Singapore bags largest IPO proceeds amongst Southeast Asian bourses

Amount raised on SGX surged three-fold while market cap more than doubled.

As at 21 November 2016, the Singapore Exchange (SGX) had the largest share of IPO proceeds among the six Southeast Asia stock markets.

IPO proceeds for shares and market capitalisation on SGX raised S$2.3 billion and S$4.4 billion respectively, resuming its top spot in the region in 2016, according to data from Deloitte Singapore.

Listings this year on the SGX bounced back from 2015 and contributed 16% of total IPO listings in Southeast Asia, which is equivalent to 36% of the total funds raised in the region in 2016.

The SGX also saw 16 IPO listings this year to date. This includes two company IPOs that raised S$235 million with S$1.3 billion market capitalisation as well as three REITs on the SGX Mainboard with S$1.9 billion in proceeds and S$2.6 billion market capitalisation at IPO. The Catalist board backed by 11 new equity listings to date raised S$106 million funds and S$529 million in market capitalisation versus 12 Catalist listings by the end of 2015 with S$237 million funds and S$1.5 billion in market capitalisation.

Responding to the performance of the Singapore IPO market for 2016 after ten months, Dr Ernest Kan, Deputy Managing Partner (Markets), Deloitte Singapore, expressed optimism for Singapore’s capital markets. “Singapore’s IPO performance has taken a better turn with a 342% increase in amount raised and 133% increase in market capitalisation, representing the strongest share for IPOs in the region in 2016. The total capital raised surged in 2016 and this was boosted by three REITs listings that contributed S$1.9 billion of fresh funds.”

“The top performing industries in the last three years are Consumer Business (13 deals, S$1.2 billion), Real Estate (10 deals, S$3.9 billion) and Energy & Resources (9 deals, S$754.5 million). REITs accounted for 61% of total amount raised from all IPOs in the last three years. Overall, there is a strong uptrend in Singapore’s IPO market, with confidence that this performance will continue into 2017, barring unforeseen circumstances,” added Dr Kan.

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