Singapore-Based Companies: IPO Trends and Market Opportunities (2021-2025*)

IPO Landscape in Singapore

Singapore's initial public offering (IPO) activity has experienced notable fluctuations in recent years. In 2024, only four companies debuted on the Singapore Exchange (SGX), all on the Catalist board, collectively raising approximately S$42 million (US$31 million). This represented the lowest number of new listings since 2004, with the total number of listed companies declining to 617.¹

In response to this downtrend, the Monetary Authority of Singapore (MAS) unveiled a comprehensive strategy in early 2025 aimed at revitalizing the local equity market. Key initiatives include the allocation of nearly S$5 billion (approximately US$3.7 billion) into funds focused on Singapore equities, the introduction of tax incentives for both companies and investors, and the streamlining of listing requirements.²

A significant regulatory developmental proposition which is under review is detailed in MAS Consultation Paper P006-2025, which proposes aligning Singapore's prospectus disclosure standards with those of the International Organization of Securities Commissions (IOSCO). This alignment aims to reduce the IPO review process timeframe from the current eight to twelve weeks to a more efficient six to eight weeks, thereby enhancing the attractiveness of Singapore's capital markets for potential issuers, including those considering secondary listings.²

Additionally, MAS is exploring amendments to the Securities and Futures Act 2001 to provide issuers with greater flexibility in engaging with potential institutional and accredited investors prior to the registration of a preliminary prospectus. This initiative seeks to facilitate earlier investor outreach and feedback, aligning Singapore's practices with global standards and further bolstering its position as a competitive listing destination.¹¹

Further supporting this shift toward a more disclosure-based regime, SGX RegCo has proposed updates to its quantitative admission criteria. Notably, it is seeking feedback on whether the current S$30 million profit criterion remains relevant as an alternative quantitative requirement for Mainboard listings, and whether this threshold should be reduced or removed entirely. A revised range of S$10 million to S$12 million has been suggested by market participants, reflecting the financial profiles of companies showing interest in listing in Singapore.¹²

Additionally, SGX RegCo has proposed the removal of the current exception for temporary low profits in the financial criteria. Mainboard Rule 210(3) would be amended accordingly, simplifying and clarifying the admission requirements for prospective issuers. These proposed changes are aimed at improving market relevance, and if the proposals are implemented, will result in Singapore’s capital markets being more accessible to high-potential growth companies.¹²

Singapore Companies Listing Abroad

Despite domestic challenges in the recent years, several Singapore-based start-ups have successfully pursued listings on international exchanges³:

• Sea Limited (NYSE: SE): A leading digital entertainment and e-commerce company, Sea Limited raised $884 million during its 2017 Nasdaq IPO.
• Grab Holdings (NASDAQ: GRAB): Specializing in ride-hailing and food delivery, Grab went public in 2021 through a SPAC merger.
• Ryde Group (NYSE: RYDE): Singapore's first ride-hailing startup to list on the NYSE, Ryde completed its IPO in March 2024.
• Ohmyhome (NASDAQ: OMH): A property technology company that successfully listed on Nasdaq in 2023.

Singapore's Unicorn Landscape

As of early 2025, Singapore is home to at least 14 unicorns, with a combined valuation exceeding $22.8 billion.⁴ Six of ASEAN’s 16 fintech unicorns are based in Singapore.

Data Snapshots and Crucial Trends

• Fintech Funding: Singapore captured 53% of ASEAN’s total fintech funding in the first nine months of 2024, amounting to US$745 million.⁶
• Government Support: The Monetary Authority of Singapore (MAS) committed up to S$150 million under the Financial Sector Technology and Innovation Scheme (FSTI 3.0), running through March 2026, to attract global tech firms and foster innovation.⁷
• IPO Activity: Due to the recent trade developments between the US and China, Chinese and Hong Kong companies are turning to Singapore as their strategic route to increase their presence in the ASEAN region. Some have claimed to have the capability to raise over a $100 million via primary listings in Singapore.⁸

Why Companies Choose Singapore⁵

• Regulatory Excellence: MAS’s regulatory sandbox and innovation grants create a safe and supportive environment for experimentation and growth.⁹
• Platform and Initiatives for Growth: Singapore government’s initiatives such as IMDA’s Accreditation Programme have helped companies attracted over S$1.2 billion (US$920 million) in new growth capital. The nation’s heavily invested digital ecosystem has successfully produced 26 exits through mergers, acquisitions and initial public offerings.¹⁰
• Regional Gateway: Singapore’s central location within the region offers access to the fast-growing ASEAN market. Armed with world-class transport and strong trade relations, this geographical advantage is suitable for companies looking to operate efficiently and for swift market expansion opportunities.¹⁰
• Talent and Infrastructure: Equipped with world-class education system, and government initiatives such as Skills Future that encourages lifelong learning and skills development, one can be confident that Singapore’s talent pool is well-educated and adaptable to industry changes. The highly skilled workforce and world-class digital infrastructure are some factors that make Singapore attractive for startups and MNCs alike.¹⁰

At Crowe Singapore, we are committed to supporting overseas companies in setting up and thriving in Singapore’s dynamic market. From corporate secretarial services to comprehensive outsourcing solutions, our team ensures a seamless entry and sustained growth in this vibrant business hub. Reach out to us to find out more. 

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Reference Data and Sources

1. Singapore’s stock exchange hits 20-year low in listed companies
2. Singapore regulator to inject $4bn into stock market to boost listings
3. Unlock global opportunities: How to list your Singapore company on NASDAQ
4. The Fastest Growing Singapore Unicorn
5. The Complete List of Singapore Fintech Unicorns (2025) - Fintech Singapore
6. Singapore leads Asean in fintech investment and deals for 9M 2024: report 
7. MAS Commits S$150 million to Boost Financial Innovation in Singapore
8. Some Chinese companies eye Singapore listings to expand markets amid trade war
9. How Singapore’s FinTech Regulatory Sandbox is helping fintech innovators accelerate time to market
10. ‘Asean’s gateway’ Singapore offers foreign tech start-ups unparalleled growth potential
11. Monetary Authority of Singapore, Consultation Paper: Proposals to Streamline Prospectus Requirements and Broaden Investor Outreach Channels for Initial Public Offering, published May 2025
12. Singapore Exchange Regulation, Consultation Paper: A Shift to a More Disclosure-Based Regime, published May 15, 2025