SGX says over 30 companies in its IPO pipeline, eyes more acquisitions

SINGAPORE – The Singapore Exchange (SGX) has more than 30 companies in its pipeline of initial public offerings (IPOs) that have already hired advisers and started preparatory listing work.

More are still contemplating going public in Singapore, SGX head of global sales and origination Pol de Win disclosed at a results briefing on Aug 8. SGX did not specify the timeline for its IPO pipeline.

Chief executive Loh Boon Chye said at the briefing that the 2025 financial year was a landmark for the company, with its strongest performance yet.

“We are on track to achieve 6 per cent to 8 per cent growth in our group revenue in the medium term. We will also strengthen our high-quality, multi-asset product shelf across asset classes, geographies and themes.”

For the 12 months to June, net profit rose 8.4 per cent to $648 million from $597.9 million a year ago on increased trading volumes across commodities, equities and currencies.

The bourse operator also posted its highest revenue since 2000, at $1.3 billion – an 11.7 per cent increase from financial year 2024.

SGX chief financial officer Daniel Koh said the results set a strong foundation for SGX’s next stage of growth, which will feature bolt-on acquisitions – smaller companies that will complement or expand the group’s business.

SGX will also invest in product innovation, sales capabilities and technology infrastructure to improve client services and expand its market reach. Financial year 2026 expenses are expected to rise by 4 per cent to 6 per cent, while capital expenditure investment will be capped at 7 per cent of operating revenue over a cycle.

The exchange has seen a wave of delistings and a dearth of IPOs in recent years.

It recorded just six new listings in financial year 2025, down from seven the previous financial year, with no mainboard IPOs in nearly two years. Meanwhile, there were 10 delistings in the first half of 2025, following 20 in 2024.

The second half of 2025, however, has shown signs of recovery, with the Catalist listings of Lum Chang Creations and Dezign Format. The latter is due to begin trading on Aug 15.

For the mainboard, July saw the listings of Info-Tech Systems and NTT DC Reit – SGX’s largest real estate investment trust (Reit) IPO – which raised US$773 million (S$993 million). Hong Kong-listed Chinese pharmaceutical company China Medical System also made its secondary listing here in the same month.

Mr de Win said this momentum is expected to continue into the medium term with more listings.

“Our pipeline is split equally between mainboard and Catalist prospects, coming from a diverse range of sectors. We expect to see even more sectors than the ones in July,” he said.

Bloomberg News reported that Hong Kong’s Link Reit and France’s Praemia REIM are among firms exploring IPOs in Singapore. Outside of real estate, companies such as UltraGreen.ai and Neon are also reportedly considering listings here.

The increased activity on the bourse also comes on the heels of the Monetary Authority of Singapore’s (MAS) initiatives to revive the stock market.

The regulator’s equity markets review group announced in July that it will set aside $50 million for the Grant for Equity Market Singapore scheme.

The scheme aims to boost the equity research ecosystem, which can facilitate price discovery and fair valuation of companies, allowing investors to make informed and timely decisions.

SGX will also work closely with asset managers appointed by MAS under the Equity Market Development Programme (EQDP) on capital deployment to support company listings, said head of equities Ng Yao Loong.

The first tranche of three asset managers will be allocated $1.1 billion of the EQDP’s $5 billion set aside, MAS announced in July.

“We are also looking at the possibility of working with large-cap companies that have done well in capital management and shareholding initiatives that have created value,” Mr Ng said.

“This could allow us to create more companies with higher liquidity and valuation, which is a win-win situation for investors and issuers.”

Another priority is boosting Singaporeans’ portfolio investments in the local stock market through improved product offerings in exchange-traded funds and Singapore Depository Receipts, Mr Ng said.

Mr Tan Boon Gin, chief executive of SGX RegCo, said there is a higher level of market discipline due to an expected increase in institutional participation, which will complement regulatory efforts to streamline the IPO process and move towards a disclosure-based regime.

SGX declared a final quarterly dividend of 10.5 cents a share, higher than the 9 cents apiece a year ago. This brings the full-year dividend to 37.5 cents, up 8.7 per cent.

The exchange said it aims to implement a steady dividend increase of 0.25 cent every quarter from financial year 2026 to financial year 2028 – a reflection of the strength and resilience of its business.

SGX’s shares jumped 1.5 per cent to $16.58 in early trading, before giving up gains. The stock closed down 2 per cent, or 32 cents, to $16.02.