Over 30 companies in IPO pipeline: SGX
He shared this during the group's financial results briefing on Friday (Aug 8), in response to a question from Thilan Wickramasinghe, head of research for Singapore at Maybank Securities.
Wickramasinghe had asked for further insights into the IPO pipeline, including the types of companies involved, sector representation and expected timelines.
de Win said: 'We are certainly much more positive about the outlook for the IPO pipeline. I know we have said that before in recent years, but some important things have changed.'
He noted that the outlook has improved meaningfully on the back of several listings in recent weeks. These include the NTT Data Centre Reit IPO – the exchange's largest in a decade, which also marked a shift towards digital infrastructure within the real estate investment trust space.
Other listings such as software-as-a-service (SaaS) provider Info-Tech Systems and Lum Chang Creations on the Catalist board, which has performed strongly post-listing, have added to the momentum. The secondary listing of China Medical System also brought a sizeable life-sciences player to the market, de Win added.
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'There is definitely also more of a risk on approach amongst investors that we are seeing, and more confidence around the rates outlook (and) more confidence around growth,' he said.
de Win explained that the IPO pipeline can be defined as companies that have appointed advisers and begun preparatory work towards a listing. Beyond this group, there are many more issuers still evaluating market conditions.
The current pipeline is split evenly between mainboard and Catalist candidates, spanning a diverse range of sectors. He expects this diversity to continue, building on recent activity which saw companies from digital infrastructure, SaaS, life sciences and construction services come to market.
Some of these companies are already in discussions with Singapore Exchange Regulation (SGX RegCo), including those that have submitted their applications. The exchange is also in close contact with others still weighing their options, and expects more of them to be added to the pipeline as conditions evolve.
While more than 30 companies are in SGX's pipeline, de Win said that 2025 remains a transitional year.
This figure, he told The Business Times, should be viewed as a medium-term and sustainable target – one that can grow over time as deals materialise and sentiment improves.
Separately, Ng Yao Loong, head of equities at SGX, told BT that action has already been taken under a review group led by the Monetary Authority of Singapore (MAS), with fund managers appointed as part of the Equity Market Development Programme (EQDP).
'We will be working on a series of things including how they intend to be drawn, how we can support some of the IPOs and also working with companies,' he added.
Last month, MAS appointed three asset managers to inject an initial S$1.1 billion into Singapore equities under the EQDP.
Ng also highlighted the importance of creating more companies with higher liquidity to strengthen the market, and the need for 'a bunch of pro-enterprise regulations without compromising on quality'.
He also pointed out that roughly half of Singapore investors' portfolios are invested overseas, and expressed a clear goal to bring more of that capital back into the local market.
Several Singapore-listed index stocks have performed very well recently, supporting this effort, he added.
Tan Boon Gin, chief executive officer of SGX RegCo, told BT that it is important to take a holistic approach, with different parts of the market complementing one another. He highlighted the equities review group's initiatives and increasing institutional participation as key efforts that work alongside regulatory measures.
SGX reported strong performance in cash equities in financial year 2025, with this segment contributing 45 per cent of the exchange's overall revenue growth. Average daily value rose 27 per cent year on year to S$1.34 billion, the highest in four years, outpacing regional peers.
At the financial results briefing, SGX CEO Loh Boon Chye said the exchange is accelerating momentum in its cash equity business, with the IPO pipeline currently at its strongest in years.
He added: 'On top of this momentum, the MAS equity market review group serves as a powerful tailwind and catalyst. The renewed focus on Singapore equities has been positive. As the review group initiatives are progressively rolled out, we look forward to the measures laying a stronger foundation for our stock market to grow sustainably.'
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