SGX IPOs set to rise in 2026 after strong 2025 performance

The Singapore Exchange (SGX) is expected to see a rise in IPOs in 2026 after a strong 2025, which marked the highest total deal value since 2019.

Analysts predict up to 20 IPOs next year, with more listings likely from Southeast Asian companies as market reforms and improved investor sentiment continue to support activity.

SGX ended 2025 with 13 listings—six on the Catalist board and seven on the mainboard—with total new listing proceeds reaching about US$2.5 billion.

Key IPOs in 2025 included the NTT DC Reit, which raised US$773 million, and Centurion Accommodation Reit, which raised US$771.1 million, supported by lower interest rates and reforms aimed at small- and mid-cap stocks.

Analysts say greater diversity among issuers, particularly from the region, could further strengthen SGX’s position as a hub for Southeast Asian listings.

🔗 Source: The Straits Times

🧠 Food for thought

Implications, context, and why it matters.

IPO count projections lack recent performance data needed to validate 2026 outlook

In Singapore, the 2025 IPO rebound hinged on two large Real Estate Investment Trust (REIT) deals, which made up about 88% of proceeds in the first 10.5 months 1.
Twenty-seven Southeast Asian companies listed in the US in 2025, up 80% from 2024 2. Most slumped after debut, so wins abroad have not translated at home.
Across Southeast Asia, average IPO size rose from US$27 million in 2024 to US$55 million in 2025 1. That average hides how many deals lagged or how post-listing liquidity (trading volume and ease of buying or selling shares) evolved.
A forecast of up to 20 IPOs on the Singapore Exchange (SGX) leaves out sector mix, expected sizes, and whether the slate skews to more big REITs or to mid-caps.

Investment banks and investor relations (IR) firms can work with Catalist sponsors to reach 2026 Southeast Asian issuers

Singapore Exchange (SGX) recorded six Catalist board listings in 2025 3. Catalist sponsors are approved advisory firms that work with issuers on this sponsor-supervised board.
Private equity helped lift 2025 proceeds by 54% despite fewer deals 2. Many portfolio companies (businesses owned by those funds) are prepping for 2026 IPOs, which creates demand for pre-IPO advice 2.
Malaysia hosted 48 IPOs raising US$1.12 billion in 2025, mainly on the ACE Market (Bursa Malaysia’s growth board) 2. That pool of smaller issuers may weigh Singapore for a secondary listing or as a primary venue.
Post-IPO services such as Environmental, Social and Governance (ESG) disclosure, research distribution, and liquidity provision (market-making and investor outreach) remain thin because daily SGX turnover of S$1.5 billion trails regional peers (S$ refers to Singapore dollars) 4.