In 2025, Malaysia had 59 IPOs raising US$1.4 billion, the highest volume in the region, but when we look at the money, Singapore raised US$2 billion with just 13 deals. So Malaysia won on volume, but Singapore won on value.

Wong Kar Choon from Deloitte Malaysia joins BFM Enterprise Explores to unpack the structural differences driving this divide. While Bursa Malaysia has become the region's engine for SME growth, with 44 of those 59 listings occurring on the ACE Market, Singapore continues to be the "global capital gateway" for high-value institutional deals in the region

We discuss:

• The Valuation Gap: Why Malaysia’s domestic-driven market supports volume but caps valuations, unlike Singapore’s access to global funds.

• ACE Market Dominance: With 44 out of 59 listings occurring on the ACE Market, we ask if Malaysia is becoming a "volume factory" for small caps rather than a home for regional champions.

• The "Silicon Valley" Paradox: Why the narrative of Malaysia as the "Silicon Valley of the East" hasn't translated into a wave of semiconductor listings, and whether the real value is locked in MNCs and Private Equity.

• "Real Tech" vs. "PowerPoint Tech": The new criteria for 2026, where investors demand profitability and cash flow over growth stories.

• The 2026 Playbook: How Malaysia can move from "Recovery" to "Reinvention" by attracting foreign institutional capital and hosting marquee IPOs in AI and data infrastructure.

Produced by: Roshan Kanesan

Presented by: Roshan Kanesan

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Categories:  economy,  SME,  Corporates

Tags:  IPO market,  bursa malaysia,  capital markets,  ace market,  ficus venture capital,  private equity,