SINGAPORE - Wireless solutions provider Comba Telecom Systems completed a secondary listing on the Singapore Exchange (SGX) on Wednesday, making it the first company to list on the mainboard in 2023.
Comba, which did not raise any funds as part of the listing, closed at 25.5 cents with 202,000 shares changing hands.
The company has a primary listing on the Hong Kong Stock Exchange, where it has a market capitalisation of around HK$3.84 billion (S$658 million) and is included in the Hang Seng Composite SmallCap Index.
Comba’s debut in Singapore comes at a time when SGX officials have been marketing the bourse as a desired destination for secondary listings. This helps drum up more investor interest, boosts liquidity in the local stock market and generates fee revenue for the exchange.
There are already 28 companies with secondary listings here. In 2022, Chinese electric vehicle maker Nio, which is also listed in Hong Kong and New York, and liquor company Emperador from the Phillippines, completed similar moves on the SGX.
Other big companies with secondary listings here include Hong Kong Land and Shangri-La Asia, which are both listed in Hong Kong, London-listed Prudential and Jardine Matheson, as well as Top Glove and IHH Healthcare, which are Malaysia-listed stocks, noted SGX data.
Mr Mohamed Nasser Ismail, global head of equity capital markets at SGX Group, said the local bourse is attractive to companies that want greater visibility among regional investors.
“We continue to have active discussions with a diverse range of companies seeking either a primary or secondary listing in Singapore as part of their growth ambitions in Asia,” he added.
Comba executives told the media that the firm opted for a secondary listing in Singapore because it is familiar with the country, where it has an office that has grown from four staff in 2003 to 25 now.
They added that Comba sees growth coming from India, which concluded its 5G spectrum auction in August 2022. It is also looking to boost revenue from 5G base station installations in China.
Comba chairman Fok Tung Ling said the broader shareholder base and fund-raising channels as a result of the listing will help promote the company’s corporate image and enhance the liquidity of its securities.