Key takeaways

  • Asia Pacific IPO activity surged to $90 billion in 2025, with strong deal flow set to continue into 2026.
  • Hong Kong/China and India are leading the region, with Hong Kong’s deal volume tripling in the last year and India’s share doubling in five years.
  • Tech, industrials and financials are the top sectors to watch, driven by AI investment and strong issuance pipelines.

After a blockbuster 2025, investors and dealmakers in Asia Pacific (APAC) are entering 2026 with high hopes. With a record $334 billion raised1 — making up over a third of global equity capital market (ECM) volumes, APAC has emerged as a global ECM powerhouse, with a robust pipeline already in place for the year ahead.

“Despite pockets of volatility, we see a strong pipeline carrying into 2026 as increasing interest in broader AI themes, resilient earnings and clearer policy support active IPOs, cross border listings and bespoke financings across the region,” said Peihao Huang, head of equity capital markets for Asia Pacific at J.P. Morgan. 

Six trends to watch in Asia Pacific equity capital raising

1. IPO boom set to continue in 2026

2025 saw APAC IPO proceeds surge to $90 billion2 (+73% year-on-year), with Hong Kong/China and India accounting for over half of the region’s activity. Hong Kong led with 32% of IPO volumes, while India posted its highest annual tally ever at 25%, delivering five $1 billion+ IPOs.

Flagship deals included the $1.3 billion IPO of LG Electronics’ India unit where J.P. Morgan served as senior book running lead manager and domestic marketing coordinator, drawing about $50 billion in bids—a near two‑decade record—highlighting deep domestic liquidity and strong demand for large‑cap listings. In Japan, J.P. Morgan also acted as joint global coordinator and joint bookrunner on JX Advanced Metals’ bumper $3 billion global IPO, the largest in Japan since December 2018, according to Dealogic.

Momentum also broadened past the largest hubs, with J.P. Morgan acting as joint lead manager, book runner and underwriter for GemLife’s $488 million IPO, the largest listing on Australia’s Securities Exchange (ASX) in 2025. LG CNS raised $823 million in its IPO, the largest Korea tech listing since 2022, with J.P. Morgan acting as joint bookrunner and co-manager.

The IPO pipeline for 2026 remains robust across major APAC markets, with several high-profile transactions anticipated as issuers capitalize on constructive market conditions. Strategic monetizations by financial sponsors, corporates and founders/promoters are expected to sustain IPO volumes.

Sector diversity is expected to continue, with tech, industrials and financials leading the mix.  

Asia Pacific IPO deal volume climbed 73%, topping $90B in 2025

2. Hong Kong/China and India are leading the way 

 

APAC raised $334 billion in ECM in 20253 representing 34% of global volumes—the highest post-Covid share. Hong Kong/China rebounded sharply, contributing $169 billion4, re-anchoring APAC regional activity. India maintained its momentum with $68 billion, now commanding a formidable 20% share of all APAC ECM volumes — up from an average 9% each year from 2019-2023.

Hong Kong/China are poised for continued strength in 2026, with sustained deal flow expected to anchor regional volumes. India’s pipeline also remains robust, supported by deep domestic liquidity and continued foreign participation.

Some other regional tailwinds include Japan’s governance reforms, ASEAN’s supply chain diversification and regulatory clarity in South Korea, all supporting higher-quality issuance.

3. Mega deals of $1B+ in the spotlight for 2026

2025 was a record year for jumbo ECM deals, with some 61 transactions over $1 billion— nearly twice as many as the previous year and the highest since 2022. Hong Kong led large deal activity, followed by India, which recorded its highest annual tally of jumbo transactions ever.

Among the year’s biggest blocks and placements, J.P. Morgan served as joint overall coordinator and joint placing agent on Xiaomi Corporation’s $5.5 billion top‑up placement—the largest global tech equity placement since April 2021. The firm also supported Goodman Group’s $2.6 billion institutional placement, the second‑largest institutional raise ever executed in Australia, Dealogic data showed and acted as sole placement agent on Singtel/Bharti Group accelerated bookbuilds totaling $2.7 billion, extending a long track record with the group.

In 2026, the proportion of $1 billion+ offerings is expected to remain high, complemented by steady mid-cap issuance. Large deals will continue to anchor market volumes, reflecting issuer confidence and investor appetite for scale

Hong Kong made up 33% of APAC’s $1B+ mega deals in 2025

4. Private capital markets are at an inflection point

Building on the momentum from last year, private capital markets in the region are entering 2026 at a genuine inflection point marked by a steady recovery. The rebound is anchored by significant capital inflows into AI and AI‑related infrastructure and a revitalized IPO landscape—particularly in Hong Kong and China.

Companies across the region are increasingly turning to private funding sources for growth, expansion and strategic transactions, seeking to gain scale and cement moats ahead of IPO as shifting investor preferences reshape the financing landscape.

In 2025, APAC private capital markets transaction volume reached $48 billion, marking the first positive year-on-year growth (+15%) since the market peak in 2021. J.P. Morgan supported Princeton Digital Group’s $1.3 billion preferred equity investment from Stonepeak—one of the largest data center equity raises in Asia Pacific—underscoring strong private capital demand for digital infrastructure.

“AI and AI‑infrastructure are set to keep generating marquee transactions, reflecting strong investor interest and deep pools of global private capital,” said Huang.

Pre‑IPO and late‑stage growth equity activity is expected to accelerate as IPO volumes recover and windows stabilize, drawing global growth investors back to the region and lifting allocations.

“Following trends in the U.S. and Europe, APAC private capital is poised to emerge as a prominent alternative path to liquidity for sponsors seeking partial exits ahead of IPOs—adding flexible options in a more dynamic market environment,” added Huang.

5. Tech, industrials and financials are the sectors to watch

The technology, media and telecommunications (TMT) sector led APAC ECM in 2025, with the highest sector share in each of India, Hong Kong, China, Japan and South Korea. Industrials and financial institutions group (FIG) followed closely, with significant volumes across Australia, Southeast Asia and other key markets.

Issuance in TMT is expected to remain elevated, driven by the AI investment cycle and digital infrastructure build-out. China’s activity will skew towards AI and self-sufficiency, while India’s new-age tech is set to boost volumes.

“We’re seeing close to half of recent deal flow linked to AI infrastructure—spanning tech, energy, renewables, industrials and software. For global and local investors, Asia Pacific offers compelling exposure across hardware, semiconductors, data center equipment, energy storage and broader industrial solutions,” said Huang.

Australia’s ECM strength will be anchored by natural resources, while offering in the financial institutions sector  will be supported by regulatory capital needs and a stabilizing rate backdrop. Healthcare and new economy names are also emerging as key categories, as profitability improves and scale accelerates.

Tech made up 28% of APAC equity capital market activity in 2025

Bar chart of APAC ECM sector shares  showing TMT leading at 27.7%, followed by industrials 20.7%, FIG 15.3%, auto/transportation 13%, consumer and retail 9%, healthcare 8%, real estate 6.2%.

6. Momentum in equity-linked issuance is building

 

Equity-linked products—such as convertible (CB) and exchangeable bonds (EB) — saw rising demand in 2025, as more first-time issuers in APAC started to appreciate the benefits of this financing product.

APAC equity-linked volumes reached $33 billion in 2025, with Hong Kong and China accounting for 64% of activity. The sector mix was heavily skewed towards the leading industries of tech (52%), financials (16%) and industrials (13%). Large prints stood out, with a total of 23 convertible deals that were $500 million+ — with Hong Kong/China making up 14 of these.

APAC equity-linked offering volumes reached $33 billion in 20255, with Hong Kong and China accounting for 64% of activity. The sector mix was heavily skewed toward the leading industries of tech (52%), financials (16%) and industrials (13%). Large prints stood out, with a total of 23 convertible deals that were $500 million + — with Hong Kong and China making up 14 of these.

Zero coupon convertible and exchangeable bonds returned to favor, representing 62% of APAC issuance volume. J.P. Morgan was at the forefront, leading landmark deals for blue-chip names including Alibaba ($3.2 billion and CB $1.5 billion EB), CPIC ($2.0 billion CB), MakeMyTrip ($1.4 billion CB and $1.6 billion follow-on), Grab ($1.5 billion CB), and Baidu ($2.0 billion EB into Trip.com) according to Dealogic.

Momentum continues to build, with three major prints in the first weeks of 2026: J.P. Morgan was joint global coordinator and joint bookrunner on J&T Global Express’s $600 million zero‑coupon CB; joint global coordinator and sole international bookrunner on PNB’s debut $300 million exchangeable sukuk into Gamuda (Sharia‑compliant, equity‑linked); and lead left bookrunner and sole global coordinator on XtalPi’s $368m zero‑coupon CB.

“Looking ahead to 2026, we expect continued robust activity across APAC as issuers increasingly embrace equity-linked solutions as part of their corporate finance toolkit. The flexibility in terms structuring makes them a powerful funding instrument for companies across the credit spectrum,” said Huang. 

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Additional source information:

1. $334B raised in APAC ECM in 2025, including Japan and Australia, according to Dealogic.

2. 2025 saw APAC IPO proceeds surge to $90 billion, according to Dealogic

3. APAC raised $334 billion in ECM in 20253 (+37% year-over year) representing 34% of global volumes, according to Dealogic.

4. Hong Kong and China contributed $168 billion to equity deal volume in 2025, with Hong Kong making up $103B, according to Dealogic.

5. APAC equity-linked offering volumes reached $33 billion in 2025, according to Dealogic.

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