Financing for High-Growth Enterprises (GEMS)
Enhancements to the Grant for Equity Market Singapore (GEMS) scheme was announced. Companies with
larger market capitalisation will now be able to tap on the GEMS listing grant to co-fund 70% of their IPO
expenses, up to S$2 million. Smaller firms can get 70% co-funding up to a cap of S$1 million.

Anchor Fund@ 65 Growth IPO fund Strategic Partnership Model

Announced the setting up of Anchor The Growth IPO fund is another initiatives Singapore Exchange’s Strategic
Fund @ 65 with an initial tranche of announced. This initiative focuses on Partnership Model, which will
S$1.5 billion that will assist promising late-stage private enterprises that are two develop bespoke solutions ranging
high-growth companies raise capital or more funding rounds away from a listing. from private market fundraising to
through public listings here. This fund It will help them grow and prepare for an liquidity building and global investor
will be co-funded by the Government eventual initial public listing in Singapore. outreach for high-growth companies
and Temasek Holdings

2nd September 2021

SGX introduces SPAC listing framework
SGX announced that the new SPAC framework
will take effect from 3rd September onwards.

21st May 2021 31st March 2021

SGX RegCo to continue to SGX consults on SPACs framework
suspend entry into issuer’s SGX sought feedback on a proposed
watch-list regulatory framework for the listing of
The reason for the extension is SPACs.
to enable SGX issuers to focus
on meeting the current business
and economic challenges due to
the COVID-19 pandemic and
dealing with any resultant
liquidity crunch.
16th March 2021
SGX RegCo allows Mainboard issuers up
to 31st Dec 2021 to seek or renew
Enhanced Share Issue Limit
SGX provisionally enabled Mainboard
issuers an extension to seek a general
mandate for an issue of pro-rata shares and
12th Jan 2021
convertible securities of up to 100% of its
SGX RegCo enhances rules on auditors, valuers and valuation reports
share versus 50% till 31st December 2021.
All primary-listed issuers must appoint an auditor and valuers registered with the
This mandate will expire on the next annual
Accounting and Corporate Regulatory Authority (ACRA) and Singapore Institute of
general meeting or on the date by which the
Surveyors and Valuers (SISV) respectively to conduct their statutory audits.
next annual general meeting is required by
For all other secondary listed issuers from non-developed markets, SGX RegCo will assess if law or the SGX-ST Mainboard Listing Manual
appointment of an auditor that is registered with ACRA is required on a case-by-case basis. to be held, whichever is the earliest.

OUR
INSIGHTS

“By enhancing secondary listing rules and introducing the SPAC framework, listing
aspirants in Southeast Asia with familiar local names have more options and can
list closer to home. The emergence of more IPOs from Southeast Asia will trigger
a positive effect and help increase the dynamics of Singapore as an international
capital market that provides listing aspirants with a growth platform.”
Ms Tay Hwee Ling, Southeast Asia Disruptive Events Advisory Leader, Deloitte Southeast Asia and Singapore

17
Southeast Asia IPO Capital Market

Outlook: Singapore

SGX IPOs and lodgements as of 28th January 2022:

Company Mainboard/ Date of Listing Amount raised IPO Market Cap Industry
Catalist (US$ million) (US$ million)

1 Vertex Technology Mainboard 20-Jan-2022 149 149 Targeting de-SPAC in

Acquisition Corporation (SPAC) Technology, Media and
Ltd Telecommunications

2 Pegasus Asia Mainboard 21-Jan-2022 127 127 Targeting de-SPAC in

(SPAC) Technology, Media and
Telecommunications

3 Novo Tellus Alpha Mainboard 27-Jan-2022 112 112 Targeting de-SPAC in

Acquisition (SPAC) Technology, Media and
Telecommunications

4 Alpina Holdings Limited Catalist 28-Jan-2022 9 43 Consumer Business

5 LS 2 Holdings Limited Catalist Lodged: 23-Dec-2021 (i) (i) Consumer Business

6 iWOW Technology Limited Catalist Lodged: 30-Dec-2021 (i) (i) Technology, Media and
Telecommunications

7 Oiltek International Catalist Lodged: 31-Dec-2021 (i) (i) Energy and Resources
Limited

(i) As of 28th January 2022, the statistics are unavailable as it is still a lodgement on Catalodge.

“There is an ecosystem of companies in Singapore that have a regional footprint

and they have the options to choose to list in Singapore or on overseas
exchanges. Moving forward, we expect REITs to continue to be stronghold on the
local bourse. We saw the first few SPACs IPOs in 2022, and we can look forward
to SGX being a viable candidate for de-SPACs for high growth tech companies
in the years to come. We are still cautiously optimistic, but with the new energy
infused by SPAC listings and the buzz around the new economy companies and
tech unicorns in Southeast Asia, we have a lot to look forward to.”
Ms Tay Hwee Ling, Southeast Asia Disruptive Events Advisory Leader, Deloitte Singapore

18
 Southeast Asia IPO Capital Market

Exploring the SPAC route

What is a SPAC?
A SPAC is a company that is listed on a stock exchange which has no commercial
On 5th May 2017, the first SPAC
operations. By acquiring a private company, it enables them to go public without going
TPG Pace Energy Holdings
through the traditional IPO process.
listed on NYSE at US$10 per
share. On 22nd July 2020, the biggest
Timeline of SPACs
SPAC listing then, Pershing Square
SPACs were created in 1993, at a time where blank check companies were prohibited in
Tontine raised a total of US$4 billion at
the United States. The revival of SPACs came in 2020, where 248 SPACs were listed in the
US$20 per share. This had led to a new
United States. Since then, different countries have adopted similar frameworks to help
wave of SPAC listings and most recently
aspiring SPACs list on their local stock exchange.
on 2nd December 2021, Grab, a SEA
technology company headquartered
in Singapore went public on NASDAQ.
The merger with Altimeter Growth
Corp raised US$4.5 billion making it the
biggest SPAC listing to date.

Asian bourses jumping on the SPAC bandwagon

• In a bid to create more • On 21st September 2021, • Hong Kong Exchange • Scepticism of SPACs initially
options for the Singapore Malaysia’s Securities (“HKEX”) has released due to 3 failed SPACs
IPO Market, SGX introduced Commission announced a consultation paper on listings on South Korea’s
the SPAC framework on the a review to its SPAC 17th September 2021, KRX Main Board in 2010.
2nd September 2021. framework to meet the seeking market feedback
• South Korea saw the
growing demand for SPACs. on proposals to create a
• In January 2022, 3 SPACs US$85.1 million IPO of NH
listing regime for SPACs in
have commenced trading • There were 5 SPACs in Special Purpose acquisition
Hong Kong.
on SGX. Malaysia prior to that. 19 which marked the first
• The framework took effect SPAC listing on the South
• The revised framework took
on 1st January 2022. Korean Main Board in more
effect on 1st January 2022.
than 10 years.

19
Southeast Asia IPO Capital Market

Special Purpose Acquisition Company (SPAC)

Comparison of SPAC frameworks across exchanges

Singapore (SGX) United States (NYSE and NASDAQ) Hong Kong (HKSE)

Fund Raising • No minimum fund raising • No minimum fund raising • Minimum funds raised
and Market • SPAC required to have a market • Minimum market capitalisation: of HK$1 billion
Capitalisation capitalisation of S$150 million NYSE American and NASDAQ
capital market: (US$50 million)
• NASDAQ Global Market: US$75
million
• NYSE: US$100 million

Promoters • Suitability of SPAC includes the • For NYSE, SPAC Promoters’ • SPAC Promoters must have at
and Directors track record and reputation of experience and track record is one least a corporate finance or asset
founding shareholders of the factors in the assessment of management license issued by the
• Experience and expertise of the the suitability of a SPAC for listing Securities and Futures Commission
management team of Hong Kong
• Any material changes in promoters
would require approval by a special
resolution of shareholders at a
general meeting

Investor • The US regulatory regime and • The US regulatory regime and • The subscription and trading of
suitability SGX do not limit the subscription SGX do not limit the subscription SPAC securities prior to a de-SPAC
and trading of SPAC securities to and trading of SPAC securities to transaction would be limited to
professional investors professional investors professional investors only (i.e.
institutional professional investors
and individual professional
investors).
• A SPAC must distribute each of the
SPAC shares and SPAC warrants
to a minimum of 75 professional
investors, of which at least 20
must be institutional professional
investors and such institutional
professional investors must hold
at least 75% of the securities to be
listed

Open Market • 25% of SPAC’s issued shares to be • NYSE: 300 round lot holders and • Not more than 50% of securities
Requirements held by at least 300 shareholders 1.1 million publicly-held shares at the time of a SPAC’s listing can
• NASDAQ Capital Markets: 300 be beneficially owned by the three
“round lot” holders and 1 million largest public shareholders
publicly held shares • At least 25% of the SPAC’s total
• NASDAQ Global Markets: 400 number of issued shares and
“round lot” holder and 1.1 million at least 25% of the SPAC’s total
publicly held shares number of issued warrants must
be held by the public. These public
float requirements would also
apply on an ongoing basis

20
 Southeast Asia IPO Capital Market

Comparison of SPAC frameworks across exchanges

Singapore (SGX) United States (NYSE and NASDAQ) Hong Kong (HKSE)

Issue Price • Issue price of S$5 • Typically, SPACs have a unit issue • HK$10 or above
price of US$10

Continuing • 90% of gross SPAC IPO proceeds • 90% of gross SPAC IPO proceeds • 100% of the gross proceeds of
Obligations to be held in a trust account by to be held in an escrow account a SPAC’s initial offering must be
an independent escrow agent or by an independent custodian, an held in a ring-fenced trust account
invested in cash or cash equivalent “insured depository institution” or located in Hong Kong
short dated securities of at least in a separate account established
A-2 rating by a registered broker or dealer

Application • Must meet initial listing • NYSE: Must meet minimum share • Required to meet all the new
of new listing requirements price, market capitalisation and listing requirements including IPO
requirements shares in public hand requirements sponsor engagement to conduct
• NASDAQ: Must meet full initial due diligence, minimum market
listing requirements applicable to capitalisation requirements and
market segments financial eligibility tests

Size of De-SPAC • Fair market value must be more or • Fair market value must be more or • Fair market value must be more or
target equal to 80% of the proceeds held equal to 80% of the proceeds held equal to 80% of the funds raised
in trust in trust by the SPAC from its initial offering
prior to any redemptions

21
Southeast Asia IPO Capital Market

Contact us
Reach out to our IPO experts:

Tay Hwee Ling

Disruptive Events Advisory Leader
Deloitte Southeast Asia and Singapore
[email protected]

Wilasinee Krishnamra Wong Kar Choon

Disruptive Events Advisory Leader Disruptive Events Advisory Leader
Deloitte Thailand Deloitte Malaysia
[email protected] [email protected]

Imelda M. Orbito Romualdo Bea

Disruptive Events Advisory Leader Disruptive Events Advisory Leader
Deloitte Indonesia Deloitte Philippines
[email protected] [email protected]

Do Hong, Duong
Disruptive Events Advisory Leader
Deloitte Vietnam
[email protected]

22
Southeast Asia IPO Capital Market

23
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and
their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its
member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other
in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions,
and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia
Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from
more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur,
Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its
global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this
communication, rendering professional advice or services. Before making any decision or taking any action that may affect
your finances or your business, you should consult a qualified professional adviser.

No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the
information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be
liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying
on this communication. DTTL and each of its member firms, and thei related entities, are legally separate and independent
entities.

© 2022 Deloitte Southeast Asia Ltd

Designed by CoRe Creative Services. RITM0923831