Asia’s IPO market is poised for a robust revival in 2025, as India has a promising line-up and Hong Kong shows recovery.
Led by a resilient economy and strong demand from mutual funds that is keeping markets elevated, India is expected to exceed its record-breaking $20.7 billion in new-share sales achieved in 2024.
In Hong Kong, a wave of mainland Chinese companies seeking to list in the city will likely drive its IPO market, as onshore deals, which once dominated the region’s volumes, lag.
“We are starting to see a lot of activity around requests for proposal for 2025,” with many of the deals related to the mainland-to-Hong Kong theme, said Aaron Oh, head of Asia-Pacific equity capital markets at UBS Group AG, as reported by Bloomberg.
Here are some of the potentially large new share sales compiled by the publication, to watch out for in 2025:
India: upcoming IPOs in 2025
Key IPOs on the horizon include HDB Financial Services Ltd., a subsidiary of HDFC Bank, which plans to raise as much as $1.5 billion.
South Korea’s LG Electronics Inc. is also preparing for a blockbuster IPO of its Indian unit in the first half of this year, potentially valued at $15 billion.
Additionally, Indian startups such as Zetwerk Pvt Ltd., a supply-chain technology firm, and Quest Global Services Pte, an engineering services company backed by Carlyle Group, are exploring IPO plans that may help them raise as much as $1 billion each.
Further, German car parts maker Mahle GmbH is said to be planning an IPO of its Indian business, with the deal potentially raising as much as $400 million.
Hong Kong IPOs to watch in 2025
In Hong Kong, Contemporary Amperex Technology Co. (CATL), the world’s leading electric-vehicle battery maker, planning a second listing that could help it raise as much as $5 billion.
If successful, this would be Hong Kong’s largest IPO since early 2021.
Other key players include Jiangsu Hengrui Pharmaceuticals Co., targeting $2 billion, and Foshan Haitian Flavouring & Food Co., eyeing $1.5 billion in proceeds.
Seres Group Co., a partner of Huawei Technologies in the electric-vehicle space, and energy drink maker Eastroc Beverage Group Co. are also exploring listings that could raise over $1 billion each.
Other Asian lPOs
Other regions in Asia are also gearing up for significant listings.
Chinese fashion giant Shein Group is reportedly considering a London IPO in early 2025, with a potential valuation of $62 billion.
Japan’s JX Advanced Metals Corp., a subsidiary of oil refiner Eneos Holdings, may raise up to $4.5 billion through a share sale as part of its spin-off strategy.
The automotive unit of Chery Holding Group Co. may seek a valuation of more than 100 billion yuan ($14 billion) in a Hong Kong IPO as soon as this year.
In Southeast Asia, Malaysia’s MMC Port Holdings Sdn. plans to raise $1.6 billion in Kuala Lumpur, marking the largest IPO in the country in over a decade.
Meanwhile, the Philippines’ leading fintech platform, GCash, is preparing for an IPO that could bring in $1 billion to $1.5 billion, setting a record for the nation’s financial sector.
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