REITs lift Singapore IPO proceeds to $1.12b

Five listings captured 28% of Southeast Asia’s IPO funds in the first half.

Singapore's IPO market maintained its momentum in the first half of 2026, raising $1.12b (US$868m) across five IPOs and accounting for 28% of total IPO proceeds in Southeast Asia.

According to Deloitte’s Southeast Asia Mid-Year IPO Snapshot 2026 report, the market continued to be driven by large institutional offerings, particularly REITs, alongside a more diversified listing pipeline and ongoing initiatives to strengthen Singapore's equities market.

With an average IPO size of $225m (US$174m), the second highest in Southeast Asia, Singapore remained a preferred venue for larger, institutional-quality listings.

A key development is the proposed Global Listing Board, a partnership between SGX and Nasdaq aimed at simplifying dual listings and strengthening Singapore's connectivity to global capital markets.

The framework would allow issuers to pursue an SGX–Nasdaq dual listing using a single prospectus and aligned listing timelines.

It also envisions cross-border share fungibility, allowing securities listed on both exchanges to be transferred and settled across markets, improving investor access, liquidity and price discovery across Asian and U.S. trading hours.

To qualify, issuers are expected to meet a minimum market capitalisation of $2b, alongside Singapore fundraising and retail participation requirements designed to support domestic market depth whilst attracting globally significant companies.

Across Southeast Asia, the IPO market recorded 47 IPOs in H1 2026, down from 53 in the same period last year, whilst total funds raised increased to approximately $3.97b ($3.07b).

"The Southeast Asia IPO market in the first half of 2026 has shown a resilient but transitioning performance, characterised by a clear divergence between deal volume and capital raised," said Tay Hwee Ling, capital markets services leader at Deloitte Southeast Asia.

She said market execution is expected to remain selective in the second half of 2026 as global macroeconomic uncertainty and investor scrutiny of valuations continue to influence IPO activity.

However, companies with strong fundamentals, clear growth strategies and appropriate pricing are expected to continue attracting investor interest.

“Against this backdrop, Singapore is expected to remain well positioned for larger, institutional-quality listings, although successful execution will continue to depend on valuation alignment and sustained investor demand,” she said.

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