Singapore’s IPO market posts strongest year since 2019 with $2.1b raised

The standout listings, NTT DC REIT and Centurion Accommodation REIT, each raised over $650m (US$500m).

Singapore’s IPO market recorded its strongest year since 2019, raising approximately $2.1b (US$1.6b) across nine listings in the first 10.5 months of 2025, according to Deloitte.

The total was the highest among Southeast Asian markets by proceeds, driven primarily by two large-cap real estate investment trusts.

The standout listings, NTT DC REIT and Centurion Accommodation REIT, each raised over $650m (US$500m), together contributing around 88% of the funds raised in Singapore this year.

Both deals reflect growing investor appetite for digital infrastructure and alternative accommodation assets. The strong demand translated into average first-day gains of 12% across all Singapore IPOs, with year-to-date performance up nearly 29%.

In parallel, the government’s $5b Equity Market Development Programme, launched to attract high-growth companies and support market liquidity, also helped lift investor confidence.

Observers noted that whilst the number of IPOs remained modest, Singapore’s focus on quality, scale, and infrastructure-linked assets positioned it as the regional leader by deal value.

As 2025 heads into its final weeks, analysts expect continued momentum into 2026, especially in sectors such as REITs, digital assets, and healthcare, where institutional interest remains strong.

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