Singapore IPO market gathers pace as SGX on track for nearly 30 listings in 2026
Analysts said Singapore’s reputation as a safe haven continues to attract companies seeking to list, amid ongoing trade tensions and global uncertainty.
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SINGAPORE: Singapore’s initial public offering (IPO) market could be entering a new growth phase, with the Singapore Exchange (SGX) on track for close to 30 listings this year following a record year for IPO proceeds.
According to SGX, Singapore recorded about S$3 billion (US$2.35 billion) in IPO proceeds last year, topping Southeast Asia’s IPO market rankings.
Analysts said Singapore’s reputation as a safe haven continues to attract companies seeking to list, amid ongoing trade tensions and global uncertainty.
Liquidity has also improved significantly, with trading volumes doubling over the past 18 months.
JUSTCO LISTING
The momentum comes as SGX welcomed its third mainboard IPO of the year on Friday (May 22), with homegrown flexible workspace provider JustCo raising S$100 million to fund its overseas expansion plans.
It was also SGX’s fifth listing in 2026.
JustCo, which is backed by Singapore sovereign wealth fund GIC, said that recent stimulus measures - including the S$6.5 billion Equity Market Development Programme aimed at boosting investor participation - helped strengthen confidence in listing on the local bourse.
“I think, in the past, there (was) a lot of concern about liquidity and investment (going) into a growth company, a non-REIT (real estate investment trust) company. With that programme, I think that the funds are more open,” said JustCo’s executive chairman and CEO Kong Wan Sing.
He noted that JustCo is not only a growth company – defined as a firm growing faster than the broader economy – but is also profitable, which helped during the IPO process.
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Mr Kong added that the company plans to channel proceeds from the IPO into expanding across its existing markets.
“We are focusing on Japan as our core market, because … we are very lowly penetrated in Japan. There's a lot of growth potential in Japan,” he said.
Mr Pol de Win, SGX Group’s head of global sales and origination, said the exchange is seeing growing diversity among companies seeking listings.
“We're looking to get more higher growth companies onto our platform,” he pointed out.
“If we see some of the deals that came through in the recent six to nine months, we also see that diversity is building up with AvePoint, Info-Tech, UltraGreen.ai, MetaOptics, a number of higher growth companies in the new economy space.”
SGX is on track to execute 27 listings across the board, said Mr de Win, adding that it would be disappointing if the exchange does not surpass that figure by a significant margin in the coming year.
While the REIT sector remains important, newer sectors are beginning to emerge, he said.
“Within sectors that are more familiar to us already historically in the REIT space, we've seen very sizeable deals happen. I think that will continue, but also there we see changes towards a new economy with digital infrastructure assets, such as data centre providers coming through.”
Mr de Win also highlighted the rise of local companies such as JustCo entering the public market, saying he is “super excited” by the developments.
FUTURE IPO OFFERINGS
Market watchers said a combination of Singapore’s safe-haven appeal and dual-listing arrangements could pave the way for future IPOs ranging from S$100 million to more than S$1 billion.
Earlier this month, Singapore’s parliament passed laws to allow companies to dual list on SGX and American stock exchange Nasdaq while cutting down on paperwork.
DBS global head of equity capital markets Art Karoonyavanich said companies from Southeast Asia are increasingly considering Singapore as a listing destination again.
“That can be coupled (with the) fact that liquidity is stronger here, (along with) diversification in terms of investor base, strength in the overall ecosystem build-out, and the strength in the SGX,” he pointed out.
He added that ongoing efforts by SGX and regulators like the Monetary Authority of Singapore to revitalise the stock market could help attract more issuers, including companies already listed overseas.
SGX said its planned dual-listing link with Nasdaq could go live within months, with the first listings expected in the second half of the year.
With retail investors now its fastest-growing group, the exchange said it also plans to make investing more accessible through stronger investor education and lower barriers to entry.
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