Top IPOs to Watch in 2025 | APAC Region

After a turbulent few years, the Asia-Pacific (APAC) IPO market is set for a major comeback in 2025. Surges in 2024 across the APAC region — including China, India, Malaysia, and South Korea — have set the tone for a year of high-profile listings, with renewed investor confidence fueling a wave of public offerings.

 A robust IPO pipeline sets the stage for 2025 across key sectors, from fintech and consumer tech to EVs and semiconductors. Below, we leverage the AlphaSense platform to break down the most anticipated APAC IPO listings for the year ahead, their potential market impact, and what they indicate about the future of APAC’s public markets.

For a look at top IPOs to watch across regions, check out Top 10 IPOs to Watch in 2025.

Shein

• Industry: E-commerce / Fast Fashion
• Expected Valuation: £25 billion ($30 billion USD)
• Listing Market: London Stock Exchange

Chinese online fashion giant Shein is one of the most anticipated IPOs of 2025 — and potentially the biggest for an APAC-based company. Despite ongoing regulatory scrutiny over its labor practices and supply chain transparency, Shein continues to dominate the global fast-fashion industry.

It’s taken steps to build relationships with US, UK, and EU governments, positioning the company to advocate for favorable trade terms, reduce the impact of tariffs or trade restrictions, and mitigate political pushback during market downturns.

That said, recent reports suggest Shein may cut its valuation to $30 billion ahead of the IPO, down from $66 billion in 2023 and $45 billion in January 2024. Investors are reportedly pushing for the adjustment amid growing uncertainty around global trade and political tensions, as well as the elimination of the de minimis rule that previously allowed tariff-free imports of small packages from China into the U.S.

Encouragingly, a February visit to China from Britain’s Finance Minister Rachel Reeves signaled U.K. support for Shein’s London Stock Exchange debut, but it still faces some uncertainty as human rights groups pressure the FCA to block the listing over ethical concerns.

The IPO will be a litmus test for investor appetite in high-growth but controversial industries. Will Shein’s massive valuation and market dominance outweigh ethical concerns? The answer could come as soon as April 20 if all goes as planned.

Contemporary Amperex Technology (CATL)

• Industry: EV Batteries
• Expected Raise: $5 billion USD
• Listing Market: Hong Kong

As the world’s leading EV battery manufacturer, China-based CATL plays a critical role in the global transition to electric vehicles, supplying industry giants like Tesla, NIO, and other major automakers. With demand for lithium-ion batteries surging, CATL’s secondary listing in Hong Kong is expected to raise $5 billion to fuel its global expansion and strategic partnerships.

Hong Kong’s IPO market has struggled in recent years, but a high-profile listing like CATL’s could serve as a turning point, potentially marking the region’s biggest IPO in four years and signaling a resurgence in investor confidence.

Navoi Mining & Metallurgical

• Industry: Mining / Gold Production
• Expected Valuation: £4 billion ($5.2 billion USD)
• Expected Raise: $550 million USD
• Listing Market: London Stock Exchange

Navoi Mining & Metallurgical, Uzbekistan’s largest gold producer and one of the world’s top four gold mining companies, is preparing for an IPO that could raise $550 million USD. Initially slated for 2022 or 2023, the listing was delayed due to the conflict in Ukraine, but is now expected to proceed in Q3 2025.

Navoi’s IPO will likely take place on the London Stock Exchange, leveraging the visibility gained from a successful $1 billion eurobond issuance in 2023. If successful, Navoi’s IPO would mark a milestone for Uzbekistan’s ambitions to attract foreign investment and establish itself as a serious mining jurisdiction.

Chery Automobile

• Industry: Electric Vehicles
• Expected Valuation: TBD
• Listing Market: Hong Kong Stock Exchange

China’s Chery Automobile, the country’s largest passenger vehicle exporter, officially applied for a Hong Kong IPO at the end of February to fund new vehicle development, global expansion, and domestic production upgrades. While the IPO size and timeline remain undisclosed, Chery’s strong growth trajectory makes it a listing to watch.

In 2023 and 2024, Chery ranked as China’s second-largest carmaker after BYD, selling 2.5 million vehicles that were primarily gasoline-powered models. However, the company is expanding its EV lineup to compete in China’s growing new energy vehicle (NEV) market. 

Chery’s global push has been fueled by exports to Russia, Turkey, Cuba, and Egypt, which helped drive a 59% profit increase to 11.3 billion yuan ($1.6 billion USD) in the first nine months of 2024. 

With China’s EV sector booming, Chery’s listing will be a key test of investor confidence in the next wave of Chinese automakers. If successful, the IPO will help to accelerate its transition from a domestic brand to a global competitor across both traditional and electric vehicles.

Jiangsu Hengrui Pharmaceuticals

• Industry: Biopharmaceuticals
• Expected Raise: $2 billion USD
• Listing Market: Hong Kong Stock Exchange

China’s leading drugmaker, Jiangsu Hengrui Pharmaceuticals, officially filed for a Hong Kong listing, aiming to fund global R&D expansion. The firm has been publicly traded in Shanghai since 2000, and this would be Hengrui’s first major capital raise in over two decades.

Hengrui has transitioned from a generic drug manufacturer to a major player in oncology, immunotherapy, and innovative treatments, investing heavily in global R&D infrastructure. The IPO proceeds will go toward new production and research facilities worldwide, as well as expanding and upgrading existing factories in China.

With a 5,500 member R&D team and 14 research centers, Hengrui has positioned itself as a global leader in biotech innovation, making this one of the most significant healthcare IPOs in APAC’s 2025 market.

LG Electronics India

• Industry: Consumer Electronics
• Expected Valuation: ₹15,000 crore ($1.8 billion USD)
• Listing Market: National Stock Exchange of India

LG Electronics India’s IPO is set to be one of the country’s biggest consumer electronics listings in history. The company, a dominant force in home appliances and consumer tech, recorded ₹64,087 crore ($7.7 billion USD) in revenue for FY 2024,  — making its IPO a significant market event.

LG’s offering is a pure offer for sale (OFS) vs. fresh capital raise, meaning all proceeds will go to LG’s South Korean parent company — not to its Indian operations. While investors will gain exposure to a well-established brand with a strong market presence, full control over strategic direction and decisions will remain overseas.

The IPO also comes at a time when India’s consumer electronics sector is booming, driven by rising disposable income and demand for premium products. With several high profile firms such as Morgan Stanley, JP Morgan, Axis Capital, BofA Securities, and Citigroup Global Markets backing the listing, investor interest is expected to be high. 

That said, with no new capital entering the Indian business, the long-term upside will depend on LG India’s ability to maintain its market dominance and growth trajectory.

MMC Port Holdings

• Industry: Ports & Logistics
• Expected Raise: 6 billion ringgit ($1.34 billion USD)
• Listing Market: Bursa Malaysia

MMC Port Holdings, Malaysia’s largest port operator, is preparing for an IPO that could raise 6 billion ringgit ($1.34 billion USD), making it the country’s biggest listing since 2012. The company, a wholly owned subsidiary of MMC Corp, operates five major ports along the Straits of Malacca, one of the world’s busiest shipping lanes.

The IPO, expected to complete in the second half of 2025 or early 2026, will be a key test for Malaysia’s capital markets, which saw a strong rebound last year in doubled IPO fundraising. With CIMB, Maybank, RHB, and UBS as lead banks, the offering could attract significant institutional interest, especially given Southeast Asia’s growing role in global trade and supply chains.

As Malaysia strengthens its position as a regional logistics hub, MMC Port’s IPO will be indicative of renewed investor confidence in the country’s infrastructure sector.

GCash

• Industry: Fintech / Digital Payments
• Expected Valuation: $7.5–$8 billion USD
• Expected Raise: $1–$1.5 billion USD
• Listing Market: Philippine Stock Exchange

GCash, the Philippines’ largest digital payment platform, is moving closer to a highly anticipated IPO, with investment banks reportedly considering a “club deal” to underwrite the offering. If it proceeds as planned in late 2025, the listing could raise $1–$1.5 billion USD and become the largest IPO in Philippine history.

Owned by Globe Fintech Innovations (Mynt), GCash has over 80 million users and dominates the country’s mobile payments, lending, and financial services space. However, recent financial data has raised concerns. In Q4 2024, GCash’s earnings contribution to parent company Globe dropped significantly YoY, leaving analysts questioning whether the company can sustain long-term growth.

Despite this, the IPO remains a landmark test for Southeast Asian fintech. Investors will be watching how GCash responds to short-term profitability concerns and whether its valuation can hold up against global fintech peers. If successful, the listing could set a precedent for more fintech IPOs in the region.

Rebel Foods

• Industry: Food Delivery / Quick Commerce
• Expected Valuation: TBD
• Listing Market: Mumbai

Rebel Foods, India’s largest cloud kitchen operator, is preparing for an IPO in 2025-2026, capitalizing on rapid growth around quick commerce and 15-minute food delivery. The company operates multi-brand virtual restaurants and cloud kitchens under popular names like Faasos, Behrouz Biryani, and Wendy’s, leveraging both offline eateries and a full-stack digital model.

Rebel gained significant traction through its Wendy’s partnership, scaling to over 200 locations across India and demonstrating its ability to rapidly expand brand presence through its cloud kitchen network. Its latest initiative, Quickies by EatSure, aims to capture the booming quick delivery segment, positioning Rebel Foods to compete with players like Swiggy and Zomato.

The IPO will gauge investor confidence in India’s food delivery and quick commerce space, especially as competition intensifies. Success will depend on Rebel’s ability to sustain growth while maintaining profitability, proving that its cloud-first model can withstand increasing market pressure.

APAC IPOs in 2025: A Year of Opportunity

The real story behind APAC’s 2025 IPOs isn’t just about capital flows — it’s about which markets and sectors are gaining long-term credibility with global investors. China is still producing massive listings, but regulatory uncertainty and trade tensions are forcing companies to adapt to global market conditions and defend their valuations.

India, on the other hand, is emerging as a dominant IPO hub, drawing capital from institutions that once prioritized China. Southeast Asia, meanwhile, is at a turning point. Infrastructure and logistics listings suggest investors are prioritizing long-term stability over high-growth bets, a trend that could reshape how the region is positioned in global markets.

This IPO cycle will establish if APAC remains a high-growth investment destination, or if investors start looking elsewhere. The companies that succeed will prove that APAC can deliver scale, profitability, and global competitiveness — not just high listing valuations.