S'pore's IPO momentum picks up pace, with more listings to come

Analysts say this reflects improved liquidity and investor confidence in market here

- Benjamin Lim Correspondent

Listing momentum is building on the Singapore Exchange (SGX), with more initial public offerings (IPOs) set to follow after a flurry of launches this week, market watchers said.

The spike in listing interest from both local and regional firms underscores Singapore's emergence as both a safe and growth-oriented market for IPOs after years of poor liquidity.

Since Sept 29, four companies have lodged preliminary IPO documents with the exchange, following the listings of two other companies in September US cybersecurity firm AvePoint and Centurion Accommodation Real Estate Investment Trust.

Industrial property developer Soon Hock Enterprise lodged its IPO prospectus for a mainboard listing on Sept 29. The company has launched over 1,200 strata-titled industrial property units in Singapore, and also owns several investment properties in Jurong and Kaki Bukit.

It reported $7.9 million in revenue for 2024, down 97 per cent from $256.9 million in 2023, which the company attributed to the lack of development property sales after no temporary occupation permits were issued for 2024, according to its prospectus.

It plans to use the proceeds from its IPO to acquire new land sites and buildings for development and redevelopment, as well as fund existing property development projects in the pipeline.

Another company aiming for a mainboard listing is co-living company Coliwoo, a subsidiary of SGX-listed property management services group LHN. Coliwoo lodged its prospectus on Sept 30.

Coliwoo's portfolio comprises 25 co-living properties in Singapore, of which Il are owned by the group, 10 are leased, and four are managed by the group. It also has a 30 per cent stake in The Bus Hotel, located in Changi.