SGX's four IPOs in 2024 the lowest in over a decade

But PwC sees brighter outlook for 2025 with more healthcare, Reit listings expected

- Sue-Ann Tan

The Singapore Exchange (SGX) performed the worst in South-east Asia in 2024 in terms of initial public offerings (IPOs) and funds raised, but the outlook is brighter going into 2025.

There were only four listings here in 2024, raising relatively paltry sums, leaving the bourse far behind regional rivals.

It is also the worst performance since 2011, when professional services firm PricewaterhouseCoopers (PwC) started tracking the data.

The only way seems to be up, and indeed more healthcare and real estate sector listings are expected in 2025, PwC noted on Dec 16.

"With the global interest rate environment stabilising, coupled with ongoing government initiatives to revive the Singapore equity capital market, we remain cautiously optimistic that there are strong tailwinds for IPOs on the SGX as we head into 2025," its report said.

PwC Singapore capital markets partner Jimmy Seet told The Straits Times that real estate investment trusts or Reits and healthcare are among the strongest pillars for SGX.

Reit IPOs usually draw the highest traction and funds raised due to Singapore's well-established Reits regime, he said. Low interest rates also make borrowing cheaper and can make Reits more attractive.