Singapore raised $9.29b from equity capital YTD

IPOs bolstered the nation's market activity.

Singapore-based companies raised $9.29b (US$6.9b) from equity capital markets (ECM) so far this year, a 44% increase in proceeds compared to 2016, Thomson Reuters data revealed.

Singapore ECM activity picked up during the second half of the year, raising $7.81b (US$5.8b) compared to $1.48b (US$1.1b) during the first half of the year.

Initial public offerings (IPO) by Singaporean companies in domestic and overseas stock market bolstered the nation’s ECM activity, raising $5.66b (US$4.2b) so far this year, a 52.7% increase in proceeds compared to last year as the number of IPOs grew 47.6%.

During the fourth quarter of 2017, at least 14 Singapore IPOs raised an aggregate total of $2.83b (US$2.1b) in proceeds.

NetLink NBN Trust’s $2.29b (US$1.7b) IPO launched at the Singapore Exchange mainboard remains the biggest Singaporean IPO this year and the biggest since Mapletree Greater China Commercial Trust’s $2.5b (US$2.1b) listing in February 2013.

Meanwhile, follow-on offerings from Singaporean issuers raised $3.37b (US$2.5b) in proceeds, a 36.3% increase from the comparative period last year.

Follow-on offerings accounted for 35.9% of Singapore ECM so far this year, whilst IPOs captured 60.9% market share in terms of proceeds.

DBS Group currently leads the ranking for Singapore ECM underwriting with $2.16b (US$1.6b) in related deals, capturing 22.8% of the market share. HSBC Holdings and Morgan Stanley rounded out the top three book runners with 11.1% and 7.9% market share, respectively.