SGX has IPO pipeline of around 50 companies in various stages of readiness amid record results

[SINGAPORE] Singapore Exchange (SGX) says its pipeline of initial public offerings (IPOs) has grown to about 50 companies in “various stages of engagement and preparation”, even as the bourse reported on Thursday (Aug 6) record revenue and net profit for 2026 financial year, which it called “an exceptional year” for Singapore’s stock market.

Speaking at SGX’s FY2026 results briefing on Thursday, the exchange’s head of global sales and origination, Pol de Win, noted that the IPO pipeline is becoming more diversified.

About a third of prospective issuers are from the consumer and healthcare sectors, another third from technology, advanced manufacturing and digital infrastructure, while around a quarter are real estate companies. The remaining issuers are from a broad mix of industries.

Asked if the mixed performance of recent listings post-IPO has affected sentiment, de Win replied that issuer and investor interest have remained strong.

Commenting on the mixed post-IPO performance, SGX chief executive Loh Boon Chye said Singapore’s market is in a phase of rebuilding and growing confidence and, as a result, data points “do tend to be amplified”.

“The feedback from market participants, including issuers, clearly indicates that Day 1 performance is not the only thing that they look at,” he added.

Also factored in are, for example, post-listing market liquidity, investor participation and research coverage.

Loh noted that while 21 companies have listed in FY2026, discussions are ongoing on how to improve the process of price discovery.

He cited the move by Singapore Exchange Regulation (SGX RegCo) to allow preliminary prospectuses to be made available to retail investors earlier; the exchange is also looking into providing research coverage earlier in the listing process or immediately after listing.

At Thursday’s results briefing, Loh noted that SGX was expanding avenues for investors to access opportunities through initiatives such as the Global Listing Board (GLB).

Providing an update on the GLB, de Win said the platform is now live and fully operational, with several companies having started preparations for potential listings.

“We would hope that translates into actual listings in the remainder of this year; but of course, the timing around these things is always tricky,” he said, referring to market conditions and other factors.

De Win said SGX was encouraged by discussions with prospective issuers for the GLB, which aims to attract more high-growth companies.

“The goal is for this board to attract more higher-growth companies, and this is reflected in the types of discussions that we are having with companies,” he added.

Separately, when asked for an update on the Value Unlock programme, SGX Group head of global financial markets Ng Yao Loong said the bourse had received a “good initial response”, with more than 50 companies having completed investor-relations training.

The programme by the Monetary Authority of Singapore and SGX, launched in January, has S$30 million set aside for grants aimed at building competencies in corporate strategy, capital optimisation and investor relations.

He added that a handful of companies have signed up for the programme’s Elevate grant, which helps companies tap consultants specialising in shareholder communications. The six-month-old grant covers half the consultancy fees, up to S$200,000 per company.

Ng said: “The results are encouraging, but I would like the movement to be a lot broader and that will take more time.”

Tan Boon Gin, CEO of SGX RegCo, added that the Value Unlock movement was gaining traction in Asia, with regulators encouraged by the development.

“We are also encouraging this movement because we think it is good for the market, shareholders and, in particular, what we are trying to do is encourage greater transparency,” he added.

“Record year”

The comments came as SGX reported a 7.8 per cent rise in its FY2026 net profit to S$698.4 million on Thursday, driven by gains across all its operating segments.

Revenue rose 13.9 per cent to S$1.5 billion, and earnings per share (EPS) grew to S$0.653.

On an adjusted basis, which excludes certain non-cash and non-recurring items that have less bearing on the group’s operating performance, net profit climbed 24.6 per cent to S$759.5 million.

Adjusted earnings before interest, tax, depreciation and amortisation rose 17.9 per cent to S$980.6 million from S$832 million, while adjusted EPS rose to S$0.71 from S$0.57.

For the second half ended June 2026, SGX posted a 15.5 per cent increase in net profit, which rose to S$355.7 million from S$308 million in the year before.

Operating revenue for H2 rose 19.6 per cent to S$823.3 million from S$688.4 million in the corresponding period in the year before.

SGX’s board of directors proposed a final quarterly dividend of S$0.115 a share, up from S$0.105 the year before.

The board also proposed a one-off additional dividend of S$0.125 per share, with both dividends payable on Nov 10.

If approved, total dividends for FY2026, including the additional dividend, will rise to S$0.57 a share, from S$0.375 a share in FY2025.