Asia’s stock markets are gearing up for their busiest week of listings in over two years, with around 20 companies from the region set to raise up to $8.3 billion. This wave of initial public offerings (IPOs), the largest weekly volume since April 2022, comes as companies rush to secure funds ahead of the U.S. election in November. Listings from China, India, and Japan highlight the broad revival in share sales across the region.
“There is a level of animal spirits returning to the Asia market,” said Matthew Emsley, a partner at Herbert Smith Freehills in Hong Kong, referencing the emotional drivers behind market behavior. Bankers and investors are eagerly watching how these new listings perform, as it could signal further opportunities for equity offerings in the coming weeks.
Among the key listings, China Resources Beverage Holdings and Horizon Robotics Inc. will debut in Hong Kong this week, raising over $1.3 billion combined. Their success could pave the way for more Chinese companies to tap into the market, which has seen a revival after years of weakness.
India’s IPO scene is also in the spotlight, with Hyundai Motor India Ltd.’s $3.3 billion listing—the country’s largest-ever IPO—set to debut on Tuesday. Despite being oversubscribed more than twice, the listing saw limited interest from smaller investors, raising concerns about India’s cooling auto industry following the pandemic boom.
Japan is also set for major IPO activity, with Tokyo Metro Co.’s $2.3 billion listing slated for October 23, the largest since 2018. Meanwhile, Rigaku Holdings Corp., a Japanese X-ray technology firm, will round off the week with a $750 million deal.
Despite the flurry of listings, some companies, like Korean online lender K Bank Co., have pulled back, citing insufficient demand for their IPOs. Nonetheless, the overall momentum in Asia’s equity markets points to growing investor appetite ahead of a potentially transformative period for the global economy.