The post-listing performance, as measured by the difference between the IPO price and the year-end price, is also mixed. Vin’s Holdings, the first listing of 2025, was down 16.7% from its IPO price as of Dec 12. In nearly a year since listing, the car dealer has kept a relatively low profile. Most recently, on Nov 19, it was appointed by Hong Seh Motors as an authorised dealer and authorised workshop for the Seres 3 electric SUV in Singapore. Two other updates from the company stood out, though: On Oct 14, Vin announced that it will accept major cryptocurrencies and stablecoins for all products and services. On Sept 30, presumably to ride the buoyant stock market, the company doubled its investments in quoted securities to $2 million, equivalent to 8.6% of its NTA.
The best performing new listing, on the other hand, is MetaOptics. Despite having just close to $80,000 in revenue and a net loss of $2.3 million in FY2024, its share price has gone up significantly from the IPO price of 20 cents to $1.16 as of Dec 12, or a gain of 480%.
MetaOptics evidently has a whole game plan thought out and executed in quick succession.
On Nov 17, just two months after it started trading on SGX, it announced plans to seek a Nasdaq listing as well.
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Just after raising $6 million from its SGX IPO at 20 cents each, MetaOptics earlier this month raised another $4.85 million, placing out 6.69 million new shares at 72.55 cents each, so as to strengthen its financial position and support the fulfilment of an anticipated growing pipeline of orders for its metalens solutions.
“MetaOptics is seeing strong commercial momentum as adoption of metalens technology increases across multiple high-growth markets,” says executive chairman and CEO Thng Chong Kim. “This capital injection strengthens our ability to serve customers, execute on delivery commitments and advance our product roadmap.”
Positive spillover effect
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Meanwhile, with the higher construction demand that brings about a positive spillover effect to the interior-fitting industry, Lum Chang Creations has witnessed its share price significant gains since its IPO. It has gained 106% from its IPO price of 25 cents, making this the second-best-performing new listing this year.
A spin-off of Lum Chang Holdings, Lum Chang Creations recorded a strong FY2025. Revenue rose 93% y-o-y to $113.6 million, driven by recognition from ongoing projects and the commencement of new projects during the financial period. With revenue growth outpacing higher admin and general expenses, net margins improved to 11.4% from 8% a year earlier, raising earnings by 173% y-o-y to $12.9 million.
On Nov 24, Lum Chang Creations secured two major contracts with a combined value of around $63.4 million, which will extend revenue visibility into 2028. The contract wins include a project awarded by the Ministry of Social and Family Development and another from Orchard Road Presbyterian Church. “These two high-value contracts reflect the confidence our clients have in our capabilities and project delivery standards,” says managing director Lim Thiam Hooi.
Given the strong performance, analysts are keeping a close eye on Lum Chang Creations. CGS International initiated coverage with an ‘add’ call and a target price of 81 cents on Aug 27, while Lim & Tan Securities raised its target price to 70 cents from 38 cents.
High-profile listings
Despite overall positivity, several companies still trade below their IPO price. Besides Vin’s Holdings, the likes of Coliwoo Holdings and Info-Tech Systems remain below their offering price as of Dec 12.
UltraGreen.ai, among the most high-profile listings this year, has serious backing. Its chairman is Singapore Inc stalwart, Kwa Chong Seng, who used to sit on the boards of MediaCorp, Temasek and ST Engineering. The company’s investors include Temasek, and Kwa used to chair SGX itself too. The company is positioned as one of those high-growth, high-tech new listings that the exchange here sorely needs.
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After an initial gain above its IPO price of US$1.45 ($1.87), UltraGreen.ai shares dropped to as low as US$1.31. In just nine trading days, its IPO managers used up its entire post-listing stabilisation mandate of buying up all 20,689,700 shares. Hsieh Fu Hua, a former SGX CEO who is an independent director on the board, extended his support too by buying 300,000 shares from the open market at prices ranging from US$1.39 to US$1.44 each. On Dec 16, another ID, Nicky Tan, weighed in too, buying 50,000 shares at US$1.38 each. UltraGreen.ai shares closed at US$1.41 on Dec 17.
Market observers have suggested that the one possible explanation for the muted post-listing performances is that, apart from Info-Tech Systems, there is no lock-up period for some of the respective cornerstone investors. Anecdotally, the issue of uncertain post-listing support has made some potential new listings sit up and take notice, and cornerstone investors are now dubbed contra-stone investors.
Shift in confidence
Nonetheless, in line with a better performing market this coming year, new listings are seen to continue too. With bold moves like the dual-listing bridge with Nasdaq coming next year and an improved mood, 2026 may see 15 new listings and 23 in 2027, says Thilan Wickramasinghe of Maybank Securities. He sees this as evidence of a structural shift in confidence for SGX as a listing venue.
“The proposed SGX-Nasdaq dual listing bridge could help further entrench regional listings flows to Singapore, especially New Economy unicorns. Separately, while execution is yet to be seen, the proposed ‘Value Unlock’ programme could unleash latent valuation multiples over the medium term,” he adds.
The Edge Singapore understands that potential IPOs in the coming year or beyond include co-living operator The Assembly Place; sports event producer Kin Productions; shopping rewards and payment firm ShopBack; UI Boustead REIT, a REIT to be spun off from Boustead Singapore; regional co-working operator JustCo; multi-speciality healthcare group Foundation Healthcare Holdings; supermarket operator Scarlett; online listings marketplace Carousell; influencer management firm Gushcloud; food operator Fei Siong Group; and also the pre-cast spin-off from Soilbuild Construction.
These aside, the first is expected to be Toku, a customer management systems provider, which filed its preliminary prospectus on Dec 10.
