IPOs flatline in Q1 amidst global investor caution: report

Singapore’s primary market remained dormant this quarter, despite its reputation as a financial hub.

Singapore recorded zero initial public offerings (IPOs) in the first quarter of 2025, according to the latest EY Global IPO Trends report, marking a sharp decline from a single listing in Q1 2024 and a 100% drop in both IPO volume and proceeds year-on-year.

Whilst IPO activity across the ASEAN region fell overall, some neighbouring markets bucked the trend — notably Malaysia, which notched an 18-year high with 14 IPOs. In contrast, Singapore’s primary market remained dormant this quarter, despite its reputation as a financial hub.

The report attributed part of the stagnation to global macroeconomic volatility, trade tensions, and cautious investor sentiment.

However, it also noted that Singaporean companies continue to look abroad for capital, especially via listings in the United States — a sign of shifting IPO strategies among regional firms.

Still, there may be cause for optimism. The Monetary Authority of Singapore has introduced a series of reforms aimed at revitalising the domestic equities market. Whilst details are still forthcoming, the report observed that these initiatives have already begun to stir corporate interest.

“The Monetary Authority of Singapore (MAS) has implemented measures to revitalise the equities market,” the report stated.

“As the market awaits details of the initiatives, there has been increased interest and inquiries from companies in the region to consider listing in the Republic.”

Singapore’s current lull stands in contrast to the broader Asia-Pacific IPO landscape, which saw a 2% dip in volume but an 87% surge in proceeds YoY, led by large listings in Japan, South Korea, and Hong Kong.

As regional competitors gain momentum, Singapore’s ability to reignite its IPO engine may depend on how swiftly and effectively it delivers on regulatory reform, and whether companies see enough value to return home to list.