CNA Explains: A look at how Singapore's biggest IPOs of 2025 have performed

Key Concepts

• SGX (Singapore Exchange): The primary stock exchange in Singapore, currently experiencing a resurgence in IPO activity.
• IPO (Initial Public Offering): The process by which a private company offers shares to the public for the first time.
• REITs (Real Estate Investment Trusts): Companies that own, operate, or finance income-generating real estate; a dominant sector on the SGX.
• Dual Listing: A strategy where a company lists its shares on more than one stock exchange (e.g., SGX and Nasdaq) to increase liquidity and investor reach.
• New Economy Assets: Emerging sectors such as digital infrastructure and data centers that are diversifying the traditional REIT-heavy market.
• Safe Haven Status: Singapore’s reputation for political and economic stability, which attracts international capital.

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1. Market Performance and Growth

The Singapore Exchange (SGX) is entering a new era of growth, tracking toward nearly 13 listings in 2026. This follows a record-breaking year where IPO proceeds surged to approximately 3 billion Singapore dollars, positioning Singapore as the top IPO market in Southeast Asia.

• Liquidity: Trading volumes have doubled over the past 18 months, signaling increased market participation.
• Stimulus Measures: A 6.5 billion Singapore dollar government program aimed at increasing investor interest has been instrumental in attracting growth companies.

2. Sectoral Shifts: From Traditional to "New Economy"

While the SGX has historically been dominated by REITs, the market is diversifying:

• REIT Dominance: Real estate remains a cornerstone. Notable examples include NTT DC REIT (data center), which raised 842 million USD, and Centurion Accommodation REIT, which raised 816 million SGD and saw share prices rise over 20%. Deloitte estimates these two REITs accounted for 70% of total funds raised in 2025.
• New Economy: There is a strategic pivot toward digital infrastructure, specifically data center providers, and technology-related firms.
• Tech Listings: Medical tech firm Ultra Green raised 400 million USD, and software provider Infotech Systems raised nearly 62 million SGD.

3. Strategic Frameworks and Future Roadmap

The SGX is implementing specific strategies to maintain momentum:

• Dual Listing Link with Nasdaq: Expected to go live within months, with the first two listings anticipated in the second half of the year. This framework allows companies to tap into both the Singaporean and U.S. capital markets.
• Investor Accessibility: The exchange is focusing on retail investors—the fastest-growing group—by prioritizing investor education and removing barriers to entry.
• Secondary Listings: The exchange is actively courting companies already listed on other global exchanges to pursue secondary listings in Singapore, viewing this as the next phase of their growth roadmap.

4. Case Study: Justco

The workspace provider Justco serves as a prime example of the current IPO climate.

• Objective: Raising 100 million SGD to fund overseas expansion, with a specific focus on the Japanese market.
• Rationale: Justco identified Japan as a high-growth market with significant potential for penetration. The company utilized the SGX’s supportive environment and government stimulus programs to facilitate this growth.

5. Market Perspectives and Expert Analysis

Market watchers attribute the SGX’s success to a combination of factors:

• Safe Haven Appeal: Singapore’s stability continues to attract international issuers.
• Currency Strength: The strength of the Singapore dollar is a significant factor in attracting foreign investment.
• Diversification: By broadening the investor base and moving beyond traditional sectors, the SGX is strengthening its overall ecosystem.

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Synthesis and Conclusion

The Singapore Exchange is successfully transitioning from a traditional REIT-heavy market to a more diversified hub for "new economy" assets. By leveraging its reputation as a stable financial "safe haven," implementing aggressive stimulus programs, and fostering strategic international partnerships like the Nasdaq dual-listing link, the SGX has solidified its position as Southeast Asia’s premier IPO destination. The focus on retail investor accessibility and the successful integration of tech-focused listings suggest a sustainable trajectory for continued market growth.