When I wrote about Singapore’s equities market in 2024, I wondered how much of the capital managed here could support companies listed here. A founder choosing where to list has a more immediate question. Who would buy and trade our shares, and could those investors support the company as it grows?
There is more reason to ask that question today. The Singapore Exchange recorded 21 new equity listings raising S$4.1 billion in the financial year ended 30 June 2026, up from six listings raising S$25.7 million the previous year. Over the same period, secondary equity fundraising, which helps companies raise capital after they list, fell to S$3.6 billion from S$4.3 billion. A stronger year for new listings can coincide with less money raised by companies already on the exchange. SGX FY2026 results ↗
Trading has also picked up. From July to September 2026, securities turnover on SGX reached S$132 billion, up 31% from the same calendar quarter in 2025. In September, the Monetary Authority of Singapore said it had allocated S$5.4 billion to 14 managers under its expanded S$6.5 billion Equity Market Development Programme. Those allocations build the capacity to invest. Whether a particular issuer benefits will depend on how it fits the managers’ mandates and what other investors are willing to own. SGX trading update ↗ MAS programme update ↗
Start with the shareholders you need
I would ask the team to name the funds that already own comparable companies, then find out why they own them. A regional consumer group, an infrastructure trust and a software company can all raise capital in Singapore, but their investors may judge them on very different measures. Look at who follows the sector, how much those investors can reasonably hold, and what questions they ask when results disappoint.
Then look at what happens after comparable offerings. How much of the company’s stock is available for public trading? What is the typical daily value traded, and how wide is the gap between the best buying and selling prices? A fund may like the business and still need a way to build or reduce a position without moving the price too far. Check who is likely to publish research after the deal team has moved on.
Choose a market that can fund the next stage
For a company using Singapore as a base for expansion across Southeast Asia, a listing here may put it in front of investors who already understand the region. A founder comparing Singapore with another market can ask the same questions in both places. Which investors understand the company’s plans? What evidence would bring them back for a follow-on raise? How much time will management need to explain the business each quarter?
Singapore’s recent numbers make that comparison more interesting. I would make the decision after speaking with investors who could still be shareholders two years after the ceremony.
Adapted and expanded for IJK Capital Partners from A unique window of opportunity on Kenny Ng’s personal blog.