The Rebound of Healthcare IPOs in APAC in the First Half of 2025
October 27, 2025
The year 2025 has marked a significant turning point for the IPO market in the Asia-Pacific (APAC) region, with the healthcare sector emerging as a key driver of this resurgence. Following a period of global market volatility, a combination of supportive regulatory policies, shifting capital flows, and a strong pipeline of innovative companies has injected new life into public offerings. This summary highlights the key trends and notable listings that have defined the healthcare IPO landscape in APAC during the first half of 2025.
Overall Trends & Key Markets:
The first half of 2025 has shown a robust and resilient IPO market in the Asia-Pacific (APAC) region, with healthcare and biotech companies emerging as key drivers of this growth.
APAC Rebound: The APAC region has experienced a significant rebound in its IPO market in the first half of 2025, with proceeds increasing notably compared to the previous year. This growth is a reversal of a previously subdued period.
Greater China Leading the Way: Greater China, particularly Hong Kong, has been the clear leader in IPO activity, attracting a substantial influx of capital from both mainland and international investors. This is fueled by shifting global capital flows towards Chinese assets.
Hong Kong’s Biotech Hub: Hong Kong has solidified its position as a leading biotech financing hub globally. By June 2025, the number of biotech companies listed on the Hong Kong Stock Exchange (HKEX) reached 73, driven by supportive policies like Chapter 18A and the new Technology Enterprises Channel (TECH) launched in May 2025, which aims to support innovative technology and biotech firms.
Other Key Markets: India and Japan have also shown strong performance. India’s IPO proceeds more than doubled in the first seven months of 2025, although with a more selective approach to listings. Malaysia has also seen a 20-year high in the number of IPOs, showing strong investor confidence.
Healthcare & Biotech IPO Highlights:
Dominant Sector: The healthcare sector, particularly biotechnology and biopharmaceuticals, has been a significant area of focus for IPOs in the APAC region.
Notable Filings & Listings:
Sectoral Focus: The IPO pipeline for healthcare is particularly robust in areas like biotech, digital health, and medical devices. There is a strong emphasis on companies with differentiated product pipelines and clear clinical proof of concept. Digital Health: While some digital health companies have gone public, such as the Singapore-based Basel Medical Group and Kestra Medical Technologies, the sector has seen mixed traction, with biotech leading the way. Supportive Policies: Governments and stock exchanges are actively supporting the growth of these sectors. Hong Kong’s new listing rules for specialist technology and biotech companies are a prime example.
Conclusion
To summarize, the first half of 2025 demonstrates a clear and positive trajectory for healthcare IPOs in the APAC region. The market’s resilience, particularly in Greater China, and the continued support from regulatory bodies and investors, signal a healthy environment for innovation. As the year progresses, the focus is expected to remain on high-quality, late-stage biopharmaceutical and biotech companies with a clear path to commercialization, solidifying the APAC region’s position as a global hub for healthcare innovation and investment.
Disclaimer:
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