How to break Singapore’s IPO curse

The Singapore market is on a roll, with the Straits Times Index still advancing and companies unlocking value but newcomers are not necessarily joining the party. Most of this year’s initial public offerings (IPOs) are trading below their offer prices, which is awkward for a market that has spent years trying to win more listings.

In this episode of Mark To Market, a BT Correspondents podcast, Ben Paul asks why new listings keep stumbling and what regulators could do about it. He takes his cue from Mi Material, the latest arrival, which closed just 1 per cent above its S$1.80 IPO price on its first day.

Why listen

• A rally that skips the newcomers  Only 10 companies have listed so far, and seven were below their IPO prices at the time of recording. Paul weighs the possible explanations, from rich pricing and higher global interest rates to stories that do not land with local investors.

• Backing is no guarantee  Jusco had cornerstone support from funds that received money under the Equity Market Development Programme, yet it now trades at less than half its IPO price. Paul posits that more stimulus alone looks unsustainable.

• Issue managers in the spotlight  Paul makes the case for MAS and SGX to examine whether the pursuit of fees is hurting investor confidence, and to tie issue managers’ interests to post-listing performance.

• Anchors worth building around  Singapore’s Reit sector grew up around strong local sponsors. Paul suggests the banks could do the same for fintech listings, and explains why a vibrant semiconductor cluster should help Mi Material find its footing.

This is a pointed take on whether the market’s revival can reach its IPO pipeline. Listen now.

Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.

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Written and hosted by: Ben Paul (benpaul@sph.com.sg)

Edited by: Claressa Monteiro & Rachna Raghu

Produced by: Ben Paul, Rachna Raghu & Chai Pei Chieh

A podcast by BT Podcasts, The Business Times, SPH Media

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