Can Singapore Exchange See an IPO Resurgence After This Year’s Dry Spell?

The Smart Investor10-18

[ Share Facebook Twitter LinkedIn Email WhatsApp Singapore Exchange Limited (SGX: S68), or SGX, is faced with an interesting situation. On one hand, the bourse operator is seeing healthy...

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What more can be done for the bourse operator?\nAn unusually dry spell\nSGX is going through an unusually dry IPO spell this year.\nOnly one company got listed on the Singapore bourse in the first half of this year – cancer treatment provider Singapore Institute of Advanced Medicine (SGX: 9G2).\nThe amount raised from the IPO was just a measly US$20 million.\nBy comparison, Singapore’s next-door neighbour, Malaysia, saw 21 successful listings during the same period which raised close to US$450 million.\nThis number of IPOs also made Malaysia the region’s top IPO market for 1H 2024.\nSecond place goes to Thailand which saw 17 companies go public.\nSGX only managed to attract a single listing candidate despite a slew of grants and incentives that were made available to IPO aspirants.\nThe Monetary Authority of Singapore (MAS) provides a grant that enables companies to defray 70% of their listing expenses, while investment incubators such as Anchor Fund @ 65 and Growth IPO Fund are nurturing promising companies to prepare them for a listing.\nYet, these efforts have not yielded results as several companies have chosen to list in America instead of Singapore.\nSome examples include ride-hailing app Ryde Group (NYSE: RYDE) and Haidilao hotpot operator Super Hi International Holdings (NASDAQ: HDL).\nPicking up the slack\nThere could be some light at the end of the tunnel for the local bourse when it comes to IPOs.\nFood Innovators Holdings (SGX: KYB) launched its IPO on the Catalist Board of SGX and has offered 14 million shares at S$0.22 apiece.\nThe group is involved in the restaurant business with a focus on quality traditional Japanese and Japanese-inspired European cuisines.\nAs of 19 August, Food Innovators manages a total of 214 subleased properties in Japan and has 26 restaurants in its portfolio, including 10 restaurants in Singapore.\nHowever, only one million shares were available to the public and these were over-subscribed by 6.3 times.\nAnother company, Goodwill Entertainment, also lodged its preliminary offer document for a Catalist listing.\nGoodwill Entertainment operates 12 multi-entertainment outlets in Singapore that feature karaoke facilities, performance halls, and dance clubs featuring live music.\nSGX seems to be picking up the slack with these two new listings, although they are both on the Catalist board and are smaller companies.\nSGX CEO Loh Boon Chye mentioned in an interview back in July that the blue-chip group has a “healthy pipeline” and hinted that some companies are making preparations to list on the exchange.\n2025 may be a better year\nThere have been rumblings of more listings coming to Singapore’s shores in recent months.\nIt could be an indication of better days to come for SGX in 2025 for its IPO market.\nREITs are a potent asset class in SGX and with interest rates poised to fall further, the market could see more listing aspirants.\nJapan’s Nippon Telegraph and Telephone (NTT) is considering a data centre REIT that could raise as much as US$1 billion next year, making it SGX’s largest listing since NetLink NBN Trust’s (SGX: CJLU) IPO raised US$1.7 billion back in 2017.\nThai Beverage (SGX: Y92) is also reviving plans for an IPO of its beer unit that could take place as early as the third quarter of 2025.\nImmersive entertainment provider Neon Group may also consider an IPO in Singapore that may raise as much as S$500 million.\nA potential offering of shares could take place next year.\nNeon, which used to be called Cityneon, was listed back in Singapore in 2005 and then delisted in February 2019 in a S$318 million deal.\nMAS sets up a task force\nThere’s more good news.\nMAS set up a task force back in August to tackle poor liquidity and the dearth of new listings on SGX.\nThe group, chaired by second minister for finance Chee Hong Tat, will recommend measures to strengthen Singapore’s equity markets.\nIt will also come up with suggestions to improve SGX’s vibrancy and study ways to attract more companies to list here.\nSome methods that may be explored include offering (more) incentives to companies to list in Singapore and providing investor education on investing.\nAuthorities could also consider streamlining the IPO process to reduce regulatory burden to make the process less onerous.\nMalaysia boasts an ACE market that caters to loss-making start-ups seeking funding to grow quickly, something which SGX may consider if it wants to attract a diverse array of companies to list here, rather than in the US.\nGet Smart: The stars need to align\nIt won’t be an easy task, but there are encouraging signs that SGX’s IPO market may be turning the corner.\nThe government and MAS need to implement measures to assist and encourage companies to list here.\nIt’s not an easy problem to solve and the stars need to align, but investors can look forward to better valuations and liquidity on the bourse if these measures work.\nWe’ve discovered 5 SGX stocks that not only offer better returns than fixed deposits but also have the potential to beat inflation. Plus, these stocks provide capital growth and can significantly compound your wealth in the long term. If you’re looking to make your money work harder for you, download our FREE report for details on these five stocks. \nFollow us on Facebook and Telegram for the latest investing news and analyses!\nDisclosure: Royston Yang owns shares of Singapore Exchange Limited and NetLink NBN Trust.\n\n\n\nYahoo\n]","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2476381469"}