10-08-2025
SGX sees 30 potential IPOs in the pipeline
Pol de Win, head of global sales and origination, says a third of these 30 firms are in discussions with SGX RegCo.
Some 30 companies are in the pipeline for a potential listing on the Singapore Exchange (SGX), says Pol de Win, head of global sales and origination, though he stopped short of providing a timeline for their debuts.
According to de Win, a number of these firms have hired lawyers and advisors for their initial public offering (IPO), and some have already submitted their listing applications.
These companies are 'nicely split' between Mainboard and Catalist listings, says de Win at SGX's Aug 8 results briefing for FY2025 ended June 30.
Speaking to The Edge Singapore, de Win says a third of these 30 firms are in discussions with Singapore Exchange Regulation (SGX RegCo). While this is one of the required steps before companies go public, this is not necessarily the final step before an IPO, he adds.
SGX saw a series of listings starting July, including the debuts of NTT DC REIT, Lum Chang Creations and the secondary listing of China Medical System. However, these IPOs came after the end of FY2025, when SGX recorded six new equity listings, raising $25.7 million. This is down from seven new listings in FY2024, which raised $117 million.
Speaking to analysts and the media, de Win says the upcoming public companies come from a 'nicely diverse' list of sectors, much like the recent new listings.
Aside from the list of 30 potential companies, 'many more companies are still contemplating and looking at the environment', he adds.
De Win says the bourse is confident that the 30 potential IPOs 'is a sustainable number' for the medium term and 'something that we can grow'.
That said, 2025 is still a 'transition year', he adds. 'The first half was still pretty quiet and pretty slow. [But] we see global IPO markets reopening. Will we continue to see more activity into the second half? Yes but think about that number as something for the medium term.'
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