When it came to initial public offerings (IPOs), Singapore Exchange (SGX: S68), or SGX, saw a quiet first half for 2025.
There was just one listing from January to June of 2025 on Catalist, SGX’s second board – that of car dealer Vin’s Holdings (SGX: VIN).
Candy maker YLF Group Marketing was supposed to go public but pulled out, citing unfavourable market conditions.
This slow start looks set to change in the second half of 2025 as more companies have indicated their interest in listing on the exchange.
We look at four IPO aspirants that will help to broaden investors’ investment choices once their shares begin trading.
Info-Tech Systems
Software services provider Info-Tech Systems launched its IPO at S$0.87 apiece, with its shares set to commence trading on 4 July.
The company is listing on the Mainboard, marking the first such listing on SGX in two years.
Info-Tech Systems provides human resource management system (HRMS) and accounting services software, and is the first pure-play software-as-a-service (SaaS) company to go public on SGX.
The offer of 24,856,000 shares includes 19,856,000 shares reserved for investors outside the US, and five million shares set aside for the public.
Following the offering, Info-Tech Systems will have a market capitalisation of around S$224.5 million.
The company was founded in 2007 and has expanded into Malaysia, Hong Kong, and India.
Its balance sheet boasted net cash of S$29.7 million with zero borrowings.
Info-Tech Systems is also highly profitable, with net profit rising from S$7.2 million to S$12.3 million from 2022 to 2024.
Net profit margin stood high at 28.2% for 2024, up from 23.3% in the previous year.
Revenue went from S$30.8 million in 2022 to S$43.7 million in 2024.
The company intends to recommend and distribute dividends of at least 50% of its net profit.
CEO and co-founder Dilip Babu said that Info-Tech Systems plans to offer a broader range of products and act as a one-stop digital solution for businesses.
NTT DC REIT
SGX could be seeing its largest REIT IPO in a decade with Japanese telecommunication company Nippon Telegraph and Telephone’s (NTT) (TYO: 9432) plan to spin off some of its data centres into a REIT here.
The REIT’s initial portfolio will comprise six of NTT’s data centre assets valued at around US$1.6 billion.
The new REIT, called NTT DC REIT, will have four of its data centres in the US, one in Singapore, and the sixth in Austria.
NTT DC REIT plans to offer units at US$1 apiece, and the REIT’s sponsor will be NTT Ltd, a unit of the NTT Group.
NTT believes there will be significant growth in the global data centre market with ample growth headroom for NTT DC REIT.
The REIT is being marketed at an indicative forecast distribution yield of 7% to 7.5% on an annualised basis for the July 2025 to March 2026 period.
For the following fiscal year (ending 31 March 2027), the yield is estimated at 7.29% to 7.8%.
These yields are based on a projected distribution of 90% of the REIT’s distributable income.
Once listed, the REIT will have a market capitalisation of up to US$1.08 billion.
GIC, Singapore’s sovereign wealth fund, will be a cornerstone investor of NTT DC REIT and will invest close to US$101 million.
NTT said that the REIT’s growth trajectory depends on its ability to source high-quality, accretive acquisitions post-IPO.
Lum Chang Creations
Apart from the Mainboard, there is also increased activity on Catalist as two companies filed their preliminary prospectuses to list there.
The first is Lum Chang Creations, an interior fit-out company.
The company specialises in urban revitalisation projects with its focus being on conservation, restoration, interior fit-outs, and addition cum alteration works.
Lum Chang Creations also manufactures wood furniture and fixtures for retail customers.
The company is a spin-off from Mainboard-listed Lum Chang Holdings (SGX: L19).
Funds raised will be used to grow its regional presence, increase its interior fit-out and addition and alteration order book, and boost its working capital.
The pricing and final share allocation details have not been released at the time of writing and will be disclosed once the prospectus is registered.
Dezign Format
The second company to indicate its interest in listing on Catalist is Dezign Format.
The company provides events, exhibitions and decoration services for the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.
Its services cover the design and fabrication of custom environments, interior fit-outs for commercial spaces, project management, and festive decoration works.
For 2024, the business reported revenue of S$33.4 million, up 28.5% year on year.
Net profit stood at S$5 million, surging nearly 54% year on year from S$3.3 million in the previous year.
Dezign Format enjoyed a net margin of 15% for 2024, up from 12.7% in 2023.
With rising demand for MICE activities, the company expects revenue to continue trending higher.
It also believes that it is well-positioned to tap into the increase in demand for experiential offerings.
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Disclosure: Royston Yang owns shares of Singapore Exchange Limited.
