Singapore’s 9 IPOs in 2022 raise $580.4m

A total of three were Special Purpose Acquisition Companies and six were Catalist IPOs.

Singapore recorded nine initial public offerings (IPO) in the first 10.5 months of 2022 as of 11 November, raising a total of $580.4m (US$421), according to Deloitte.

In a statement, Deloitte said the IPOs in the Lion City are composed of three special purpose acquisition companies (SPAC) listings which raised $536.3m (US$389m), and sic Catalist IPOs which raised $44.1m (US$32m).

Deloitte said it is a “positive start” to the SPAC framework that was introduced in September 2021. SPACs in the country have 24 months to de-SPAC but they can avail of a 12-month extension. Successful de-SPACs are expected to attract more listings.

Singapore has had at least one REIT or Business Trust listing on the Singapore Exchange since 2010, but there were none so far this year, said Darren Ng, Disruptive Events advisory deputy leader at Deloitte Singapore.

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Despite this, Ng said there is a shift in the capital flow and reaction of head offices in the country.

“This brings more opportunities to Singapore’s IPO market. If our market is able to capitalise on this shift, the next two to five years could very well be the golden years for our IPO market,” Ng said. 

“Furthermore, Singapore’s political stability, successful handling of the pandemic and smooth re-opening of borders will allow Singapore to remain attractive for businesses to set up shop,” he added.

US$1 = $1.38