Singapore’s IPO momentum picks up pace, with more listings to come as confidence, liquidity grow
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Analysts say the momentum on the market is expected to continue for the remainder of 2025.
ST PHOTO: KUA CHEE SIONG
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SINGAPORE - Listing momentum is building on the Singapore Exchange (SGX), with more initial public offerings (IPOs) set to follow after a flurry of launches this week, market watchers said.
The spike in listing interest from both local and regional firms underscores Singapore’s emergence as both a safe and growth-oriented market for IPOs after years of poor liquidity.
Since Sept 29, four companies have lodged preliminary IPO documents with the exchange, following the listings of two other companies in September – US cyber-security firm AvePoint and Centurion Accommodation Real Estate Investment Trust (Reit), the second-largest mainboard listing in 2025 after NTT DC Reit.
Industrial property developer Soon Hock Enterprise lodged its IPO prospectus for a mainboard listing on Sept 29. The company has launched over 1,200 strata-titled industrial property units in Singapore, and also owns several investment properties in Jurong and Kaki Bukit.
It reported $7.9 million in revenue for 2024, down 97 per cent from $256.9 million in 2023, which the company attributed to the lack of development property sales after no temporary occupation permits were issued for 2024, according to its prospectus.
It plans to use the proceeds from its IPO to acquire new land sites and buildings for development and redevelopment, as well as fund existing property development projects in the pipeline.
Another company aiming for a mainboard listing is co-living company Coliwoo, a subsidiary of SGX-listed property management services group LHN. Coliwoo lodged its prospectus on Sept 30.
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 also has a 30 per cent stake in The Bus Hotel, located in Changi.
It posted $52.2 million in revenue in 2024, up 86 per cent from 2023, and $17 million in profit before tax, a 40.6 per cent increase from the previous year.
Coliwoo plans to use the proceeds raised to expand, grow and enhance its business through its leased properties, as well as owned and joint-venture properties in new and existing markets.
Two other companies may also be joining the Catalist board, with food manufacturer Leong Guan and Hong Kong-based adhesives manufacturer Infinity Development both lodging their prospectuses on Sept 30.
Leong Guan manufactures fresh noodles and soya bean-based bean curd products, with more than 22 years of experience and over 2,000 customers, including hotels, restaurants, caterers and hospitals locally as well as overseas distributors, according to the documents filed.
The company reported $37.5 million in revenue and $1.7 million in profit for financial year 2024.
Although it does not have a fixed dividend policy, Leong Guan plans to distribute at least 80 per cent of its net profit for the financial year ending on Dec 31, 2025.
Leong Guan said in its prospectus that it plans to use the proceeds from its IPO to expand its product range and overseas business, upgrade its manufacturing facilities, and fund future acquisitions and joint ventures.
Infinity Development, which makes and sells primers, hardeners and other adhesive-related products to footwear manufacturers primarily, has factories in Vietnam, Indonesia and China.
It recorded HK$736.3 million (S$121.7 million) in revenue and HK$100.4 million in profit for the 2024 financial year.
Since Info-Tech Systems’ mainboard debut in July
Analysts say this is reflective of improved liquidity and investor confidence in the Singapore market.
Mr Jason Saw, group head of investment banking at CGS International Securities, said the market is ripe for investors, with falling interest rates and a boost in liquidity renewing interest in the SGX.
“Hopefully, company valuations will also continue to be uplifted on the SGX, which will attract even more quality companies to list here and increase investor participation further in the future.”
He added that many upcoming IPOs, spanning a wide range of sectors, could be supported by local entrepreneurs.
“This would show that there are good businesses in Singapore with regional or global ambition, and we should capture that hunger.”
Mr Tan Kian Tiong, partner and head of capital markets at SAC Capital, added that the recent surge in IPO activity has sparked greater interest among small and medium-sized enterprises in pursuing potential listings.
He noted that the recent surge in lodgment of IPOs comprised companies that had already begun preparations in the first half of 2025, following the first set of initiatives to revive the stock market announced by a review group led by the Monetary Authority of Singapore in February.
Moving forward, “issue managers and underwriters must ensure that they bring fundamentally good companies to market, with a sound pricing strategy, so as not to dampen the current good momentum and sentiment of the market”, Mr Tan said.
This momentum must also be sustained by strong company growth and transparency after their listing, said Mr Ritesh Ganeriwal, head of investment and advisory at investment platform Syfe.
Companies need to demonstrate strong governance, proactive investor engagement, and consistent execution to support investor interest and aim for index inclusion, as this will help keep newly listed firms in the spotlight.
The SGX on Sept 22 launched a new mid-cap index,
SAC’s head of equities research Matthias Chan added that companies must actively engage with the market in both good and bad times, including meeting analysts during significant corporate actions or major order wins, so investors can understand the implications and make informed decisions.
Singapore’s market revival and growing appeal to investors are highlighted by a Bloomberg ranking of the world’s busiest IPO destinations, where it jumped to ninth place
“Surpassing London underscores the global rotation of capital towards Asia, and shows that Singapore is now seen as both a safe and growth-oriented hub, attracting regional champions as well as multinational issuers,” said Mr Ganeriwal.
