Equity issuances up 45% YoY in 9M23 

All equity and equity-related issuances in 9M23 raised US$2.9b.

The number of equity and equity-related issuances in Singapore has increased by 45% YoY in 9M23, data from Refinitiv showed.

Proceeds from equity capital market (ECM) activities also increased by 5% YoY, reaching US$2.9b,
 
Follow-on issuance accounts accounted for the majority (88%) of ECM activity for this year. Convertible issuance and IPOs only accounted for 10% and 2%, respectively. 

Proceeds raised from follow-on offerings, however, declined 6% YoY to US$2.5b.  

Meanwhile, convertible offerings raised US$281.6m. In 9M23, Singapore recorded eight IPOs, with YKGI Ltd being the largest IPO with US$12.7m raised.

Based on preliminary data, Citi currently takes first place in the Singapore Equity Capital Markets underwriting league table during the first nine months of 2023 with a 24% market share, followed by DBS Group Holdings.