Singapore IPO climate to look up in 2024, but observers mixed on return of Reits, Spacs

SINGAPORE’S initial public offering (IPO) activity is expected to pick up in 2024, as interest rates fall and stock market valuations improve.

Market watchers are split, however, on whether the local bourse will see new listings of real estate investment trusts (Reits) – a key yield product of the Singapore Exchange (SGX) – and if special purpose acquisition companies (Spacs) will have a place in the market going forward.

PwC Singapore capital markets leader Tham Tuck Seng said IPOs on the local bourse have come back to life in recent months, likely due to a backlog of companies waiting to list.