Singapore IPOs Surge 3.5x, Raising Over $3 Billion Post-Reform

Singapore's stock exchange, the Singapore Exchange (SGX), reported a significant 14% increase in yearly revenue, reaching $1.17 billion, following the implementation of market reforms in 2025 designed to invigorate its previously sluggish stock market. These strategic measures included tax rebates for newly listed companies and a substantial government-backed injection of 1.5 billion Singapore dollars into the local equity market, which have demonstrably yielded positive results. The SGX experienced a 24.6% surge in net profits during fiscal year 2026, with 21 new Initial Public Offerings (IPOs) successfully raising a combined total of $3.2 billion. This dramatic increase in IPO activity represents a 3.5-fold growth compared to the previous year, when only six listings collectively raised a mere $20 million. Daniel Koh, the Chief Financial Officer of SGX, highlighted this achievement during a results briefing on August 6, stating, "We achieved a milestone year, delivering our highest ever full year revenue and earnings. This strong performance was built on structural market changes and focused execution." A cornerstone of the SGX's revitalization strategy is its new dual listing partnership with the U.S. stock exchange Nasdaq. This collaboration, facilitated by the Global Listing Board (GLB) platform, allows companies to raise capital simultaneously on both exchanges using a single set of offering documents. The GLB officially became operational on June 29, following the parliamentary passage of a bill establishing the framework for these dual-listing arrangements. Pol de Win, SGX's head of global sales and origination, confirmed during the results briefing that the GLB is "now operationally ready" and that "a number of companies have started preparations to list on it." While no firms have yet confirmed specific listing plans on the GLB, industry reports indicate that data center operator DayOne and Singtel-backed Nxera were considering a dual IPO in both the U.S. and Singapore. Boon Chye Loh, the CEO of SGX, emphasized the strategic advantage of this initiative, explaining that the dual listing "substantially reduces the friction for companies which want to access global capital," with a particular focus on "high-growth companies with a nexus to Asia."