Singapore’s IPO market posts strongest year since 2019 with $2.1b raised

The standout listings, NTT DC REIT and Centurion Accommodation REIT, each raised over $650m (US$500m).

Singapore’s IPO market recorded its strongest year since 2019, raising approximately $2.1b (US$1.6b) across nine listings in the first 10.5 months of 2025, according to Deloitte.

The total was the highest among Southeast Asian markets by proceeds, driven primarily by two large-cap real estate investment trusts.

The standout listings, NTT DC REIT and Centurion Accommodation REIT, each raised over $650m (US$500m), together contributing around 88% of the funds raised in Singapore this year.

Both deals reflect growing investor appetite for digital infrastructure and alternative accommodation assets. The strong demand translated into average first-day gains of 12% across all Singapore IPOs, with year-to-date performance up nearly 29%.

In parallel, the government’s $5b Equity Market Development Programme, launched to attract high-growth companies and support market liquidity, also helped lift investor confidence.

Observers noted that whilst the number of IPOs remained modest, Singapore’s focus on quality, scale, and infrastructure-linked assets positioned it as the regional leader by deal value.

As 2025 heads into its final weeks, analysts expect continued momentum into 2026, especially in sectors such as REITs, digital assets, and healthcare, where institutional interest remains strong.

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