亚太地区IPO市场的机遇2025

PitchBook Data, Inc. Opportunities inAPAC IPO Markets Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Evaluating the viability of public listings forprivate-capital-backed companies Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Melanie TngResearch Analyst,APAC Private Capitalmelanie.tng@pitchbook.com pbinstitutionalresearch@pitchbook.com Key takeaways •Amid macroeconomic uncertainty and rising geopolitical tension, APAC’s IPOmarkets have entered a more selective phase. While deal volume has remainedsteady post-2021, listing value has fallen sharply, reflecting tighter investorscrutiny and a higher bar for public market readiness. PublishingDesigned byJosie Doan Published on June 12, 2025 •India stands out as the most resilient market, with VC- and PE-backed IPOsmore than doubling from 2022 to 2024. Strong domestic liquidity, stable macroconditions, and active pipelines in consumer, fintech, and cleantech continue tosupport public exits. Contents Key takeaways1APAC market struggling but still primedfor performance2Recent IPO trends in APAC3What is next for APAC’s IPO market?13 •Meanwhile, Japan has maintained steady IPO volume for profitable midsizedcompanies. Investors remain focused on asset-light B2B sectors such ashealthcare and industrial technology, with institutional support and governancereforms reinforcing pricing discipline. South Korea also remains active,particularly in healthcare and tech, but faces challenges around post-IPOperformance and institutional confidence. •China has seen a sharp decline in sponsor-backed IPOs, driven by weaksentiment and regulatory intervention. Listings continue in policy-aligned orconsumption-driven sectors, but liquidity remains constrained by long lockupsand foreign investment limits. Southeast Asia remains structurally limited,with few scalable, IPO-ready companies and thin capital markets. Public exitsare rare and largely confined to mid-cap, cash-generative businesses in localconsumer sectors. •PitchBook’s IPO Predictor highlights healthcare, IT, and consumer sectors as themost IPO-ready across APAC, with high-probability candidates concentratedin India, Korea, and Japan. Yet the realization of these pipelines will depend oncompany fundamentals, macro timing, and listing venue dynamics. APAC IPO market struggling but still primedfor performance The uneven recovery of Asia-Pacific (APAC) IPO markets and the highly selectivepipeline of likely listings highlight a deeper structural transition underway. Ratherthan a temporary lull, we are witnessing a more permanent shift in the ways inwhich companies can exit via public markets. This transition reflects not just cyclicalheadwinds but also fundamental changes in capital markets, investor behavior, andregulatory posture across the region. Liquidity is becoming more concentrated, with only a few exchanges such as India’sNational Stock Exchange and Japan’s Tokyo Stock Exchange demonstrating thedepth and resilience to consistently support sponsor-backed IPOs. At the sametime, regulatory tightening and political sensitivities, particularly in China, haveconstrained cross-border listings and blurred the boundaries between capitalformation and industrial policy. In parallel, investor expectations have reset,prioritizing earnings visibility, governance quality, and capital efficiency over scaleor market share. These shifts are gradually reshaping the viability of IPOs as aprimary liquidity channel for private capital. Nevertheless, the outlook for 2025 is not without opportunity. If realized, even afraction of the current high-probability IPO pipeline—concentrated in sectors likehealthcare, AI, and consumer platforms—could deliver meaningful DPI acrossthe region. But access to that upside will depend less on market timing and moreon deliberate preparation, policy awareness, and executional discipline. APAC’sIPO window has not closed, but it has become narrower, more conditional, andstructurally differentiated. The path forward belongs not to those waiting forsentiment to turn, but to those building for resilience. Recent IPO trends in APAC Over the past decade, IPOs have been a cornerstone of APAC’s private capital exitlandscape and have steadily grown as a proportion of total exits in the region.Between 2015 and 2019, the region saw a steady stream of listings at an averageof about 1,400 IPOs each year, though PE- and VC-backed exits accounted for onlyaround 16% of those listings. India contributed outsized exits during sectoral rallies,particularly in fintech, energy, and consumer platforms. 2020-2021 then saw expanded IPO activity due to the liquidity-driven boom in thatperiod, with the IPO count reaching 1,303 in 2021 as technology names drove highvaluations across multiple markets. Alongside that