ECM totals $9.6b in 2025, highest since 2021

Despite slowdown, the total ECM doubles in 2025.

The city-state’s equity and equity-related activity slowed in the fourth quarter of 2025, totalling approximately $2.2b (US$1.7b), a 33.2% decline from the previous quarter, according to London Stock Exchange Group (LSEG).

Total equity capital markets (ECM) proceeds more than doubled those of 2024, reaching around $9.6b (US$7.4b)– the highest annual amount since 2021.

The number of issues also rose 66.7% year-on-year (y-o-y).

In 2025, 38 initial public offerings (IPOs) by Singaporean companies raised about $3.2b (US$2.5b), a sixteen-fold increase in proceeds compared with the previous year.

A surge in IPO activity was also reported, up 123.5% y-o-y. Of these, 27 were listed offshore (two in Hong Kong and 25 in the US), totalling approximately $861m (US$662.1m), whilst 11 were listed locally, generating around $2.5b (US$1.9b) in proceeds.

The Real Estate sector accounted for 42.7% of ECM proceeds, raising about $4.1b (US$3.2b) in 2025, largely driven by capital raising from real estate investment trusts.

The High Technology sector followed with a 33.2% market share, raising approximately $3.2b (US$2.5b), whilst Healthcare contributed 10.4% of total proceeds.

DBS Group Holdings took the top position in the Singapore-domiciled equity and equity-linked underwriting league table for 2025, with $1.3b (US$983.6m) in related proceeds.

1 U$ = 1.3 S$

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