Asia's IPO boom may continue from Baidu unit to Jio

Asia's equity markets raised $262.7 billion in 2025, and Hong Kong listings may raise as much as $45 billion in 2026, according to reported estimates.

Asia's equity capital markets look set for another active year after a strong 2025. Share listings, placements and block trades across the region raised $262.7 billion in 2025, according to Bloomberg data. Hong Kong's market has rebounded and dormant listing plans are being revived. Several large offerings and confidential filings are reported to be under discussion across China, India and other Asian markets. Notable points: - Asia Pacific share listings, placements and block trades raised $262.7 billion in 2025, per Bloomberg data. - KPMG estimates Hong Kong listings may raise as much as $45 billion in 2026, which would be the largest haul in six years if realized. - Baidu has confidentially filed for a Hong Kong IPO of its AI chip unit, Kunlunxin, reported as valued at at least $3 billion. - Reliance Industries has started drafting a prospectus for a planned listing of Jio Platforms, which is reported as a potential very large IPO for India. - Other reported candidates for listings or second listings include Zepto, ChangXin Memory Technologies, several mainland Chinese firms seeking Hong Kong placements, and multinational units considering Indian listings. Summary: If reported estimates hold, Hong Kong could see a substantial increase in listing proceeds in 2026, reinforcing the region's renewed prominence in equity capital markets. Many potential deals are currently in planning or confidential-filing stages, with timing and final sizes still under discussion. Undetermined at this time.