2026 Outlook SGX set to receive more IPOs as momentum continues

The Singapore Exchange (SGX) looks set to receive more listings as momentum from 2025's performance the strongest in six years continues in 2026.

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Analysts say the bourse could see as many as 20 initial public offerings (IPOs) in 2026, including more listings from South-east Asia, and note that diversity and quality among issuers will be key to building a healthy stock market.

"2025 has been a year of transition. There should be more progress and improvement as we head into the next year," said Mr David Cameron Smail, head of South-east Asia equity capital markets at JP Morgan.

This comes after market conditions improved markedly in 2025, underpinned by liquidity-boosting measures from the Monetary Authority of Singapore (MAS) and easing inflation that lifted investor sentiment.

The Equity Market Development Programme, launched in February, was a key catalyst, with reforms focused on small- and mid-cap stocks and a shift towards a disclosure-based regime helping to set off a virtuous circle of stronger performance, rising investor interest and higher trading volumes.

The Straits Times Index bounced back from a sharp drop in April to set new record highs throughout the year. It broke the 4,000-point mark on July 2 and crossed the 4,600-point mark on Dec 22.

The reforms also led to a stronger appetite for listings on SGX. The exchange saw a flurry of IPOs across both the mainboard and Catalist in 2025, with local software-as-a-service firm Info-Tech Systems ending a more than twoyear drought in mainboard listings when it debuted in July.

Lower interest rates in 2025 also supported the year's largest IPOs, including two real estate investment trust (Reit) listings - NTT DC Reit, which raised US$773 million (S$993 million), and Centurion Accommodation Reit, which raised $771.1 million.

SGX closed the year with 13 listings. Six were on the Catalist, and seven on the mainboard, which included two secondary listings. Total deal value for 2025 reached about US$2.5 billion, the highest since 2019, when new listings raised US$2.26 billion.