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OUTLOOK 2023

Higher cost of capital a challenge for SGX IPO landscape as Reits, Spacs face lower valuations

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Raphael Lim

Raphael Lim

Published Tue, Jan 3, 2023 · 05:50 AM
    • SGX welcomed 11 new listings in 2022. The companies raised a total of S$580.3 million, according to bourse data.
    • SGX welcomed 11 new listings in 2022. The companies raised a total of S$580.3 million, according to bourse data. PHOTO: BT FILE

    INITIAL public offering (IPO) activity on the Singapore Exchange (SGX) could remain muted in 2023 as real estate investment trusts (Reits) adjust to the realities of lower valuations in a higher interest rate environment.

    SGX welcomed 11 new listings in 2022. The companies raised a total of S$580.3 million, according to bourse data.

    The number of IPOs was more than the eight seen in 2021, but most of the listings last year took place on the junior Catalist board.

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