SGX-Nasdaq Global Listings Board on track for launch in mid-2026

[SINGAPORE] Plans for the much-anticipated dual listing bridge between Singapore Exchange (SGX) and Nasdaq are going smoothly with the launch expected in mid-2026.

In an update on Thursday (Apr 30), the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation Company (SGX RegCo) said that rules and frameworks are being harmonised with US and Nasdaq.

MAS and SGX RegCo had earlier issued consultation papers on adapting the regulatory framework and new listing rules respectively for the SGX-Nasdaq dual listing board.

It is rare to see this level of interest and engagement in this consultation paper, noted Tan Boon Gin, CEO of SGX RegCo.

“I can also say that the profile of the companies that have expressed interest is exactly the profile we had expected to see: companies that are well known here in Asia and that have global ambitions,” he said in response to queries from The Business Times.

Analysts have said that prospective companies are likely to include Nasdaq-listed or Nasdaq-ready firms with international or Asian-focused growth strategies.

The new listing rules will align the initial public offering process with Nasdaq’s timeline and process. Issuers doing a dual listing on the Global Listings Board (GLB) are expected to receive the eligibility-to-list letter from SGX RegCo shortly after Nasdaq approval. There are arrangements in place between SGX RegCo and Nasdaq for coordination and regulatory cooperations – this means that it is unlikely for one exchange to approve the listing and the other to reject it.

As proposed earlier, the minimum market capitalisation will be S$2 billion, with 15 per cent of the IPO value or S$75 million available for the Singapore tranche, whichever is higher.

Of the Singapore tranche, 5 per cent or S$50 million, whichever is lower, will be reserved for retail brokers. To harmonise with Nasdaq rules, there will be no separate ATM subscription for retail investors, who will need to subscribe for a GLB IPO offer through a broker. Any shortfall in retail demand may be reallocated to institutional investors.

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“We have focused on simplifying the dual-listing process while ensuring sufficient allocation to the Singapore market,” said Tan.

MAS noted that there was feedback from market participants on how to minimise friction and streamline the IPO process for dual listings.

Other suggestions to further harmonise regulatory requirements in the areas of investor outreach, prospectus registration timing and process were also considered where feasible.

This includes engaging institutional investors prior to lodging a prospectus to gauge interest and issuers and underwriters having earlier communications with intermediaries to prepare for engaging retail clients.

Other provisions brought up in the consultation papers in January such as safe harbours – provisions which limit legal liability – will be included in the regulatory framework. MAS and the relevant authorities will retain full discretion to enforce against any breaches in Singapore.

MAS and SGX will make the final decision on all listings and propectus registrations in Singapore.