The Business Times
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MARK TO MARKET

MAS, SGX must address our IPO problem

If we are to have a vibrant IPO scene, firms have to perform well after their offerings into the long term

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Ben Paul

Ben Paul

Published Sun, Oct 18, 2026 · 08:05 PM
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    • Some market watchers say SGX should focus on drawing listing aspirants in fields already anchored by homegrown champions.
    • Some market watchers say SGX should focus on drawing listing aspirants in fields already anchored by homegrown champions. PHOTO: TAY CHU YI, BT

    [SINGAPORE] Deluge Corporation is an unlikely hero in the story of the Singapore market’s quest for exciting new listings.

    For one thing, it operates a seemingly mundane business – it installs and maintains fire detection and protection systems in hospitals, shopping malls and public transportation infrastructure.

    More to the point, Deluge has not attempted to price itself like a hot growth stock. Based on the 145 million shares outstanding following its initial public offering at S$0.60 per share, the company has a market cap of only S$87 million – which is 10 times the S$8.7 million in earnings it reported for the financial year to March 2026.

    Mark to MarketSGXMonetary Authority of SingaporeIPOTech IPOSingapore stock marketSingapore StocksS-ReitsSingapore REITs

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