S'pore IPO market raises US$1.7b proceeds in Q3

SINGAPORE has had a "good quarter" in terms of new listings from July to September even as regional worries over the US Federal Reserve's tapering of its monetary stimulus sparked market volatility in emerging Asia.

The US$1.7 billion proceeds raised here from initial public offerings (IPOs) in the third quarter were the second highest globally after the United States, said Simon Lim, Singapore Exchange's head of listings for South-east Asia, at a conference yesterday. This is 39 per cent higher than the preceding quarter.

Asian market volatility, driven mainly by the Fed's plan to reduce its bond purchases, has undermined the demand for new listings in markets such as Japan, South Korea and Malaysia, according to a report by EY. Singapore's IPO growth during the quarter was bolstered by the listing of KrisEnergy and a few large real estate offerings.