SINGAPORE: Corporate interest in listing on the Singapore Exchange (SGX) is witnessing a marked resurgence, driven by a US$5 billion capital infusion initiative aimed at breathing life into the local equities market.
Several high-profile listings are already in progress. SAC Capital, a corporate finance advisory firm, is currently handling multiple deals, including the highly anticipated spin-off of Yangzijiang Maritime and the reverse takeover (RTO) involving Sincap and Skylink Apac—both targeted for SGX listing within 2025.
This follows earlier announcements: SGX-listed Yangzijiang Financial in April revealed its intention to carve out its maritime business into a separately listed entity, while Sincap Group announced plans to acquire vehicle leasing firm Skylink for S$42.3 million via an RTO, effectively positioning Skylink for a public debut.
SAC Capital’s Chief Executive, Ong Hwee Li, confirmed the firm is also advising two to three additional IPO candidates in sectors ranging from event management and real estate services to natural resources, with planned listings in 2026.
“We are receiving more listing inquiries—around one to two per month—from companies in sectors such as construction, F&B, technology, and finance,” Ong said in an interview with The Straits Times. “There is clear renewed interest in IPOs.”
According to Ong, SAC Capital’s IPO pipeline is now fully subscribed, buoyed by a noticeable uptick in investor participation during the book-building phase, compared with 2024. Book building is a key phase where investors indicate demand for shares at various price points, enabling advisers to determine optimal pricing ahead of listing.
At the core of this revival is a Monetary Authority of Singapore (MAS)-led programme to deploy US$5 billion in seed capital to Singapore-based funds. These funds are mandated to invest in local equities outside of the benchmark Straits Times Index (STI), which currently tracks the performance of the top 30 largest and most liquid SGX-listed firms.
Announced in February, this strategic capital deployment is part of broader measures to reinvigorate the domestic stock market and has attracted substantial interest from global fund managers. The MAS has indicated that shortlisted investment strategies will be finalised by September, with funds likely to be deployed before the end of 2025.
This renewed institutional support appears to be catalysing broader listing interest. In early June, Bloomberg reported that Link REIT, a Hong Kong-based property trust, is exploring an SGX listing for a REIT comprising properties outside China and Hong Kong. Japan’s Nippon Telegraph and Telephone has also indicated plans to float its data centre REIT in Singapore, as disclosed in its May earnings report.
Further strengthening the trend, Reuters reported in May that at least five firms from mainland China and Hong Kong are pursuing IPOs, dual listings, or share placements in Singapore over the next 12 to 18 months. These include a Chinese energy firm, a healthcare group, and a Shanghai-based biotech company.
Meanwhile, SGX-HK dual-listed LHN Group revealed plans in April to spin off its co-living business, Coliwoo Group, for a mainboard listing on SGX. Centurion Corp also announced in January its exploration of a REIT listing tied to its worker and student accommodation portfolio. In the same month, US-based AvePoint, listed on Nasdaq, filed for a secondary SGX listing.
If these plans materialise, they will provide a welcome lift to the SGX, which saw just four IPOs in 2024—marking an all-time low. To date, only one notable listing has taken place in 2025: automotive group Vin’s Holdings, currently trading at US$0.29, marginally below its IPO price of US$0.30.
Ong noted that a critical factor in the long-term success of new listings lies in post-listing trading dynamics. Many IPOs, especially those listed on Catalist, often suffer from constrained liquidity due to tightly held share floats. While this limited availability may spur short-term price momentum, it often results in insufficient market depth once sentiment wanes.
To enhance trading activity and shareholder diversity, SAC Capital actively promotes retail participation by allocating ATM tranches during IPOs. These tranches allow retail investors to subscribe via bank ATMs, a move Ong says encourages more frequent trading and a healthier post-listing market environment.
-The Strait Times
