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Singapore leads SE Asia in Q3 IPO proceeds, ranks 6th globally
Singapore led Southeast Asia in IPO proceeds in the third quarter of 2025, raising US$1.5 billion from six deals, according to EY’s Global IPO Trends report.
This made Singapore the sixth-largest IPO market globally by proceeds for the quarter.
Indonesia followed with eight IPOs raising US$478 million, while Vietnam recorded a single deal worth US$410 million.
Globally, IPO proceeds surged 89% year-on-year to US$48.2 billion, with nearly 75% of the 370 deals coming from India, the United States, and Greater China.
India saw the largest rise in deal volume, with 146 IPOs raising US$7.2 billion in Q3.
Hong Kong ranked second worldwide in deal proceeds for the first nine months of 2025, raising US$23.2 billion.
Across Southeast Asia, 75 IPOs raised US$3.9 billion in the first nine months of the year, a 54% rise in proceeds despite fewer listings.
The report noted strong post-IPO share price gains in ASEAN, the US, and China, while Europe and Oceania lagged.
🔗 Source: The Business Times
🧠 Food for thought
Implications, context, and why it matters.
Singapore led Southeast Asia in Q3, raising US$1.5 billion from six IPOs, powered by NTT DC Real Estate Investment Trust and Centurion Accommodation REIT 1.
Regulators proposed six to eight week prospectus approvals with less merit judgment plus clearer disclosures, though consultations were open by mid 2025, no timeline, and Singapore Exchange Regulation (SGX RegCo) would assume listing suitability plus prospectus disclosure review 2. The S$5 billion Equity Market Development Programme will back Singapore listed shares beyond indexes via fund managers, though impact on non-REITs is untested 2.
On SGX, 573 of 622 securities are tradeable and 8% are suspended while 66% of Catalist firms listed 10+ years stay lossmaking, so liquidity may not fix listing quality 3.
ASEAN IPOs gained 107% by Sep 24 year to date while median net profit margins rose from 9.5% in 2024 to 12.8%; US returned 32.7%, Europe 27.3%, and Oceania 13.8% 1.
Tax incentives include a 20% corporate income tax rebate for new primary listings, capped at S$6 million per Year of Assessment for market cap ≥ S$1 billion and S$3 million for those 2. The expanded Grant for Equity Market Singapore (GEMS) co-funds listing plus research for mid- and small-cap with new media distribution, spurring demand for compliance automation, Environmental, Social and Governance (ESG) reporting plus investor relations tech 2. Intermediaries expect deals 1. Vendors should target pre-IPO firms in manufacturing, fintech, renewables given India’s 254 IPOs in the first 9 months and US$7.2 billion in Q3 proceeds 1.
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