Why Singapore needs a new IPO story

Hong Kong

SINGAPORE remains a gateway to Asia, but not when it comes to raising equity. Up­-and­-coming neighbours are eating away at its share of initial public offerings in South-east Asia. It is hard to see what Singapore can do to arrest what looks like a long­ term decline.

The city­state's annual share of equity issuance in local markets including Malaysia, Indonesia, the Philippines and Thailand averaged 45 per cent between 2004 and 2009. That has fallen to 37 per cent ove…