MARKETS & INVESTING | Staff Reporter, Singapore

Industrials led Singapore's cross-border IPOs in H1

They had a market share of 39% and total proceeds of US$36m.

Singapore’s industrial firms led the growth of cross-border initial public offerings (IPO) in the first half of 2018 as they raised a total of US$36m, translating to a market share of 39%, Baker McKenzie said.

With a growing number of Singapore companies choosing to list abroad, the number of cross-border listings ballooned by 300% in terms of volume and 166% in terms of value compared to the 64% increase in domestic capital raising.

According to a report, two industrial firms made it to the list of the five largest cross-border IPOs. HPC Holdings made it top of the list when it raised US$22.42m and listed in Hong Kong. Hike Holdings was the third largest IPO with US$14.01m proceeds raised in Hong Kong.

Real estate firms followed industrials as proceeds totalled US$20m and accounted for 22% of the market. The Hong Kong IPO of real estate firm ZACD Group was the second largest in H1 with proceeds of US$20.45m.

Materials firms followed suit with proceeds of US$15m and 16% market share. Materials firm IAG Holdings was the fifth largest cross-border IPO in H1 and raised US$8.32m in Hong Kong.

Telco firms were able to capture 10% of the cross-border IPO market with US$9m, led by the Hong Kong IPO of ISP Global for US$8.95m.

Firms in the retail and consumer products & services sectors ate up 9% and 5% of the market with proceeds of US$8m and US$4m respectively.

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