Southeast Asia's IPO market declined significantly in the first six months of 2024, with market capitalization plunging 71% to $5.8 billion, a report from Deloitte showed.
There were no blockbuster IPOs from January to June, with only one large IPO with market capitalization of more than $1 billion and raising more than $200 million, Deloitte said.
In the same period a year ago, there were three large IPOs which raised more than $600 million each.
The downward trend signals "subdued IPO market sentiments where investors and IPO candidates continue to navigate macroeconomic factors," Deloitte said.
Still, the report pointed out that historically, the latter half of the year "has always been the better performing half between 2020 to 2022."
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