Taiwan’s initial public offerings (IPO) delivered record fundraising last year and momentum is poised to be maintained this year, supported by regulatory reforms and continued strength in technology-
related industries, PricewaterhouseCoopers (PwC) Taiwan said on Wednesday.
Seventy-seven companies were newly listed on Taiwan’s stock exchanges last year, a notable increase from 67 in 2024, including listings on the Taiwan Innovation Board (TIB), transfers from the over-the-counter market and corporate restructurings into holding companies, PwC Taiwan said in a report.
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Fundraising activity was even more striking. Total IPO proceeds reached NT$111.7 billion (US$3.6 billion), nearly doubling from NT$57.6 billion a year earlier and setting a new annual record, it said.
By sector, semiconductors led IPO activity, with 13 newly listed companies, underscoring Taiwan’s entrenched strength in advanced manufacturing and chip-related technologies, the consultancy said.
Digital and cloud services, and the biotechnology and healthcare sector followed closely, with 10 new listings each, reflecting rising investor interest in innovation-driven and next-generation industries, it said.
High-potential subsidiaries of large corporate groups played an increasingly important role. Such listings accounted for 18 percent of total IPO fundraising, or about NT$20.48 billion, highlighting their strong capital-raising capabilities and contribution to overall market vitality, the report said.
PwC Taiwan expects the number of IPOs to remain robust this year, supported by efforts by the Taiwan Stock Exchange and the Taipei Exchange to build a multi-tiered capital market and attract companies from a broader range of industries.
Supportive policies, noticeably the “TIB 3.0” initiative, are making fundraising more accessible and efficient for issuers, the consultancy said.
PwC Taiwan assurance services head Frank Lin (林永智) said in the report that the rollout of TIB 3.0, a series of regulatory relaxations, would help enhance market liquidity and overall attractiveness.
Under the new framework, day trading of TIB-listed stocks is now permitted, investment limits for mutual funds have been eased and application procedures for domestic companies seeking TIB listings have been significantly streamlined, Lin said.
Reforms include improved mechanisms for foreign issuers and more flexible transfers between the TIB, the Taiwan Stock Exchange and the Taipei Exchange, he said.
The changes have been instrumental in drawing companies from digital cloud services, biotech healthcare, and green and sustainable industries into Taiwan’s capital market ecosystem, Lin said.
Chen Chin-chang (陳晉昌), another PwC Taiwan assurance executive, said Taiwan’s long-standing focus on electronics-related industries is set to continue this year, particularly in semiconductors and digital cloud technologies.
High-growth subsidiaries of major corporate groups are expected to remain a key driver of IPO activity, supporting their own expansion plans and the broader strategic development of their parent companies, he said.
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