M&As back in vogue as IPO market slows to a crawl

Deal value hit $1.8b in just two months.

M&A activity is picking up on the local bourse, with a spate of high-profile takeover deals hogging the headlines in the past couple of months.

Among the most notable privatisation deals is Singapore Airlines' decision to take low-cost carrier Tigerair private, as well as the acquisition of Biosensors International by CITIC Private Equity Fund.

Analysts at RHB Research say that M&As are gaining popularity in the local market as acquirers are take advantage of depressed valuations despite solid growth prospects.

However, the increasing prominence of such deals might have unintended consequences for investors in the long run.

“While investors were able to realize decent premiums on such privatization deals, the net effect is a gradual hollowing out of good quality companies from the local bourse as new listings have fallen short both in quality and quantity. Singapore’s IPO market slowed to a crawl this year, with only 3 new listings in 1H15 raising some US$228m, down 79% compared to the same period last year.” RHB said.

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