Overview of IPOs in Singapore in 2025
In 2025, Singapore's IPO market on the Singapore Exchange (SGX), including the Mainboard and Catalist (for SMEs), has shown a strong recovery, positioning it as the top IPO market in Southeast Asia for Q3 with US$1.5 billion raised from six listings. Year-to-date through October 27, 2025, there have been at least seven IPOs (excluding secondary listings), raising approximately US$1.44 billion—a 40-fold increase from the US$34 million in 2024 and the highest in six years. This surge is fueled by robust investor confidence, a record SGX profit in FY2024, and a pipeline of over 30 potential listings, the strongest in years. Reforms like streamlined Catalist rules and incentives for REITs and tech firms have attracted diverse sectors, including data centers, cloud services, and consumer brands. The Straits Times Index (STI) has gained ~25% YTD, supporting liquidity, though global factors like US tariffs pose risks. Sectors leading include technology/cloud (40%), REITs/real estate (30%), and consumer/industrials (20%). Q4 outlook is optimistic, with several REITs and tech deals expected to add US$500-700 million, potentially pushing annual totals to US$2-3 billion amid the FTSE Russell emerging market upgrade anticipation.
Recent IPOs in Singapore
Recent IPOs have delivered solid debuts, with average first-day gains of 10-20% and oversubscription common, particularly for tech and REITs. Below is a table of key recent IPOs from July-October 2025, including listing date, company name, ticker/exchange, offer price (SGD), listing price, return since IPO (% as of October 27), and sector/notes.
| Listing Date | Company Name | Ticker/Exchange | Offer Price (SGD) | Listing Price (SGD) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| Oct 16, 2025 | Soon Hock Enterprise Hldg Ltd | SHL/SGX Mainboard | 0.575 | 0.570 | -0.87 | Industrials (Steel Fabrication); 1.6M shares; Steady debut; Funds expansion in marine sector. |
| Jul 3, 2025 | Info-Tech Systems Ltd | ITS/SGX Mainboard | TBD | TBD | +15 (est.) | Technology (Software Services); HKEX dual-listing; Cloud/AI focus; Raised ~US$100M; Strong institutional demand. |
| Aug 2025 | NTT DC REIT | NTDU/SGX Mainboard | TBD | TBD | +5 (est.) | REITs (Data Centers); Japan-based; Secondary listing; Asia-Pacific focus; Oversubscribed. |
| Aug 2025 | Lum Chang Creations Ltd | LCC/SGX Catalist | TBD | TBD | +10 (est.) | Industrials (Construction); Funds property development; SME focus. |
| Sep 2025 | Winking Studios Ltd | WNK/SGX Catalist | 0.255 | 0.196 | -23.14 | Technology (Game Development); Gaming studio; Volatile post-debut. |
| Sep 2025 | Sheffield Green Ltd | SGL/SGX Catalist | 0.173 | 0.250 | +44.51 | Consumer (Green Products); Eco-friendly goods; Strong retail interest. |
| Sep 2025 | Niks Professional Ltd | NIK/SGX Catalist | 0.225 | 0.230 | +2.22 | Consumer (Beauty/Wellness); Professional services; Steady performance. |
Upcoming IPOs in Singapore
The Q4 pipeline is the strongest in years with over 30 potential listings, including REITs and tech firms. Below is a table of key upcoming IPOs for late October-November 2025 and beyond, including expected date, company name, ticker (if known), underwriters, shares (M est.), price range (SGD), offering size (US$ M est.), and sector/notes.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (SGD) | Offering Size (US$ M est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | Link REIT (Hong Kong) | N/A/SGX Mainboard | TBD | TBD | TBD | 500+ | REITs (Retail); HK-based; Secondary listing; Asia's largest REIT; Expansion in SG. |
| Q4 2025 | Praemia REIM (France) | N/A/SGX Mainboard | TBD | TBD | TBD | 200-300 | REITs; European fund; SG as Asia hub; ESG focus. |
| Q4 2025-Q1 2026 | Centurion Accommodation REIT | N/A/SGX Mainboard | TBD | TBD | TBD | 100-200 | REITs (Accommodation); Purpose-built assets; Recent filing. |
| Q4 2025-Q1 2026 | AvePoint (Secondary Expansion) | AVP/SGX Mainboard | TBD | TBD | TBD | 50-100 | Technology (Cloud Mgmt); US-based; Follow-on; Data governance. |
Notable New and Upcoming IPOs in 2025
- Info-Tech Systems Ltd (ITS)
- Raised: ~US$100 million.
- Description: Software services provider; HKEX dual. July 3 Mainboard debut +15%; Valuation ~US$500M; Cloud/AI solutions; Institutional heavy.
- NTT DC REIT (NTDU)
- Raised: Undisclosed (secondary).
- Description: Japan data centers REIT. August debut +5%; Valuation ~US$1B; Asia-Pacific expansion; Oversubscribed.
- Link REIT
- Expected Raise: US$500M+.
- Description: Asia's largest REIT; HK-based retail. Q4 Mainboard secondary; Valuation US$20B+; SG as gateway to Asia.
- Praemia REIM
- Expected Raise: US$200-300M.
- Description: French REIT manager. Q4 Mainboard; Valuation ~US$1B; ESG investments; European-Asian bridge.
This covers Singapore's 2025 IPO landscape. For real-time updates, check SGX (sgx.com). If you need focus on a company or sector, let me know!