SGX seeing ‘improved momentum’ in IPO pipeline, hopeful that listings will exceed last year’s

More companies could be listing here this year with the Singapore Exchange (SGX) seeing an improved pipeline of initial public offerings (IPOs), the bourse operator said.

SGX chief executive officer Loh Boon Chye said in an earnings briefing on Thursday (Feb 6): “We observe improved momentum. There are deals that are being worked on by advisers, by banks, together with the issuers.”

Pol de Win, head of global sales and origination at SGX, added at the briefing that he hopes the number of listings in 2025 will exceed that of last year.

He said that SGX has seen issuers becoming more active.

“Investor confidence is clearly coming back,” said de Win. “Equity levels are generally quite high, the rates outlook is stable, and in some cases have been declining.”

At the same time, he said, private capital providers have an “increasing need” for recirculation of net capital, and to create liquidity for their own limited partners. “And so we really expect that the IPO market, generally in the world, is coming back; and we will benefit from that as well.”

Singapore has long suffered from a stagnant market with low liquidity, as it struggles to draw companies to list here. It had a standout year in 2024 with nearly 17 per cent returns, but it still had more delistings than IPOs.

The Monetary Authority of Singapore has set up an equities market review group in a bid to revive the local market. It is studying ideas to encourage listings, increase investor participation, and to improve the listing process, among others. This group aims to complete its report by August.

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