Market Insights
Four firms file documents for SGX listings; Singapore overtakes London as preferred IPO venue
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Singapore’s IPO momentum has picked up pace in 2025, with seven mainboard listings so far this year and more in the pipeline.
ST PHOTO: KUA CHEE SIONG
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SINGAPORE - Four companies filed preliminary documents for their initial public offerings (IPOs) on the Singapore Exchange (SGX) last week, highlighting renewed investor appetite in the local stock market.
Industrial property developer Soon Hock Enterprise was among those that lodged documents for a mainboard listing
The company, together with its subsidiaries, has launched over 1,200 strata-titled industrial property units in Singapore, with projects including Platinum@Pioneer at Tuas, Bartley Biz Centre and Tuas Cove. It also owns several investment properties in Jurong and Kaki Bukit.
Soon Hock Enterprise plans to use its IPO proceeds to acquire new land sites and buildings for development and redevelopment, while also funding existing property development projects in its pipeline.
Another property company aiming for a mainboard listing is co-living firm Coliwoo, which is a subsidiary of SGX-listed property management services group LHN.
Coliwoo’s portfolio comprises 25 co-living properties in Singapore, of which 11 are owned by the group, 10 are leased, and four are managed by the group.
It aims to grow its portfolio to nearly 4,000 rooms by the end of 2025, from 2,933 rooms currently. By 2030, the group intends to have about 10,000 rooms in Singapore, the media reported.
Two manufacturers also indicated their interest to list on the SGX Catalist board.
They are food maker Leong Guan and Hong Kong-based adhesives producer Infinity Development.
Leong Guan manufactures fresh noodles and soya bean-based bean curd products. It has more than 22 years of experience and over 2,000 customers, including hotels, restaurants, caterers and hospitals locally, as well as overseas distributors, it said in the documents filed.
Leong Guan plans to use its IPO proceeds to expand its product range and grow its overseas business. It also aims to upgrade its manufacturing facilities, and fund future acquisitions and joint ventures.
It plans to distribute at least 80 per cent of its net profit for the financial year ending Dec 31, 2025.
The fourth company to file its prospectus last week was Infinity Development, which manufactures and sells adhesives and related products used in footwear production.
It has its own brands of adhesive products that are produced and sold in markets like Vietnam, Indonesia, Bangladesh and China. It operates in 10 locations with 400 employees.
More optimism in the local market
Singapore’s IPO momentum has picked up pace in 2025, with seven mainboard listings so far in 2025 and more in the pipeline.
In August, SGX said it had more than 30 companies
Singapore is now ahead of London on a Bloomberg ranking of the world’s top IPO venues, released on Oct 1.
The Republic is now in ninth place on the list, while London slipped three places and is now ranked 23rd.
Analysts who spoke to The Straits Times last week said this is reflective of improved liquidity and investor confidence in the broader Singapore market, extending beyond the 30 blue-chip stocks on the Straits Times Index (STI).
The iEdge Singapore Next 50 Index rose last week, ending Oct 3 at 1,430.33 points compared with 1,408.77 at the start of the week.
The index, which tracks the 50 largest stocks by market capitalisation after excluding those on the STI, was driven by semiconductor plays UMS Integration and Frencken Group, as well as construction counters like Hong Leong Asia and Pan-United.
Singtel, Yangzijiang Shipbuilding rebound
The STI also rose, hitting a new record above 4,400 points on Oct 3.
Among the movers on the index was Yangzijiang Shipbuilding.
The shipbuilder’s shares slid early in the week
In a Sept 27 statement, the group said it terminated the contracts due to “certain critical information” alleging that the buyer’s sole shareholder was involved in a scheme to evade US sanctions laws and regulations.
Yangzijiang Shipbuilding shares slipped to a low of $3.08 on Sept 29, but recovered to close at $3.35 on Oct 3, up 2.8 per cent through the week.
Singtel was in the spotlight again after its Australian subsidiary Optus experienced a second outage
It was the second time triple zero calls were disrupted on Optus’ network in September. The carrier on Sept 18 suffered an outage
Singtel chief executive Yuen Kuan Moon, who was in Australia last week to meet the authorities over the outage, said the failure appeared to be due to human error
Singtel shares fell to a low of $4.08 on Sept 30, but rebounded to close the week flat at $4.25.
City Developments Limited (CDL) rose after JP Morgan upgraded its target price for the stock to $8.20 from $6.85 previously.
Analysts noted that the majority of the board of directors at CDL are now aligned with CEO Sherman Kwek, placing him in a better position to offload assets and streamline the company.
The property developer’s shares closed on Oct 3 at $7.18, up by more than 5 per cent through the week.
Other market movers
Shares of CNMC Goldmine jumped by almost 16 per cent last week, closing Oct 4 at an all-time high of $1.17.
The spike came as gold prices surged, hitting a record high of US$3,897 per ounce on Oct 1 as a result of a weaker US dollar and safe-haven demand amid an ongoing US government shutdown.
In an Oct 3 report, Phillip Securities head of research Paul Chew upgraded his target price on CNMC to $1.34 from 70 cents previously, citing higher gold prices and production volumes as key drivers of the stock.
On the other hand, shares of Cordlife Group fell by almost 18 per cent when the company resumed trading on Oct 2
This came as a result of multiple regulatory non-compliances
Cordlife said in a filing on Oct 1 that if the suspension goes ahead, its ability to continue as a going concern may be at risk.
Cordlife shares closed at 18 cents on Oct 3.
What to look out for this week
There could be more market volatility this week in view of the ongoing US government shutdown
Some US government services are temporarily suspended and about 40 per cent of the federal workforce – or 750,000 people – are expected to be put on unpaid leave.
Analysts estimate that the shutdown could cut about 0.1 to 0.2 percentage points off economic growth per week, although previous shutdowns show that much of that could be recouped.
The Congressional Budget Office estimated that the shutdown over 2018 and 2019 reduced economic output by about US$11 billion, including US$3 billion that it never recovered.
The shutdown also delayed the release of September’s US employment data, originally due on Oct 3. This is expected to complicate the Federal Reserve’s next steps on interest rates.
