SINGAPORE, April 4 —Two Singapore-listed semiconductor firms are looking to tap into Malaysia’s more vibrant capital markets with secondary listings, as analysts predict a rebound in regional IPO activity in 2025.

The Straits Times reported that UMS Holdings and Grand Venture Technology recently received approval from Malaysian regulators to pursue listings on Bursa Malaysia. Grand Venture, already listed on Singapore’s Catalist board since 2019, obtained its green light from the Securities Commission Malaysia on March 24, while UMS followed suit on March 26.

Both companies have operations in Penang and Johor Bahru. Grand Venture said it is working with advisers and will provide updates as developments arise. UMS, meanwhile, will hold an extraordinary general meeting to seek shareholder approval for changes to its Constitution to allow trading of its shares in Malaysia.

The report further stated that the move comes as Malaysia’s stock market continues to buck global trends, maintaining strong IPO numbers amid sluggish activity elsewhere. In 2024, Malaysia saw a near two-decade high in IPO launches, driven by foreign investment and robust economic activity that boosted local company valuations.

“The group recently acquired more land in Penang to expand its production facilities to meet expected demand from key customers,” a UMS spokesperson said reportedly said, adding that there are no immediate plans to raise fresh funds from the secondary listing.

EY’s Asean IPO leader Chan Yew Kiang said Malaysia and Indonesia have stood out in South-east Asia for their IPO resilience.

“Malaysia saw a surge in IPO launches in 2024, thanks to increased foreign investments and economic activity favouring domestic firms. This has boosted Bursa Malaysia’s vibrancy, with some IPOs seeing oversubscription rates above 300 times,” he said.

KPMG’s head of deal advisory in Singapore, Stephen Bates, added that anticipated rate cuts, easing inflation and rising foreign direct investment could drive a global IPO rebound in 2025, with South-east Asia poised to benefit.

“The region’s expanding middle class and growing digital economy continue to make it attractive for listings,” he said.

The Straits Times also noted still, challenges remain. Deloitte’s Tay Hwee Ling cautioned that geopolitical tensions—such as US President Donald Trump’s recent tariffs—could weigh on market sentiment. The tariffs, which include a baseline 10 per cent levy on all US imports and potentially higher reciprocal duties, have sparked concern over US semiconductor investments in Malaysia.

According to Bloomberg, global funds have pulled more than US$2.1 billion (RM10 billion) from Malaysian stocks this quarter, the largest outflow since 2018. Thailand has also seen major withdrawals, with US$4.2 billion exiting its markets over the past year.

Thailand’s SET Index has fallen over 15 per cent in 2025, making it one of the world’s worst-performing benchmarks.

In contrast, Singapore is taking steps to revive its own capital markets. Following a February 21 announcement from the Monetary Authority of Singapore, trading on the Singapore Exchange has picked up. The Straits Times Index briefly hit 4,000 points on March 28.

Despite these efforts, no new IPOs have been announced in Singapore so far in 2025, while eight companies have unveiled plans to delist.