What’s driving Singapore’s strong IPO performance in Q3?

It was boosted by two large REIT listings.

Singapore led Southeast Asia’s IPO market in the third quarter of 2025, raising $1.95b (US$1.5b) from six deals, according to the latest EY Global IPO Trends report.

The strong performance was driven by two large real estate investment trust (REIT) listings, which boosted the Singapore Exchange to sixth place globally in proceeds raised.

The region recorded 25 IPOs raising $3.24b (US$2.5b), up from 22 listings totaling $0.91b (US$0.7b) in Q2 2025.

Other active markets included Indonesia (8 IPOs, $620m / US$478m), Malaysia (8 IPOs, $122m / US$94m), Thailand (2 IPOs, $6.5m / US$5m), and Vietnam (1 IPO, $532m / US$410m).

“Singapore’s push for regulatory reforms aimed at injecting liquidity into the market has led to improving sentiments and growing interest in the local bourse,” said Chan Yew Kiang, EY Asean IPO leader.

“Whilst companies in Singapore may continue to pursue cross-border listings in Hong Kong and the US, the country has seen increased interest driven by pro-market reforms, whilst maintaining its reputation as a stable, well-regulated and free market that is attracting companies amidst geopolitical tensions,” he added.

Globally, IPO activity also recovered in Q3, with deal volume up 19% year-over-year and proceeds rising 89%.

The US led the rebound, India posted a threefold increase in deal volume, and Greater China and the Middle East remained steady. Europe is showing early signs of revival.

Private equity-backed IPOs are also increasing worldwide, particularly in the US, Greater China, and the Nordics, reflecting renewed investor confidence.

Despite positive trends, ongoing tariff disputes and political volatility continue to affect markets