SCI Ecommerce is said to be considering an IPO in Singapore

SCI Ecommerce is considering an initial public offering in Singapore as soon as mid-2025, according to people familiar with the matter.

SCI, which is backed by Singaporean buyout firm Asia Partners, is working with financial advisers on the potential share sale, the people said, asking not to be identified because the process is private. A listing could value the company at more than US$1 billion, they said. 

Deliberations are ongoing, with details such as size still under consideration, the people said. 

Representatives for Asia Partners and SCI declined to comment.  

Asia Partners led a S$50 million funding round for SCI in 2021.

In an interview with Bloomberg News at the time, chief executive officer Joseph Liu said SCI was planning to pursue an IPO in New York and a potential second listing in Singapore. 

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SCI helps brands such as Danone, Huggies, Nestle, Philips and Unilever set up and manage their online operations in South-east Asia and China, according to its website. The company says it has over 6,000 online stores.

Singapore’s IPO activity has sunk to the lowest in more than a decade, with only US$19.5 million raised so far this year in a solitary first-time listing by Singapore Institute of Advanced Medicine Holdings. BLOOMBERG