Here are the biggest Asian IPOs to watch out for in 2025

Hong Kong - Dealmakers are eyeing a revival in Asia’s initial public offerings (IPOs) in 2025 as India’s pipeline remains robust and a recovery in Hong Kong takes hold.

New share sales in India are expected to surpass 2024’s record of US$20.7 billion (S$28.3 billion), as a resilient economy and strong demand from mutual funds buoy a stock boom.

Meanwhile, mainland-listed companies’ share offerings in Hong Kong will likely boost the city’s IPO market as onshore deals, which once dominated the region’s volumes, lag.

“We are starting to see a lot of activity around requests for proposal for 2025”, with many of the deals related to the mainland-to-Hong Kong theme, said UBS Group’s head of Asia-Pacific equity capital markets Aaron Oh.

Here are some of the potentially large new-share sales to watch in Asia in 2025.

Hong Kong deals

Contemporary Amperex Technology: The world’s top electric-vehicle battery maker, commonly known as CATL, is preparing for a second listing in Hong Kong that could raise at least US$5 billion, making it the city’s biggest since early 2021.

Jiangsu Hengrui Pharmaceuticals: The company is said to be considering a Hong Kong listing that might raise at least US$2 billion.

Foshan Haitian Flavouring & Food: The second listing of Haitian, one of China’s biggest condiment makers, could raise at least US$1.5 billion.

Seres Group: Huawei Technologies’ electric-vehicle partner is said to be mulling over a Hong Kong listing that could raise more than US$1 billion.

Eastroc Beverage Group: The Chinese energy drink maker is said to be weighing a listing in Hong Kong that could raise as much as US$1 billion, after a previous plan for a Swiss share sale did not materialise.

India IPOs

HDB Financial Services: The unit of HDFC Bank, India’s largest private sector lender, plans to raise as much as 125 billion rupees (S$2 billion) through an IPO.

LG Electronics India: South Korean company LG Electronics is said to be considering a valuation of as much as US$15 billion for its Indian unit’s listing targeted for the first half of 2025.

Quest Global Services: Carlyle Group is said to be weighing an IPO of the engineering services firm that could raise about US$1 billion.

Zetwerk: The supply chain start-up is said to be considering fund-raising options, including an IPO that may help it raise as much as US$1 billion.

Mahle GmbH’s India business: The German car parts maker is said to be mulling over an IPO of its Indian business, with the deal potentially raising as much as US$400 million.

Other Asian listings

Shein Group: The online fashion retailer could list shares in London as soon as early 2025, in an IPO potentially valuing the company at £50 billion (S$85 billion).

JX Advanced Metals: Japanese oil refiner Eneos Holdings is said to be considering selling as much as 70 per cent of the chip material maker in an initial share sale that may raise up to around 700 billion yen (S$6 billion).

Chery Automobile: The automotive unit of Chery Holding Group may seek a valuation of more than 100 billion yuan (S$18.7 billion) in a Hong Kong IPO as soon as 2025.

MMC Port Holdings: The port operator is said to be weighing an IPO in Kuala Lumpur that could raise as much as RM7 billion (S$2.1 billion), potentially making it the biggest in Malaysia in more than a decade.

GCash: The largest fintech platform in the Philippines is said to be considering an IPO that could raise US$1 billion to US$1.5 billion in the second half of 2025, a size that would likely make the listing the biggest ever in the country. BLOOMBERG