Recent news on Singapore’s robust initial public offer (IPO) activity and continued strong deal flow further highlight Singapore’s position as a leading destination for high-quality companies and capital market innovation, says Ong Changqi, Asean equity portfolio manager at JP Morgan Asset Management (JPMAM).
As one of the better performers in Asean this year, Singapore’s equity market continues to demonstrate resilience and dynamism. The Straits Times Index (STI) has rallied 16.9% year to Oct 31.
Notably, the performance is broadening beyond blue chips, with the FTSE ST Small Cap Index returning 25% over the same period.
In a Nov 5 note, Ong writes that liquidity is improving on the Singapore Exchange (SGX), with the number of small- and mid-cap stocks trading over $1 million daily rising from around 40 to 65 counters, and those trading over $500,000 daily increasing from around 60 to 90 counters y-o-y as of Oct 31.
Singapore also leads the region in deal proceeds, with IPOs raising approximately $2 billion in the most recent quarter.
Landmark deals, such as NTT DC REIT and Centurion Accommodation REIT, as well as the secondary listing of AvePoint — the first Nasdaq-SGX dual listing — underscore Singapore’s appeal as a capital markets hub, says Ong.
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The REIT sector, in particular, remains “vibrant”, Ong adds, with $4 billion in equity fundraising announced year to date, already surpassing last year’s total.
“Beyond REITs, we are seeing an active IPO pipeline, spanning sectors from medtech and F&B to manufacturing and real estate,” writes Ong.
On the macro front, Singapore’s economy remains robust, with 3Q2025 GDP growth at 2.9%, a slight moderation from higher levels in the 1H2025 as activity normalises in trade-related sectors.
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That said, growth is healthy, supported by manufacturing and domestic consumption, says Ong. “The residential real estate market is booming, with October’s new home launches seeing over 90% of units sold within the first weekend.”
Ong adds: “Looking ahead, we remain confident in Singapore’s economic and equity market outlook. The financial services sector continues to thrive, reinforcing Singapore’s status as a global financial centre and wealth hub. Real estate demand and supply remain balanced, and lower interest rates provide a supportive backdrop for REITs and developers. Domestic consumption is set to remain on an uptrend, with low unemployment, supportive government policies and moderating cost pressures.”
Following an initial tranche of measures announced in February, the Monetary Authority of Singapore’s equities market review group is expected to unveil further measures to enhance market liquidity and competitiveness.
In July, MAS picked three asset managers as the first batch of asset managers that will launch fund strategies under the Equity Market Development Programme (EQDP), placing a combined initial sum of $1.1 billion with Avanda Investment Management, Fullerton Fund Management and JPMAM.
MAS is expected to announce the second batch of appointments under the $5 billion EQDP, and Ong also anticipates more initiatives focused on delivering shareholder value and enhancing investor engagement, which are “fundamental building blocks” for sustaining the competitiveness of Singapore’s equity market.
Read more about the equities market review group and the Equity Market Development Programme:
MAS consults on measures to enhance investor recourse for losses from market misconduct (October)
More details on ‘Value Unlock’ programme for listcos to be unveiled in November: Chee Hong Tat (October)
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Fullerton launches first retail fund under EQDP to ‘value up’ SGX stocks (October)
From America to Asia, ‘timing is right’ for SGX measures: Ng Kok Song (July)
MAS picks Avanda, Fullerton, JP Morgan under $5 bil Equity Market Development Programme (July)
Equities market review group targeting ‘mid-sized but good-sized’ companies to list in Singapore (February)
Proposing equity market changes a ‘balancing act’ that comes with ‘trade-offs’: Chee Hong Tat (February)
