SGX Mainboard to reject companies with IPO values below S$150m

IPO shares issued must be at least S$0.50 each.

According to a release from Singapore Exchange, SGX introduced higher Mainboard admission standards. The new criteria extend market transformation to the quality of the primary (IPO) market, making it attractive for larger companies seeking to list. This builds on earlier structural initiatives in the secondary (trading) market such as the launch of Reach technology, continuous all-day trading and the reduction in minimum bid sizes.

SGX will also look to increase the proportion of IPO tranches allocated to retail investors, particularly for listings which draw high retail subscription.

Here's more from SGX:

Companies intending to join SGX’s Mainboard must meet one of the following quantitative requirements:

1) Have a market capitalisation at IPO of not less than S$150 million if they are profitable in the last financial year and have an operating track record of at least three years
2) Have a market capitalisation at IPO of not less than S$300 million if they only have operating
revenue in the latest completed financial year.
3) Have minimum consolidated pre-tax profit of at least S$30 million for the latest financial year and have operating track record of at least three years;

In addition, the IPO shares issued must be at least S$0.50 each.

The new admission criteria take into account feedback and suggestions SGX received from the public consultation concluded in February 2010. The new criteria are effective 10 August 2012.

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