Singapore Listings Remain Scarce Despite Strong Equities Performance

Why It Matters

A revitalized Singapore market could diversify regional capital flows and retain home‑grown tech champions, while low listings risk further capital flight to Hong Kong and the U.S.

Key Takeaways

• STI up 23% in 2025, first 5,000‑point close
• IPOs grew to 16 in 2024, still far behind Hong Kong
• MAS allocated S$6.5 bn (~US$5.1 bn) to boost liquidity
• UltraGreen raised US$400 mn, biggest non‑REIT IPO since 2017
• Listed companies fell to 605, a 20‑year low

Pulse Analysis

Singapore’s equity rally has been impressive on paper, but the market’s depth remains a concern. The Straits Times Index’s 23% gain and the historic 5,000‑point milestone mask a persistent shortage of new listings. While the number of IPOs rose from six in 2023 to 16 last year, the figure is dwarfed by Hong Kong’s 119 offerings in 2025, highlighting a regional competitive gap. This disparity is driven by limited trading volumes, a narrow investor base, and the allure of larger capital pools abroad, prompting firms like Grab to seek Nasdaq listings.

In response, the Monetary Authority of Singapore (MAS) and the government have mobilised roughly S$6.5 bn (about US$5.1 bn) to stimulate domestic capital markets. The funds target smaller, high‑growth companies and aim to improve liquidity through dedicated equity funds, such as the one launched by Fullerton Fund Management. Complementary measures include streamlined IPO procedures and a dual‑listing framework with Nasdaq, designed to make Singapore a more attractive venue for both local and foreign issuers. Early signs are positive: UltraGreen’s US$400 mn IPO and a growing share of turnover in mid‑cap stocks suggest broader investor participation.

If these initiatives gain momentum, Singapore could retain more of its innovative firms and reduce the outflow of listings to Hong Kong and the United States. A deeper, more diversified market would enhance price discovery, support higher valuation multiples, and provide a stable platform for regional capital formation. However, the success of the strategy hinges on converting policy incentives into tangible listings and sustaining investor interest beyond the current pipeline of roughly 20 companies.