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Singapore Stocks Soar, IPOs Lag Behind Hong Kong
10 Apr
Summary
- Singapore's stock market had its best year since 2009 in 2025.
- Last year saw 16 IPOs, a significant rise but far fewer than Hong Kong's 119.
- Government initiatives include S$5bn into funds to support domestic companies.
Singapore's stock market experienced its most robust performance in 2025, marking its strongest year since 2009. The Straits Times index surged by 23%, surpassing the 5,000 mark for the first time. This success coincides with Prime Minister Lawrence Wong's pledge of incentives to bolster the market.
Efforts by SGX, the Monetary Authority of Singapore (MAS), and the government to enhance the number of initial public offerings (IPOs) are showing early promise. IPOs rose from six in 2024 to 16 in the past year, though this figure sharply contrasts with Hong Kong's 119 IPOs in 2025. The exchange continues to face more delistings and mergers than IPOs, leading to a 20-year low in listed companies.
To address this, MAS committed S$5bn, supplemented by an additional S$1.5bn, into funds targeting domestic companies to boost investment and liquidity. These measures are beginning to yield results, with last year's 16 listings being the highest in six years, valued at $2.5bn. This includes UltraGreen's $400mn IPO in December.
SGX aims to attract more high-growth companies to diversify the market. Encouragingly, investor interest in mid-size and smaller companies has grown, with their share of daily turnover increasing significantly. Approximately 20 companies are currently in discussions with SGX regarding potential IPOs this year.
