IPO Momentum Signals Resurgent ASEAN Capital Markets Cycle

CGS International has delivered a standout year in ASEAN capital markets, cementing its position as a key conduit for cross-border capital flows as IPO activity rebounded across Singapore, Malaysia, and Thailand. Against a backdrop of improving market sentiment, Asian investment house CGS International closed a broad slate of landmark listings and secondary offerings that underscore renewed investor appetite and deeper regional connectivity. By mid-December 2025, the firm had completed 63 deals, including 14 IPOs across ASEAN exchanges. The breadth of transactions highlights not only a cyclical recovery in primary markets, but also the firm’s ability to execute across varied regulatory regimes, market structures, and investor bases – a critical differentiator in fragmented regional markets. Singapore Regains Primary Market Footing In Singapore, CGS International played a central role in revitalising IPO activity. The Mainboard listing of Info-Tech Systems raised S$57.4 million, marking the city-state’s first Mainboard IPO in two years. This was complemented by China Medical System’s secondary listing, which saw shares rise 11.2 percent on debut, and Lum Chang Creations’ Catalist IPO raising S$12.25 million – reinforcing CGS International’s sectoral reach from healthcare to construction and real estate. Malaysia Emerges as a Multi-Deal Growth Engine Malaysia proved equally pivotal, with CGS International supporting a series of high-impact transactions on Bursa Malaysia. These included UMS Integration’s secondary listing – the first by a Singapore-listed company – and the Main Market IPO of Paradigm REIT, which raised RM560 million. Additional mandates such as Aquawalk Group and Wasco Greenergy further strengthened the firm’s footprint across both the Main and ACE markets. Thailand Delivers Scale With Marquee Listings In Thailand, CGS International capitalised on a rebounding IPO market by acting as lead underwriter for Mr D.I.Y. Thailand. The transaction was the largest IPO by market capitalisation on the Stock Exchange of Thailand since 2023, underscoring the firm’s ability to deliver scale in larger, consumer-facing offerings. Linking ASEAN with Hong Kong and China Beyond Southeast Asia, CGS International continued to bridge capital between ASEAN, Hong Kong, and mainland China through collaboration with its Hong Kong affiliate. A notable example was Seres Group’s dual listing in Hong Kong and mainland China, which raised HK$14.3 billion and ranked as the world’s largest automotive IPO in 2025 – highlighting the firm’s reach into strategic, high-growth sectors such as new energy vehicles. Platform-Driven Strategy Underpins Growth According to Group Head of Investment Banking Jason Saw, «2025 has been a milestone year for CGS International’s investment banking franchise». He emphasised that the firm’s One CGS platform enables issuers to access the most appropriate pools of capital across Hong Kong, China, and the MIST markets, while supporting corporate expansion and innovation across Asia. Outlook: Pipeline Points to Sustained Activity With a robust pipeline heading into the coming year, CGS International is positioning itself as a long-term gateway for companies and investors navigating Asia’s evolving capital markets landscape. For financially savvy observers, the firm’s 2025 performance offers a clear signal: ASEAN’s capital markets are regaining momentum, and execution capability across borders is becoming an increasingly decisive competitive advantage.