Asia Sizzles: India IPOs Cool as Climate, Cities, Tech Accelerate
Overview
India's IPO market saw robust fundraising but disappointing post-listing performance, with half of 2025's listings trading below offer price. Meanwhile, Asia warms twice as fast as the global average, Jakarta overtook Tokyo as the world's most populous city, Malaysia surpassed Thailand in ASEAN tourism, and China set records in solar capacity and affordable robotaxi production. These shifts highlight a dynamic and rapidly evolving Asian economic and environmental landscape.
Indian IPO Market Shows Chills
India's initial public offering market experienced significant activity in 2025, with companies raising over $22 billion. However, this rush to list concealed a stark reality. HSBC Global Investment Research revealed that approximately half of the more than 350 companies that debuted on the stock exchange last year are trading below their initial offer price. This performance paints a sobering picture for investors despite the apparent eagerness of businesses to access public markets.
Asia Warms at Alarming Pace
Beyond financial markets, the broader Asian continent is confronting a rapidly warming climate. The region is heating up at twice the global average rate. Data from 1991–2024 indicates an average temperature rise exceeding 0.4 degrees Celsius, significantly higher than the global average of 0.2 degrees Celsius.
Urban Centers and Tourism Dynamics
Demographic shifts are redrawing continental maps. Jakarta surpassed Tokyo in mid-2025 to become the world's most populous city, housing 42 million residents. New Delhi ranked fourth globally with 30 million people. In tourism, a major shift occurred within the Association of Southeast Asian Nations. Malaysia dethroned Thailand as the leading destination in 2025, welcoming an estimated 28 million tourists by August, compared to Thailand's approximately 21 million.
China's Tech and Energy Surge
Mainland China continued its record-breaking pace in energy and technology. The country added an impressive 275 gigawatts of solar capacity in 2025, a figure equivalent to the total installed solar capacity of the United States. Simultaneously, China achieved remarkable cost reductions in advanced mobility, building robotaxis for around $40,000 each, a fraction of costs seen in Western markets.
Global Air Travel and Semiconductors
Air travel corridors reveal Asia's dominance, with the Hong Kong–Taipei route ranking as the world's busiest cross-border airline route, carrying nearly 6.8 million seats last year. Nine of the top 10 busiest global routes are now in Asia. In the critical semiconductor industry, Taiwan Semiconductor Manufacturing Company (TSMC) maintained its leading position, holding 12.8% of the FTSE (excluding Japan) index. This share more than doubled that of Tencent, which held 5%.
