Singapore IPOs slip in H1

Despite the dismal showing, five Singapore-based firms made their US debut.

The number of initial public offering (IPO) listings in Singapore slipped to only one in the first half of the year compared to three market debuts in the same period a year ago, according to Deloitte.

Deloitte’s Mid-Year IPO Snapshot 2024 report showed Singapore Institute of Advanced Medicine Holdings was the only firm to debut on the SGX over the past six months, raising US$20m. 

This compares to the three IPOs in the first half of 2023, which raised a combined US$21m.

Singapore’s IPO market capitalization still rose to US$173m for the first half from US$101m a year ago.

The dismal showing followed the broader decline in the entire Southeast Asian IPO market, where the total number of IPOs fell to 67 in the first half of the year from 85 previously.

The region’s IPO market capitalization also plunged to US$5.8b currently from US$20.1b the year before.

“Despite this stagnant performance locally, five Singapore-based companies were listed in the U.S. during the first half of 2024. While the overseas market could offer numerous advantages over regional bourses, an overseas listing may not be suitable for every company,” Deloitte said in its report.

Deloitte expects Southeast Asia to benefit from a “significant wave of AI IPOs” coming in the next few years while any reduction in interest rates could help propel the rebound of REIT listings.