The Singapore initial public offering (IPO) scene is roaring back to life.
Info-Tech Systems (SGX: ITS) became the first Singapore Exchange (SGX: S68) or SGX mainboard listing in two years, back in June 2025.
Next, NTT DC REIT (SGX: NTDU) became the largest REIT IPO on the SGX in a decade, drawing in anchor investors such as the Government Investment Corporation (GIC).
The momentum has spilled over into SGX’s second board, Catalist, with Lum Chang Creations (SGX: LCC) making its debut on 21 July.
Optimism has seeped into the local market with the Monetary Authority of Singapore’s (MAS) announcement of a S$1.1 billion injection into small and mid-sized companies to boost trading liquidity and valuations.
Can this feel-good feeling be sustained, and will it attract more new entrants to list on our shores? Let’s find out.
Performance of recent IPOs
First, let’s review the performance of the three recent IPOs.
Info-Tech Systems launched its IPO at S$0.87 per share back in late June, and its shares began trading on SGX on 4 July.
Shares hit a high of S$0.98, up 12.6% above its IPO price, but have since drifted down to S$0.865 to S$0.87.
For NTT DC REIT, the data centre REIT launched its IPO at US$1 apiece but saw a lukewarm debut, closing flat at its IPO price after hitting its peak of US$1.03.
Shares are now trading below their IPO price at US$0.95.
Lum Chang Creations, or LCC, is the best performer by far.
Shares were offered at S$0.25 apiece, and the public tranche saw an over-subscription rate of 47.3 times.
Shares opened at S$0.30 and have hit as high as S$0.405.
They closed at S$0.385 on 25 July, marking an impressive 54% gain over their IPO price.
It was a bag of mixed fortunes for these three companies.
LCC did fabulously well with its share price soaring, Info-Tech Systems is treading water, while NTT DC REIT is trading below its IPO price.
A pipeline of listing aspirants
The trio of IPOs could be just the beginning of a wave of new listings on SGX.
Other companies have indicated their interest in listing in Singapore after seeing a potential revitalisation triggered by the MAS.
Within the REIT space, France’s Praemia real estate investment manager (REIM) is considering listing a healthcare REIT here.
Hospital assets to be included in this REIT could amount to around US$2 billion to US$3 billion.
The REIM is looking to expand in Asia, and NTT DC REIT’s successful IPO could be the catalyst for the French outfit to consider a REIT listing.
The Catalist board may see a potential second listing soon with Dezign Format lodging its preliminary prospectus on 30 June.
The company provides events, exhibitions, and decoration services across various industries and serves the meetings, incentives, conferences, and exhibitions (MICE) sector.
In late June, there was also news that Chizu Café may plan to list on SGX to accelerate its regional expansion.
Chizu is a halal-certified café chain in Malaysia offering cheese drinks and pastries.
Its owner, Daruma Capital Sdn Bhd, is looking to tap into Singapore’s deep capital markets to attract international investors.
Then there is the immersive entertainment group Neon.
Previously known as Cityneon, the firm was taken private back in February 2019.
A listing could raise as much as S$400 million to S$500 million should it take place this year.
Potential spin-offs
Apart from companies to list on SGX, there are also potential spin-off listings.
For instance, Centurion Corporation (SGX: OU8) is mulling a spin-off of its purpose-built worker accommodation assets (PBWA) and student accommodation assets (PBSA) into a REIT called Centurion Accommodation REIT.
The initial portfolio will include five PBWA properties in Singapore, eight PBSA properties in the UK, and two PBSA properties in Australia.
These properties will be valued at S$2.1 billion.
Boustead Singapore (SGX: F9D), a conglomerate with four divisions, is also looking at potentially selling some of its logistics and industrial assets to a REIT.
Asia’s largest REIT, Link REIT (HKSE: 0823), is also exploring the spin-off of some of its properties outside of China and Hong Kong as a separate entity to be listed on SGX.
These properties include 12 assets in Australia, Singapore, and the UK and make up around 11% of the REIT’s portfolio value.
Get Smart: The spark to set off a virtuous cycle
If the above sounds exciting, it could be just the beginning of a virtuous cycle for SGX.
Should the listings occur, they could spark a positive feedback loop that will attract more businesses to list on our shores.
MAS’s capital injection provides a useful catalyst to attract more listing aspirants.
Investors can then enjoy a broader base of companies to invest in to diversify their investment choices.
Watch out for more good news in the IPO space as optimism permeates the local stock market.
Disclosure: Royston Yang owns shares of Boustead Singapore and Singapore Exchange.
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