Equity capital market sees strongest YTD issuance since 2021

By sector (issuers), Real Estate led with $3.48b, accounting for 46.3% of the proceeds.

Singapore’s equity capital markets (ECM) raised $7.48b in the first nine months of 2025, up 179% YoY and the strongest year-to-date tally since 2021, according to LSEG’s Investment Banking Review.

Despite the surge, quarterly momentum cooled: Q3 proceeds came in at $3.22b, down 18.6% versus Q2, even as the number of issues jumped 71% YoY.

IPO activity accelerated. 29 IPOs raised $2.71b (~18× last year). Of these, 22 listed offshore—20 in the US and 2 in Hong Kong—raising $751.9m, while 7 listings on SGX raised $1.93b. Q3 2025 was the busiest IPO quarter on Singapore exchanges since Q3 2017.

By sector (issuers), Real Estate led with $3.48b (46.3% of proceeds), followed by High Technology at $2.58b (35.4%). Industrials accounted for 5.9%.

The year’s largest ECM prints included: Grab Holdings ($1.93b convertible), NTT DC REIT ($1.06b IPO), Centurion Accommodation REIT ($774.8m IPO), CapitaLand Integrated Commercial Trust ($602.0m follow-on), CapitaLand Ascendas, and REIT ($500.8m follow-on).

Amongst bookrunners for Singapore-domiciled equity & equity-linked, DBS led with $852.4m (11.4% share), ahead of J.P. Morgan ($845.2m, 11.4%) and Morgan Stanley ($775.2m, 10.4%), LSEG data showed.