IPO Candidates Head Overseas as Southeast Asian Markets Lag

Companies across Southeast Asia are looking overseas to sell shares, as persistent underperformance in some parts of the region weighs on markets at home.

Philippine fast-food group Jollibee Foods Corp.’s international unit and financial-technology firm Maya are eyeing US listings. Indonesia’s PT Merdeka Gold Resources and a unit of the MNC Group conglomerate are considering Hong Kong, as is the restaurant arm of Thai hospitality group Minor International Pcl.