Singapore-based virtual telco Circles Life is considering a listing on the Singapore Exchange (SGX), while its parent company is also opting for another listing on the Nasdaq in New York.

CEO and co-founder Rameez Ansar said the initial public offerings (IPOs) will depend on market conditions and regulatory approvals in both regions.

No specific timeline was provided, but Ansar mentioned a two-year target to achieve metrics that support robust performance.

Circles X, the software business, has surpassed US$100 million in annual revenue, with a growth rate exceeding 30% and gross margins above 70%.

The software platform, initially developed for Circles Life, has been adopted by clients in countries such as Japan, Pakistan, and Mexico.

Circles has partnered with American telecommunications company AT&T and is in discussions with other telecoms for potential collaborations.

The company restructured in 2024, separating into three units: Circles software, Circles Life, and a travel eSIM business called Jetpac.

An SGX listing would enable Circles Life to expand independently beyond Singapore.

Circles is backed by investors, including private equity firm Warburg Pincus and the investment arm of Singapore’s Economic Development Board, EDBI.

Ansar also said all business lines under Circles have reached breakeven.

The SGX listing aligns with the Singaporean government’s efforts to enhance the local stock exchange, including corporate income tax rebates for new listings.

Circles Life, launched in 2016, currently operates solely in Singapore but supports digital telco operations for clients abroad.

🔗 Source: The Straits Times

🧠 Food for thought

1️⃣ Singapore’s equity market revitalization efforts are attracting tech companies back to SGX

Circles Life’s consideration of an SGX listing directly responds to Singapore’s comprehensive efforts to revitalize its stock exchange.

Recent Circles developments