The Singapore IPO market is back in business.
SGX is on track for close to 30 new listings in 2026, which gives investors options to consider.
Finding the next multi-bagger is exciting, but plenty of IPOs never turn into long-term winners.
The most keen-eyed investors aren’t impressed by hype or headlines.
They focus on what matters: how solid the business behind the ticker really is.
Here’s what you need to watch for when checking out the new IPOs.
Why Investors Are Drawn to IPOs
IPOs basically let investors jump in early, before a company turns into a household name.
Look at Amazon or Meta, which both started out as IPOs.
What really catches investors’ attention is the chance for big growth and strong profits down the line.
When things go well, IPOs deliver huge returns.
Just keep this in mind: the bigger the reward, the bigger the risk.
The Risks of Buying Newly Listed Companies
IPOs just don’t have much of a track record, which means investors lack much information to judge how the company might perform over time.
Plus, the hype surrounding an IPO can inflate valuations, leaving even high-quality businesses vulnerable to disappointing returns.
After a company goes public, the stock price tends to fluctuate as everyone tries to figure out what it’s actually worth.
Meet the 2026 Newcomers
TOKU Ltd (SGX: TKU) — The Growth Challenger
TOKU went public in January 2026, setting its IPO price at S$0.25 per share.
Demand for AI automation and customer engagement tools keeps surging, especially in Asia Pacific, fuelling its growth.
Following its IPO, TOKU announced its 2025 full-year revenue (FY2025) at US$34.8 million – a 9.3% jump compared to the previous year.
Usage revenue also soared 21% to US$23.9 million.
However, the company reported a FY2025 net loss of US$9.1 million, up from US$5.3 million a year earlier.
Much of the increase came from roughly US$4.9 million of non-cash and non-recurring items tied to the IPO, such as listing fees and share-based charges.
Stripping these out, its adjusted net loss actually narrowed to US$4.2 million.
It also faces competition from larger global software providers.
TOKU’s strength lies in the growing AI software market and the ability to expand its customer base.
JustCo (SGX: JCO) — The Profitable Disruptor
Listed in May 2026 at an IPO price of S$0.94 per share, JustCo is one of Asia Pacific’s largest flexible workspace operators, with 54 centres across 12 cities.
Backed by GIC and Frasers Property Ltd (SGX: TQ5), JustCo is eyeing more than 100 centres by 2029.
It turned a profit for the first time in FY2025, pulling in US$2.7 million on US$144.2 million in revenue.
Still, it’s smart for investors to keep an eye on occupancy rates and how well the team manages this aggressive expansion.
The flexible workspace market can take a hit when the economy slows, which hurts both growth and profits.
UIB REIT (SGX: UIBU) — The Income Play
Listed in March 2026 at an IPO price of S$0.88 per unit, UIB REIT owns a S$1.9 billion portfolio of 23 industrial and logistics properties across Singapore and Japan.
The REIT was launched with a projected FY2027 distribution yield of 7.8%, supported by quality tenants such as Razer and GSK (LON: GSK) and a weighted average lease expiry of 5.8 years.
The REIT may appeal to income investors because of its visible growth drivers.
Portfolio committed occupancy improved from 89.4% at IPO to 92.2% by April 2026, while rental escalations and asset enhancement initiatives could support future distributions.
UIB REIT also benefits from sponsor backing by Unified Industrial and Boustead Singapore (SGX: F9D), providing access to a sizable acquisition pipeline.
However, keep an eye on the interest rate environment, the REIT’s occupancy levels, and its management’s execution of future acquisitions.
While UIB REIT’s growth runway looks promising, future returns will depend on disciplined capital allocation and balance sheet management.
The IPO Investor’s Checklist
Focus on companies that either have a business model that works or at least show a clear way to make money soon.
Check if the company stands out. Maybe it’s got a powerful brand, patented tech, or just leads in its field.
Management counts. When insiders own shares, it shows they’re in sync with shareholders.
Price matters, too. It doesn’t matter how great a company looks. If you pay too much, you’re setting yourself up for disappointment.
Should You Buy Immediately or Wait?
Getting in early lets you ride the company’s growth right from the beginning, especially if the numbers and valuation look good.
But waiting for a few earnings reports can clear things up and sometimes, when shares swing lower after the IPO, the valuation may become more attractive.
A watchlist can also help you monitor key metrics and separate business performance from market hype.
Lessons From Past IPOs
Not every IPO becomes a winner.
Warning signs often include weak profitability, excessive debt, and aggressive valuations.
At the same time, some successful IPOs take years to realise their potential.
Amazon and Meta both experienced sharp declines after listing before becoming long-term winners.
When it comes down to it, what counts is the actual business, not the hype on listing day.
Focus on fundamentals, rather than hype.
Get Smart: Treat IPOs Like Businesses, Not Lottery Tickets
IPOs can deliver big returns, but they’re not a sure-win.
Forget the buzz on listing day. Instead, pay attention to how solid the business really is.
Look at management, profits, and whether the price actually makes sense.
The key here is to pick well. You don’t need to chase every new stock that comes along.
The goal is to find those companies that keep growing long after the IPO confetti settles.
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Disclosure: Joseph G. does not own shares of any companies mentioned.
