The IPO market is roaring back in 2025, with tech, fintech, and space companies leading the charge. For ASEAN investors, this global resurgence offers unique signals, strategic opportunities, and cautionary lessons.
Below are the top 10 IPOs from around the world that are making headlines—and what ASEAN markets and investors should take note of.
1. Figma (USA)
- Sector: UI/UX Design Software
- IPO Value: $12.5 billion
- Why It Matters: Figma’s explosive debut with a 250% day-one surge is proof of strong investor demand for collaborative tech. ASEAN startups like Canva (headquartered in Sydney but widely used in Southeast Asia) are likely next in line.
2. CoreWeave (USA)
- Sector: AI Cloud Infrastructure
- IPO Value: $7 billion
- ASEAN Insight: As an Nvidia-backed company, CoreWeave’s listing reflects the booming AI demand globally. ASEAN cloud firms may benefit from increased investor attention.
3. Circle (USA)
- Sector: Crypto / Stablecoins
- IPO Value: $9 billion
- Takeaway: The success of Circle, issuer of USDC, indicates renewed confidence in regulated crypto. Countries like Singapore and Thailand, already progressive in crypto regulation, may see ripple effects.
4. Firefly Aerospace (USA)
- Sector: Space Technology
- IPO Value: $6.8 billion
- Why ASEAN Should Care: As space tech becomes commercially viable, ASEAN startups in satellite imaging, aerospace engineering, and telecommunications could attract investor interest.
5. Chime (USA)
- Sector: Digital Banking / Fintech
- IPO Value: $13.5 billion
- Regional Relevance: With Chime’s strong performance, ASEAN-based neobanks and fintech apps like Tonik (Philippines) and GCash may gain momentum for future listings.
6. Databricks (Expected 2025)
- Sector: AI & Data Analytics
- Estimated Valuation: $43 billion
- Note to ASEAN Tech Scene: Databricks’ IPO will likely draw massive global attention. Data-centric startups in Malaysia, Vietnam, and Indonesia should ride the AI wave.
7. Klarna (Sweden)
- Sector: Buy Now Pay Later (BNPL)
- Valuation: $15–20 billion
- ASEAN Lens: BNPL adoption is skyrocketing across Southeast Asia. Klarna’s IPO success could influence regional players like Akulaku (Indonesia) and Atome (Singapore).
8. Reliance Jio (India)
- Sector: Telecom & Digital Services
- IPO Value: Expected $4–5 billion
- Why It’s Big: With a user base larger than most ASEAN countries combined, Jio’s IPO is set to be historic. ASEAN telecom giants may face new competition in the digital ecosystem.
9. Shein (Singapore HQ)
- Sector: E-commerce / Fashion
- Expected Valuation: $50–70 billion
- ASEAN Impact: Though founded in China, Shein is now headquartered in Singapore. Its IPO could boost the region’s visibility in global fast-fashion and e-commerce landscapes.
10. GCash (Philippines)
- Sector: Fintech / Mobile Payments
- IPO Estimate: $1–1.5 billion
- Why This is Crucial: This could become the largest IPO in Philippine history, signaling global investor confidence in ASEAN-based fintech. A strong debut may open doors for similar firms across the region.
While most of these IPOs are outside ASEAN, their ripple effects are already being felt across Southeast Asia. From fintech to e-commerce and AI, the 2025 IPO boom is a call for ASEAN investors and entrepreneurs to level up, align with global standards, and prepare for international competition and collaboration.