KUALA LUMPUR: In a year marked by extreme market swings and the shock of unprecedented US reciprocal tariffs, Malaysia's initial public offering (IPO) market delivered a strong performance, supported by a steady pipeline of new listings.
A total of 60 IPOs in 2025 added RM32.96 billion in market capitalisation to the local bourse, marking its strongest showing in two decades by market value as the year draws to a close.
While Bursa Malaysia Bhd met its 2025 listing target, total funds raised came in lower at RM5.96 billion, about 20 per cent below the RM7.42 billion raised in 2024, when 55 companies were listed.
By comparison, the 2024 IPO cohort added RM31.37 billion in market capitalisation, led by large listings such as 99 Speed Mart Retail Holdings Bhd, now valued at RM31.92 billion, and Johor Plantations Group Bhd at RM4 billion.
Of the 60 listings in 2025, 11 were on the Main Market, 44 on the ACE Market and five on the LEAP Market.
The last time Bursa Malaysia recorded a higher number of listings was in 2005 with 79 companies, while the all-time peak remains 92 listings in 1996.
This marks a sharp contrast with the Covid-19 period, when IPO activity fell to just 19 companies. Since then, listings have staged a steady recovery, more than tripling and culminating in a strong showing this year despite a challenging global environment.
Primary fundraising in 2025 was driven by several large listings, led by Eco-Shop Marketing Bhd, which raised RM974.2 million during its Main Market debut on May 23.
Other notable Main Market fundraisings included Paradigm Real Estate Investment Trust with RM560 million, Cuckoo International (Mal) Bhd with RM394.59 million and Orkim Bhd, which raised RM368 million.
The ACE Market also recorded strong activity, led by Aquawalk Group Bhd with RM228.5 million, followed by Oriental Kopi Holdings Bhd at RM183.96 million and Lim Seong Hai Capital Bhd with RM168 million.
Rounding out the top fundraisers were Pantech Global Bhd at RM178.3 million, Signature Alliance Group Bhd at RM161.2 million and HI Mobility Bhd with RM158.6 million.
In terms of share price performance, Lim Seong Hai Capital led the pack, with its shares surging 131 per cent since its ACE Market debut on March 21. The stock last closed at RM1.92, lifting its market capitalisation to RM1.61 billion.
Main Market-listed HI Mobility also recorded strong gains, with its share price more than doubling from its debut closing of RM1.33 to RM2.70, a 103 per cent increase.
Meanwhile, Oriental Kopi maintained solid momentum on the ACE Market, rising 60 per cent year-to-date from 87.5 sen to RM1.40.
However, several stocks recorded sharp declines, with market valuations falling by more than 40 per cent. The steepest drop was seen in Cuckoo International, which slid 50 per cent to 54 sen from RM1.08.
Similarly, Swift Energy Technology Bhd fell 49.37 per cent, with its share price declining from 39.5 sen to 20 sen.
Other notable decliners included MSB Global Group Bhd, down 47 per cent, West River Bhd (45.95 per cent) and Sumisaujana Group Bhd (44.44 per cent).