IPO market rebounds to $2.54b in 2025, driven by ‘blockbuster’ REITs

Deloitte highlights two secondary listings, regulatory reforms.

Singapore led Southeast Asia’s initial public offering (IPO) market by proceeds, as 13 IPOs raised $2.54b (US$2.0b) with a market capitalisation of $7.87b (US$6.2b) in 2025, driven by a stronger pipeline of Mainboard listings and two notable secondary listings.

The city-state’s previous highest IPO record within five years was in 2021, when it accounted for about $1.52b (US$1.2b) in proceeds and $3.05b (US$2.4b) in market capitalisation from eight IPOs, a Deloitte report said.

The market had a downward trend in proceeds starting in 2022, when it raised $543.56m (US$428m) in that year, whilst $44.45m (US$35m) in 2023, and $43.18m (US$34m) in 2024.

Market capitalisation for 2022 crashed to $798.83m (US$629m), whilst it further dipped to $252.73m (US$199m) in 2023, and had a slight rebound to $347.98m (US$274m) in 2024.

The report also showed that there were 11 IPOs in 2022, six in 2023, and four in 2024.

The real estate sector led the industry breakdown, raising $1.905b (US$1.5b) from four IPOs, which is 76% of Singapore’s total funds raised.

The sector is followed by the Life Sciences & Health Care sector with $508.00m (US$400m) from one IPO, and Technology, Media & Telecommunication with $60.96m (US$48m) from one IPO.

Other sectors include Consumers with $34.29m (US$27m) from five IPOs, Energy & Resources with $13.97m (US$11m) from one IPO, and Industrial Products with $6.35m (US$5m) from one IPO.

The Deloitte report also cited two “blockbuster” listings—namely NTT DC REIT and Centurion Accommodation REIT—which raised more than $635.00m (US$500m) each, accounting for 70% of Singapore’s total funds raised.

It also noted two secondary listings—China Medical Systems and Avepoint, Inc.—whilst cross-border listings include those from NASDAQ and Hong Kong Exchange Listings.

The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) issued reforms for a disclosure-based regime to enhance market attractiveness.

SGX also lowered the profit test threshold for Mainboard admission from $30m to $10m.

MAS also plans to enhance the appeal of dual listings in Singapore and on NASDAQ by providing a seamless pathway for companies seeking such.

The city-state’s gross domestic product is also poised for 1.4% growth, according to the report.

US$1 = SG$1.27

Follow the link for more news on

Deloitte

A NOTE FROM SINGAPORE BUSINESS REVIEW

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia