After a decline over the past three years, Singapore’s IPO activities experienced a strong rebound in 2025 with 12 IPO deals. This growth was driven by new measures from the Equities Market Review Group set up by the Monetary Authority of Singapore (MAS), along with two Real Estate Investment Trust (REIT) listings in Q3 2025, namely NTT DC REIT (US$824.1 million) and Centurion Accommodation REIT (US$625 million).
Regarding funds raised per sector in 2025 in Singapore, the properties and real estate sector led with 76%, followed by the healthcare sector with 19%, driven by the listing of UltraGreen.ai Limited (US$400 million). The funds raised by these three major listings in Singapore accounted for 90.3% of total funds raised in 2025.
Additionally, Singapore witnessed two secondary listings with AvePoint (US$228.3 million), a global leader in data security, governance and resilience and China Medical Systems Holdings Limited, a platform company linking pharmaceutical innovation and commercialisation with strong product lifecycle management capability. This, along with dual listings in previous years, underscores Singapore’s position as a trusted hub for companies keen to widen the depth of their shareholder base.
In 2025, PwC Singapore audited the highest number of new companies listed on SGX, with five IPO deals.
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