Finance · Deals
Singapore Exchange Reports 50 Companies in IPO Pipeline as FY2026 Profit Climbs 7.8%
The bourse posted record revenue of S$1.5 billion while diversifying its listing pipeline beyond real estate into technology and healthcare sectors
KEY TAKEAWAYS
- ·Singapore Exchange has approximately 50 companies at various stages of IPO preparation, with one-third from technology and another third from consumer and healthcare sectors.
- ·The bourse reported net profit of S$698.4 million for FY2026, up 7.8%, and proposed total dividends of S$0.57 per share including a one-off additional payout.
- ·The Global Listing Board is now operational with several firms preparing potential listings, while more than 50 companies have completed training under the Value Unlock programme.
Pipeline Composition Shifts
Singapore Exchange now counts approximately 50 companies at different stages of IPO readiness, according to Pol de Win, the bourse's head of global sales and origination. The pipeline shows a marked shift in sector mix compared to previous years.
Technology, advanced manufacturing and digital infrastructure companies make up one-third of prospective issuers. Another third comes from consumer and healthcare sectors, while real estate firms represent roughly a quarter. The remainder spans a broader industrial base.
The composition signals SGX's deliberate push beyond its historical concentration in property and financial services listings. De Win emphasized that issuer and investor appetite remains robust despite uneven trading performance among recent debuts.
Mixed Post-Listing Results Draw Scrutiny
Recent listings have delivered varied returns after their first day of trading, raising questions about pricing discipline and market sentiment. CEO Loh Boon Chye acknowledged the volatility but framed it as part of the market's confidence-building phase.
Loh noted that market participants weigh factors beyond initial price pops, including post-listing liquidity, research coverage and the breadth of institutional participation. Singapore Exchange Regulation has started allowing preliminary prospectuses to reach retail investors earlier in the process, and the exchange is exploring ways to accelerate research coverage immediately after listing.
The bourse brought 21 companies to market during FY2026. Discussions continue on refining price discovery mechanisms to balance issuer expectations with realistic valuations.
Global Listing Board Goes Live
The Global Listing Board, designed to attract high-growth companies from across Asia, is now fully operational. De Win said several firms have begun preparations for potential listings on the platform, though he cautioned that timing remains subject to market conditions.
The GLB represents SGX's attempt to compete more directly with Hong Kong and other regional exchanges for fast-growing technology and consumer businesses. De Win described early conversations as encouraging, with prospective issuers aligned to the board's growth profile.
Value Unlock Programme Gains Traction
More than 50 companies have completed investor-relations training under the Value Unlock programme, a joint initiative between the Monetary Authority of Singapore and SGX launched in January with S$30 million in grant funding.
Ng Yao Loong, SGX Group head of global financial markets, said a handful of firms have signed up for the Elevate grant, which covers up to S$200,000 in consultancy fees for shareholder communications. The six-month-old scheme aims to help listed companies optimize capital structure and improve disclosure practices.
Tan Boon Gin, CEO of Singapore Exchange Regulation, said the movement is gaining momentum across Asia as regulators recognize its potential to lift market transparency and shareholder engagement.
Record Financial Performance
SGX reported net profit of S$698.4 million for the fiscal year ended June 2026, up 7.8% from the prior year. Revenue climbed 13.9% to S$1.5 billion, with gains across all operating segments. Earnings per share rose to S$0.653.
On an adjusted basis, which strips out non-cash and non-recurring items, net profit jumped 24.6% to S$759.5 million. Adjusted earnings before interest, tax, depreciation and amortization increased 17.9% to S$980.6 million.
The board proposed a final quarterly dividend of S$0.115 per share, up from S$0.105 the previous year, plus a one-off additional dividend of S$0.125 per share. If approved, total dividends for FY2026 will reach S$0.57 per share, compared with S$0.375 in FY2025. Both dividends are payable on November 10.
Regional Context
Singapore's equity market revival comes as other Southeast Asian bourses face headwinds from global rate uncertainty and muted investor appetite for emerging-market risk. The city-state has leaned on government grant programmes and regulatory reforms to differentiate itself, though competition from Hong Kong and Tokyo for regional listings remains intense.
The 50-company pipeline, if realized, would mark a substantial uptick in issuance activity. Whether that translates into sustainable listing momentum depends on pricing discipline, macroeconomic stability and the performance track record of the current cohort of newly listed firms.
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