As Southeast Asia’s IPO market gains momentum, several unicorns are preparing for public listing in 2025. These startups are leading sectors from fintech to digital payments—primed for launch in the public markets.
Image by Manila Standard
GCash (Mynt) |
- Philippines
Founder(s): Ant Group, Ayala Corp, Globe Telecom (joint venture)
Valuation of $5 billion, with profitability forecast at approximately $200 million for 2024. IPO expected in 2025.
Founded in 2015, Mynt operates GCash, the Philippines’ leading mobile wallet and payments platform. With over 81 million registered users, it has become a cornerstone of the country’s digital economy. Backed by global investors including MUFG, GCash has expanded into lending, insurance, and investments. The company is now preparing for a domestic IPO in 2025, expected to be one of the largest in Philippine history.
Image by Nium
Nium |
- Singapore
Founder(s): Prajit Nanu, Michael Bermingham
Valuation of $1.4 billion as of 2023, with revenue growing over 50% year-on-year to $120 million. IPO targeted for late 2025.
Founded in 2014, Nium is a cross-border payments platform serving fintechs, banks, and enterprises in over 40 markets. The company offers real-time money transfers to more than 100 countries and issues payment cards at scale. After securing strategic funding from Visa, Nium is strengthening its compliance infrastructure in preparation for a late-2025 US listing.
Image by The Star
TNG Digital (Touch ‘n Go eWallet) |
- Malaysia
Founder(s): Touch ‘n Go (CIMB Group), Ant Financial
Valuation exceeding $1 billion, with the business turning profitable in 2024. IPO under consideration for 2025.
Founded in 2017, TNG Digital operates Malaysia’s largest e-wallet service with more than 21 million users. Known for its deep integration with toll systems, public transport, and retail payments, the company has rapidly expanded into micro-insurance and investment products. Profitability in 2024 has opened the door to a potential Bursa Malaysia listing in 2025.
Image by Eco-Shop
Eco-Shop |
- Malaysia
Founder(s): Team led by retail entrepreneur Lim Peng
Expected valuation of $1 billion at IPO, aiming to raise $200 million in Q2 2025.
Founded in 2003, Eco-Shop is one of Malaysia’s fastest-growing value retailers, operating nearly 300 outlets nationwide. Its fixed-price model and diverse product range have built strong brand loyalty among cost-conscious consumers. The planned listing will support further store expansion in Malaysia and new market entries in Southeast Asia.
Image by Hubbis
Sygnum |
- Singapore
Founder(s): Mathias Imbach, Gerald Goh
Valuation of approximately $1 billion following January 2025 funding. IPO preparation underway for late-2025.
Founded in 2017, Sygnum is a fully regulated digital asset bank, licensed in both Switzerland and Singapore. It offers institutional-grade services including custody, tokenization, and trading. With the digital asset sector maturing and regulatory clarity improving, Sygnum is positioning itself as one of the first major blockchain financial institutions to list publicly in Asia.
Image by U Mobile
U Mobile |
- Malaysia
Founder(s): Vincent Tan
Estimated valuation of $1 billion, with IPO proceeds expected to exceed $500 million.
Founded in 2007, U Mobile is Malaysia’s fourth-largest mobile operator, known for affordable, high-speed 4G and 5G plans. The company has invested heavily in network infrastructure, reaching more than 96% population coverage. Its planned listing will finance further 5G rollout and digital service expansion.
Image by OMS Group
OMS Group |
- Malaysia
Founder(s): Ong Kian Ming and team
Valuation of $1 billion, with IPO discussions ongoing in partnership with KKR.
Founded in 1988, OMS Group specializes in subsea cable manufacturing and installation, serving global telecom providers. The company has grown into a critical infrastructure player as demand for data connectivity surges across Asia-Pacific. Proceeds from the IPO will be used to expand production capacity and invest in next-generation cable technology.
Image by Carsome
Carsome |
- Malaysia
Founder(s): Eric Cheng, Jiun Ee Teoh
Valuation of $1.3 billion, with IPO targeted for the second half of 2025.
Founded in 2015, Carsome is Southeast Asia’s largest integrated car e-commerce platform, operating in Malaysia, Indonesia, Thailand, and Singapore. It provides vehicle inspection, financing, and trade-in services, creating a seamless used-car marketplace. The company plans to list in the US or Hong Kong to fuel regional expansion.
Image by MMK Design Studio
Traveloka |
- Indonesia
Founder(s): Ferry Unardi, Derianto Kusuma, Albert Zhang
Valuation of $3 billion, with IPO targeted on the Indonesia Stock Exchange in 2025.
Founded in 2012, Traveloka is Southeast Asia’s leading online travel platform, offering flights, hotels, attractions, and financial services. The company has rebounded strongly from pandemic lows, supported by regional tourism recovery. IPO funds will support product diversification and international market growth.
Image by AsiaTechDaily
Xendit |
- Indonesia
Founder(s): Moses Lo, Tessa Wijaya
Valuation of $1 billion, with IPO plans under discussion for late-2025.
Founded in 2015, Xendit provides digital payment infrastructure to businesses across Indonesia and the Philippines. Its APIs power transactions for e-commerce, fintech, and marketplaces. With strong investor backing, the company is considering a dual listing in Jakarta and New York.
These 10 Southeast Asian unicorns reflect the region’s growing sophistication in capital markets. From fintech leaders like GCash and TNG Digital to infrastructure providers like OMS Group and Sygnum, each represents a different facet of Southeast Asia’s innovation economy. Their upcoming IPOs in 2025 are set to attract global investor attention and shape the next phase of the region’s growth story.
Discover more inspiring journeys on Feature.Asia: 10 Entrepreneurs Under 30 Changing Asia’s Economy
