Singapore’s IPO reboot sees 3.5x the listings and over $3 billion raised, as reforms bring bourse revenue up 14% via dual listing bridge with Nasdaq

Singapore's stock exchange, the Singapore Exchange (SGX), saw a significant boost in yearly revenue and net profits following the implementation of market reforms in 2025. These reforms included tax rebates for newly-listed companies and a government injection of 1.5 billion Singapore dollars into the local equity market. As a result, SGX's yearly revenue increased by 14% to $1.17 billion and its net profits rose by 24.6% in FY2026.

The number of IPO listings also saw a dramatic increase, with 21 new listings raising a total of $3.2 billion - specifically three and a half times the number of listings in the previous year, which only totalled $20 million.

Central to SGX's reinvigoration efforts is a partnership with Nasdaq, a U.S. stock exchange. This dual listing arrangement allows companies to raise capital on both exchanges using a single set of offering documents. Dubbed the Global Listing Board (GLB), this platform went live on June 29, following a parliamentary bill establishing the framework for dual-listing arrangements.

Despite no companies having confirmed plans to list on the GLB at the time of the results briefing, data center operator DayOne and Nxera, backed by Singtel, were reportedly considering a dual IPO on U.S. and Singapore exchanges.

Beyond reviving the IPO market, SGX has also diversified its asset portfolio. The exchange has expanded into fixed income, currencies, and commodities (FICC), launching five Asian government bond contracts, and ventured into Japanese interest rate derivatives. Additionally, SGX is working towards establishing a local gold trading hub by developing an over-the-counter gold clearing system for physical gold stored in Singapore.

This initiative, set to begin by the end of the year, aims to capitalize on Singapore's goal to become a gold trading hub.

Overall, SGX CEO Boon Chye Loh expressed optimism about the bourse's ability to capture new opportunities amidst geopolitical and economic uncertainties. He believes that the deep and diverse liquidity across SGX's offerings will continue to attract global investors seeking cross-asset solutions and efficient risk management tools.