Singapore Exchange Sees Revival in IPO Market with 30 Firms in Pipeline

Singapore Exchange (SGX) has a pipeline of about 30 companies ready to go public, with some firms already hiring advisers. This signals a potential revival of the city-state's IPO market, which has been sluggish in recent years. SGX shares have risen over 60% in the past year, outpacing the STI's 30% advance. The bourse has reported its highest annual revenue and net profit on record, with net income rising 8.4% YoY to S$648.0 million.

Singapore Exchange (SGX) is poised for a significant resurgence in its initial public offering (IPO) market, with a pipeline of approximately 30 companies ready to go public. This development signals a potential revival for the city-state's IPO market, which has been relatively dormant in recent years. SGX shares have surged over 60% in the past year, significantly outpacing the Straits Times Index's (STI) 30% advance. The bourse reported its highest annual revenue and net profit on record, with net income rising 8.4% year-over-year (YoY) to S$648.0 million [3].

Michael Syn, an executive at SGX responsible for the bourse’s platforms across assets and the chief executive officer for SGX’s stock market, revealed that these firms have already hired advisers to facilitate their IPOs. This indicates a renewed interest in the Singaporean capital market, a stark contrast to the sluggish pace of new listings in recent years [1].

The pipeline includes a mix of real estate investment trusts (REITs) and tech companies. Notable firms reportedly exploring IPOs on SGX include UltraGreen.ai and Neon, alongside established REITs such as Link REIT and Praemia REIM [1]. Last year, only four IPOs raised just over S$34 million, the second-lowest annual tally in more than two decades [1]. However, the government has announced a raft of incentives, including tax perks and streamlined prospectus requirements, to attract more listings [1].

The improved IPO pipeline coincides with a robust performance by SGX itself. The exchange reported its highest annual revenue and net profit on record, with net income rising 8.4% YoY to S$648.0 million. SGX also aims for a steady dividend increase of S$0.25 every quarter from fiscal years 2026 through 2028, and projects a 6% to 8% compound annual growth rate for revenue in the medium term [3].

Singapore's IPO market is set to benefit from broader trends in the Asia-Pacific region. Bourses across the region have been attracting new listings, with firms raising $39 billion of fresh capital so far this year. Hong Kong and India, in particular, have seen significant growth in IPO activity [1]. However, the Singaporean market has been relatively quiet until now, with SGX shares rising more than 60% in the past year, outperforming the STI's 30% advance [1].

The success of Singapore's IPO pipeline could further boost SGX's performance, as the exchange stands to gain from increased listing fees and trading volumes. The exchange's growth strategy includes deepening market participation, enhancing liquidity, and expanding its product suite to cater to diverse investor needs. SGX is also collaborating with the Monetary Authority of Singapore and key ecosystem partners to strengthen the competitiveness of the Singapore equities market [3].

In summary, SGX's robust IPO pipeline and strong financial performance indicate a promising future for the city-state's capital market. The exchange's strategic initiatives and government incentives are likely to drive further growth and attract more companies to list in Singapore.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-08/sgx-on-cusp-of-a-listing-revival-with-30-ipos-in-its-pipeline
[2] https://www.marketscreener.com/news/singapore-exchange-limited-reports-earnings-results-for-the-full-year-ended-june-30-2025-ce7c5edcdd8dfe24
[3] https://www.businesstimes.com.sg/companies-markets/sgx-ekes-out-record-high-full-year-profit-despite-2-6-decline-h2