S’pore works to increase liquidity, increase IPO pipeline and attract more investors to revive the stock market & more related news here

SINGAPORE – Singapore’s stock market is still far from a true revival and “there is much, much work ahead.”

Ms Gillian Tan, deputy director-general of the international and development group at the Monetary Authority of Singapore (MAS), shared this insight on April 7 during a panel discussion on Singapore’s stock market revival hosted by the Investment management Association of Singapore (IMAS), which is the national representative body for investment managers.

Ms Tan noted that while the basic elements are in place, achieving a “true renaissance” will require greater trading liquidity, a deeper portfolio of listings and broader investor participation.

He MAS Stock Market Development ProgramA $6.5 billion initiative introduced in 2025, it was designed to drive investor participation, extending beyond the largest companies to include small and mid-caps.

Other initiatives from MAS and the Singapore Exchange (SGX) include the $30 million “Value Unlock” package, which encourages listed companies to improve their communication with investors, and the Singapore Stock Market Grant Scheme (GEMS), which provides funding for equity research reports on SGX-listed companies. GEMS was enhanced to extend research coverage to private companies, some of which could eventually be listed on the Singapore Stock Exchange.

Together, these measures aim to increase trading liquidity in the Singapore market.

The Government has also improved measures in Budget 2026 to support high-growth private companies, while seeking to boost the listing pipeline.

This includes a $1 billion top-up to the Startup SG Equity scheme, managed by Enterprise Singapore and the Economic Development Board. The plan helps early and growth-stage deep tech startups grow and scale their innovations.

As of March 2, the Government had invested more than $560 million and catalyzed more than $2.6 billion in private sector investments under this plan. Investments are made through co-investment in start-ups and selected venture capital funds.

Startups have to do a lot before even reaching an initial public offering (IPO), Ms Tan said. She added that Singapore can be the “growth capital hub” that provides funding and resources for these companies to grow and expand.

The Republic has taken great steps towards that goal. Ho Han Ming, partner at international law firm Reed Smith, said capital formation tends to evolve from early-stage financing to growth or capital raising and ultimately exiting through public listings or mergers and acquisitions (M&A).

He added that it took more than two decades for Singapore to move towards the capital raising phase and today, it has a well-developed ecosystem, including institutional investors, fund managers and professional services such as legal, tax and fund management.

This strong infrastructure allows Singapore to support companies throughout the capital life cycle, covering fund formation and capital deployment or invest the fundsmanaging investments and the eventual withdrawal or outflow of cash.

Frederick Sia, head of private equity markets at ADDX, said a strong startup ecosystem is critical to building the pipeline to go public in Singapore.

ADDX is a MAS licensed investment platform that offers access to private market investments in smaller investment amounts, starting from as little as $5,000.

Sia added that “as more companies scale, the market deepens and investors gain greater confidence in the quality of listings.”

With more companies and better quality listings, markets become more attractive, which then attracts more companies to list, creating a positive feedback loop.

Examples of quality New companies that recently listed on SGX are semiconductor optics company MetaOptics Technologies, which listed on September 9, 2025; medical technology company UltraGreen.ai, which listed on December 3, 2025; and AI-based customer experience platform Toku, which listed on January 22, 2026.

The next piece of the puzzle that needs to fit is a vibrant stock market for exits or public listings.

Regulators proposed changes to the Securities and Futures (Amendment) Bill 2026, which was first read in Parliament on April 7.

The bill will be debated in Parliament in a future session and, if passed, will pave the way for the Global Listing Board, which was created for the purpose of dual listings on SGX and Nasdaq.

The Global Listing Board targets quality growth companies in Asia with a market capitalization of $2 billion and above, and who have global ambitions and strong ties to Asia. It is expected to come into operation in mid-2026.

Mr. Ho of Reed Smith said that “by leveraging Nasdaq’s technology and operational expertise, SGX is effectively upgrading its market infrastructure to best-in-class global standards.”

Issuers have more confidence to list here and investors have more confidence to put their money and, over time, SGX becomes more attractive as an Asia-based place to raise capital and liquidity, he added.

“Although this is not a direct listing initiative, stronger infrastructure and greater market depth can help create a more attractive ecosystem for issuers, particularly those with an Asia-focused investor base,” Ho said.

However, markets have been volatile due to the Middle East crisis. This may deter some startups from opting for IPO until the situation improves.

Sia said they could consider short-term credit options, such as commercial papers, which have an average maturity of 30 days, to meet financing needs and avoid raising capital on unfavorable terms.

He added that ADDX is seeing increasing demand from Singapore startups and small and medium enterprises (SMEs) for more flexible capital solutions such as these commercial papers.

“This flexibility is key to a more resilient fundraising environment,” Sia said.

He added that exit dynamics in Southeast Asia are evolving and companies are considering other exit options, such as consolidation through mergers and acquisitions. A consolidation is a strategy in which a company acquires and merges with smaller companies in the same industry to create a larger combined entity to achieve economies of scale.