Singapore IPOs raise $45.9m in first 10.5 months of 2024

The listings are in the Consumer, Industrial Products, and Life Sciences & Health Care industries.

Singapore saw four initial public offerings (IPOs) raising approximately $45.9m (US$34m) in the first 10.5 months of 2024, according to Deloitte.

The four listings are in the Consumer, Industrial Products, and Life Sciences & Health Care industries.

SGX also saw two new secondary listings from the Hong Kong Stock Exchange: Helens International Holdings, a China-based investment holding company mainly engaged in bar operations and franchising, and PC Partner Group Limited, a manufacturer and distributor of electronic products.

“As global interest rates stabilise, investor appetite for income-generating assets like REITs is expected to strengthen,” said Darren Ng, transactions accounting support partner at Deloitte Singapore.

“With its established REIT framework, Singapore remains a preferred listing destination for REITs in Asia, attracting both local and international issuers looking to tap into a well-regulated market with high liquidity,” Ng added.

For the first 10.5 months of 2024, IPO capital markets in Southeast Asia saw a count of 122 IPOs, raising approximately $4.05b (US$3b).

Whilst the number of IPOs remains healthy, the total capital raised has been the lowest in nine years, with a decline from the $7.8b (US$5.8b) raised across 163 IPOs in 2023.

Despite global economic uncertainty driven by significant political shifts, Malaysia has stood out as a bright spot in Southeast Asia, leading the region in all three key metrics: number of IPOs, the total amount of IPO funds raised, and IPO market capitalisation.

In terms of industries, consumers and energy & resources are the top two dominating the region, accounting for 52% of the total number of IPOs and 64% of the total IPO funds raised.

($1 = US$0.74)