Can this Temasek unit win more IPOs for Singapore?

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Hello reader,

As 2022 draws to a close, we are doing something different. 

Apart from highlighting our Big Story for the week, we decided to look back at the five most popular stories featured on Opening Bell this year. 

Three things stand out.

First, our readers are interested in Indonesia – four out of the top five stories were about tech companies from the archipelago. Second, our readers are drawn to the big names – GoTo (GOTO, IDX), Bukalalapak (BUKA, IDX), and Grab (GRAB, NDAQ) dominated. Third, interest in new IPOs remains strong – our story on Blibli (BELI, IDX) ahead of its November IPO broke into the top five despite the company’s newcomer status.

This week, our big story looks at Singapore, which aims to be Asia’s number one financial center but is facing one major obstacle: its moribund equity capital markets. In the first three quarters of the year, the main board of the Singapore Exchange hosted a grand total of zero IPOs. That’s not a typo.

The Singapore government, to its credit, is trying to do something about this, launching four initiatives to attract more listings to the city-state. One of these involves a S$1.5 billion (US$1.1 billion) Anchor Fund that is managed by 65 Equity Partners, a fund manager that is wholly owned by Temasek Holdings. 

Companies taking money from the Anchor Fund will have to undertake a public listing in Singapore, although this does not have to be a primary listing. 

In the article, I take a closer look at the companies that Equity 65 has already invested in, other potential firms it may back, and the trade-offs it may have to make between maximizing returns and fulfilling its broader aim to encourage companies to list in Singapore. 

This will be our last Opening Bell for the year, and we will be back on January 9. Thank you for giving us your time and the opportunity to share our thoughts and stories with you, and we hope you have a happy, safe, and meaningful holiday period. 

— Simon

THE BIG STORY

Image credit: Timmy Loen

TOP 5 STORIES OF 2022