Activity on Singapore’s capital markets was subdued in 2024, reflecting a combination of economic uncertainties, high interest rates and geopolitical tensions that impacted ASEAN economies more broadly. The year saw only four initial public offerings (IPOs) (all of these on the Catalist Board), three of them coming in the final quarter of the year.
H1 2025’s indicators, however, call for cautious optimism. A marked uptick in IPO proceeds across APAC in late 2024, coupled with the announcement of multiple large M&A deals, suggests a gradual rebound of deal-making and market activity – likely a reflection of stabilising interest rates and overall regional economic recovery. Listings on the Singapore markets remain moderate so far, but the Catalist exchange has seen some renewed interest from mid-cap tech and sustainability-focused firms. Green finance, AI, and digital infrastructure are sectors to watch.
The first IPO on the SGX since November 2024 was completed by integrated automotive solutions provider Vin’s Holdings Ltd (Catalist:VIN) in April 2025. The Cayman Islands company offered 20 million placement shares at S$0.30 each, raising gross proceeds of approximately S$6 million. A portion of the proceeds will fuel digital transformation and service improvements for the company, as well as the development of new showrooms and workshops.
Looking ahead to H2, momentum appears to be building. Software services provider Info-Tech Systems Ltd. (SGX:ITS) launched its IPO on the Mainboard of the SGX-ST on 3 July 2025 with an offering by the Singapore company of 5,000,000 public offer shares and 19,856,000 placement shares at S$0.87 each, raising gross proceeds of approximately S$21.6 million. At the same time as, but separate from, the offering, cornerstone investors subscribed for or purchased shares in the company in an aggregate amount of S$35.8 million. This was followed in short order by NTT DC REIT‘s Mainboard launch and Lum Chang Creations‘ Catalist board debut in late July.
Potential regulatory reforms may play a role in this resurgence. A review was initiated by The Monetary Authority of Singapore (MAS) in August 2024 and the Equities Market Review Group was established to recommend measures to enhance the development of Singapore’s equities market. In February 2025, several new measures were announced, including the creation by MAS of a $5 billion equity market development programme to invest in Singapore-listed equities through selected fund managers. In May 2025, MAS launched a public consultation to seek feedback on proposals to streamline prospectus disclosure requirements, simplify the process for secondary listings, and broaden investor outreach channels for initial public offerings.
The reforms are intended, among others, to revitalise equity fund raising, deepen trading liquidity on the Singapore Exchange and strengthen the competitiveness of Singapore’s equities market. MAS has now strategically allocated S$1.1 billion to three asset managers who are expected to launch funds focused on undervalued Singapore small and mid-cap equities in the sustainability, fintech and digital infrastructure sectors, providing positive momentum and improved valuations for impacted companies.
As noted previously, the SGX-ST is also increasingly positioning itself as a secondary listing venue for companies already listed on the Hong Kong Stock Exchange. Hong Kong Stock Exchange-listed pharmaceutical company China Medical System Holdings Limited (HKSE:867) filed its introductory document on 27 June 2025 in connection with its secondary listing by way of introduction on the Mainboard of the SGX-ST, which was completed in July 2025.
