PitchBook-亚太地区IPO市场的机遇（英）

1Opportunities in APAC IPO MarketsEvaluating the viability of public listings for private-capital-backed companiesPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchInstitutional Research GroupAnalysisMelanie Tng Research Analyst, APAC Private Capital melanie.tng@pitchbook.compbinstitutionalresearch@pitchbook.comPublishingDesigned by Josie DoanPublished on June 12, 2025ContentsKey takeaways1APAC market struggling but still primed for performance2Recent IPO trends in APAC3What is next for APAC’s IPO market?13Key takeaways• Amid macroeconomic uncertainty and rising geopolitical tension, APAC’s IPO markets have entered a more selective phase. While deal volume has remained steady post-2021, listing value has fallen sharply, reflecting tighter investor scrutiny and a higher bar for public market readiness.• India stands out as the most resilient market, with VC- and PE-backed IPOs more than doubling from 2022 to 2024. Strong domestic liquidity, stable macro conditions, and active pipelines in consumer, fintech, and cleantech continue to support public exits.• Meanwhile, Japan has maintained steady IPO volume for profitable midsized companies. Investors remain focused on asset-light B2B sectors such as healthcare and industrial technology, with institutional support and governance reforms reinforcing pricing discipline. South Korea also remains active, particularly in healthcare and tech, but faces challenges around post-IPO performance and institutional confidence. • China has seen a sharp decline in sponsor-backed IPOs, driven by weak sentiment and regulatory intervention. Listings continue in policy-aligned or consumption-driven sectors, but liquidity remains constrained by long lockups and foreign investment limits. Southeast Asia remains structurally limited, with few scalable, IPO-ready companies and thin capital markets. Public exits are rare and largely confined to mid-cap, cash-generative businesses in local consumer sectors.• PitchBook’s IPO Predictor highlights healthcare, IT, and consumer sectors as the most IPO-ready across APAC, with high-probability candidates concentrated in India, Korea, and Japan. Yet the realization of these pipelines will depend on company fundamentals, macro timing, and listing venue dynamics. 2Analyst Note: Opportunities in APAC IPO MarketsAPAC IPO market struggling but still primed for performanceThe uneven recovery of Asia-Pacific (APAC) IPO markets and the highly selective pipeline of likely listings highlight a deeper structural transition underway. Rather than a temporary lull, we are witnessing a more permanent shift in the ways in which companies can exit via public markets. This transition reflects not just cyclical headwinds but also fundamental c