Deals in Asia Pacific declined by 35%, whilst proceeds dropped by 51% YoY.

Singapore recorded a total of $42.9m (US$31.4m) in initial public offering (IPO) proceeds in 2024, according to an Ernst & Young (EY) report.

"High inflation and elevated interest rates deterred public listings. In Singapore, government reforms to revitalise the stock exchange are expected to boost IPO activity," Chan Yew Kiang EY Asean IPO Leader said.

From a regional perspective, the Asia Pacific continued its downward trajectory, declining by 35% in deals and by 51% in proceeds year-over-year (YoY).

In ASEAN, there were a total of 129 deals (-21%) raising $4.6b (US$3.6b) (-38%). Markets that were the most active in the year were Malaysia with $2.3b (US$1.7b), Indonesia with $1.2m (US$921m), and Thailand with $1.1m (US$808m).

Globally, the IPO market recorded 1,215 deals, raking in $166b (US$121.2b) in proceeds for 2024, falling slightly behind 2023 levels.

Public listings of private equity and venture capital-backed portfolio companies generated 46% of total global IPO proceeds.

Technology, media and telecommunications, industrials, and consumer sectors dominated global IPOs, with a combined 60% share across all industries by both number and proceeds.

Looking ahead, EY said mega trends would include a shift in fiscal and monetary policies, geopolitical tensions and global supply chain, artificial intelligence, new environmental, social, and governance priorities, and the influence of the new US administration.

($1=US$0.73)