Four Singapore IPOs raised $3.92b in Q3

NetLink NBN Trust's $2.3b "megadeal" boosted the lineup.

Four initial public offerings (IPO) in Singapore raised up to $3.92b (US$2.9b) in Q3, which is 566% higher than last year's amount.

According to Ernst and Young (EY), NetLink NBN Trust's $2.3b (US$1.7b) "megadeal" led the boost in Singapore. Its size also made it the quarter's second largest IPO in the Asia Pacific.

The third quarter of 2017 saw 10 IPOs go over US$1b and push stock exchanges in Brazil, Singapore, Switzerland and India into the list of the world’s top 10 by capital raised, behind Shanghai and Hong Kong.

Meanwhile, Singapore ranked second top IPO issuer YTD with eight deals.

The Singapore Exchange (SGX) attracted IPOs by ASEAN companies outside the island state, including property developer Aspen (Group) Holdings Ltd. and shopper360 Ltd., a Malaysian provider of shopper marketing services that listed in June.

"We think this cross-border listing trend will continue," EY said.