🪙 SGX Just Had a Record Year — Now 50 IPOs Could Be Coming

Let's be honest — for the better part of a decade, writing about the Singapore stock market felt like narrating a slow-motion chess game where both players kept agreeing to a draw. Delistings outnumbered IPOs. Liquidity was thin. Retail investors yawned and went back to buying US tech.

But something changed. And if you've been watching the $Straits Times Index(STI.SI)$ chart lately, you already know what I'm talking about.

On July 29, 2026, the $Straits Times Index(STI.SI)$ hit an all-time intraday high of 5,713.19. That came on the back of an 8.8% monthly rally in July — the index's strongest monthly performance since November 2020 — and a 24.0% seven-month total return. As of early August, the STI was hovering around 5,630, up roughly 20% year-to-date. Not bad for a market that many had left for dead.

Then, on August 6, SGX Group dropped its FY2026 results — and they were nothing short of spectacular. Let's dig into what's driving this revival, what the National Day Rally signals for the road ahead, and whether the 50 companies in SGX's IPO pipeline can actually live up to the hype.

The Record Year, by the Numbers

SGX Group's FY2026 (ended June 30, 2026) was an absolute barnburner:

The cash equities business was the star of the show, with net revenue surging 28.1% to S$502.9 million — now accounting for 34% of group net revenue. Trading and clearing revenue from cash equities jumped 36.3% as the securities daily average traded value (SDAV) climbed 34.9% to S$1.8 billion, and total securities traded value hit S$455.7 billion.

CEO Loh Boon Chye called it "another standout year," and he wasn't exaggerating. Growth was genuinely broad-based — even the FICC segment grew 17.0%, with SGX FX average daily volume hitting US$190.2 billion (up 33.1%).

The board proposed a final quarterly dividend of 11.5 cents plus a one-off additional dividend of 12.5 cents, bringing total FY2026 dividends to 57 cents per share — a 52% jump from the 37.5 cents paid in FY2025. That's a loud signal from management: we believe in this moment.

50 IPOs in the Pipeline — But Can They Perform?

Here's the headline that got everyone talking: Pol de Win, SGX's head of global sales and origination, revealed at the FY2026 results briefing that the exchange now counts approximately 50 companies at various stages of IPO readiness.

And critically, the pipeline is finally diversifying beyond the usual REIT-and-property suspects:

• One-third of technology, advanced manufacturing, and digital infrastructure

• Another third from consumer and healthcare

• About a quarter of real estate

• The remainder from a broad industrial mix

This matters enormously. For years, financials and property stocks have accounted for roughly 70% of SGX's market composition — a structural narrowness that has frustrated investors looking for growth exposure. A pipeline tilted toward tech and healthcare could finally broaden the menu.

In FY2026, SGX brought 21 companies to market, raising a combined S$4.1 billion — up from just 6 listings raising S$25.7 million in FY2025. Calendar year 2025 saw approximately 16 listings raising about US$2.5 billion (S$3 billion), the highest since 2019. Analysts now forecast 20 to 30 IPOs in 2026, with SGX itself on track for close to 27.

Notable recent debuts include:

• NTT DC REIT — raised US$773 million (S$993 million), one of 2025's largest IPOs

• Centurion Accommodation REIT — raised S$771.1 million

• UI Boustead REIT — raised S$973.6 million in March 2026, the largest SGX listing of the year so far

• JustCo Holdings — GIC-backed co-working operator, raised S$100 million, listed May 22, 2026

• Foundation Healthcare Holdings (FHH) — Temasek-backed healthcare platform, raised S$242 million, listed July 8, 2026

• Ambiq Micro — ultra-low-power semiconductor firm, dual-listed on SGX and NYSE in July 2026

But here's the elephant in the room: post-listing performance.

For all the excitement about the IPO pipeline, the reality on the ground has been humbling. According to The Edge Singapore, no new listing on SGX in 2026 has delivered a sustained post-debut rally. About 60% of companies listed over the past year have traded below their offer price after debut.

The carnage has been visible:

• JustCo — priced at 94 cents, crashed to 77.5 cents on debut, and was trading over 40% below its IPO price within a month

• UI Boustead REIT — ended its first day 8.5% below its 88-cent offer price and has yet to close above it

• Foundation Healthcare Holdings — despite being 3.8x oversubscribed with 10 cornerstone investors (including Amova, Lion Global, Manulife, and UBS), it closed its first day at 70 cents — 7.9% below its 76-cent IPO price. UBS had to step in with multiple stabilisation trades before the stock finally climbed back above its offer price in late July.

Loh Boon Chye, for his part, framed the volatility as part of a "confidence-building phase" and noted that market participants look beyond Day 1 performance to factors like post-listing liquidity, research coverage, and institutional participation. SGX RegCo has started allowing preliminary prospectuses to reach retail investors earlier, and the exchange is exploring ways to accelerate research coverage immediately after listing.

Fair enough. But until we see a few IPOs actually hold their gains, skepticism is warranted.

What Could Move Singapore Stocks Next?

Let me tie this together. Here's my read on the catalysts and risks over the coming months:

Bull Case Catalysts

1. The 50-company IPO pipeline converting to actual listings. If even half of these companies make it to market over the next 12-18 months — and a few of them actually hold their debut prices — the narrative around SGX shifts from "revival attempt" to "sustained recovery." The pipeline's sector diversity (tech, healthcare, consumer) is exactly what the market needs.

2. The Nasdaq-SGX dual listing bridge is going live. Expected in the second half of 2026, this could attract S$2 billion+ companies from across ASEAN that previously wouldn't have considered Singapore. If the first GLB listings are well-received, it validates the entire ecosystem.

3. EQDP capital deployment accelerating. With the next batch of managers expected and the programme expanded to S$6.5 billion, the liquidity injection into small- and mid-caps should continue. More capital → more trading → more research → more attention.

4. NDR-driven sector tailwinds. Healthcare, industrial REITs, construction, and tech/AI beneficiaries have explicit government policy support. Foundation Healthcare's IPO was literally timed to catch this wave. Expect more healthcare and tech listings to follow.

5. Rate cuts supporting REITs and yield plays. With US Fed rate cut expectations building and Singapore's domestic inflation benign, the income-generating stocks that dominate the STI should continue to attract flows.

6. Singapore's safe-haven appeal. Amid Trump's tariff policies, US-China tensions, and geopolitical uncertainty, Singapore's reputation as a stable, well-governed financial centre is a genuine competitive advantage. Trading volumes have already doubled over the past 18 months.

Bear Case Risks

1. IPO post-listing performance. This is the #1 risk. If the next batch of IPOs continues to break issue prices, investor appetite will dry up, issuers will delay or go elsewhere, and the virtuous cycle breaks. SGX needs a few winners — badly.

2. Liquidity gap vs. Hong Kong. SGX's average daily turnover of ~S$1.8 billion is a big improvement, but it's still a fraction of Hong Kong's ~US$29 billion daily turnover. Until that gap narrows meaningfully, SGX will struggle to attract the largest, most sought-after listings.

3. Geopolitical headwinds. Trump's tariff policies, US-China tensions, and potential global growth slowdowns could hit Singapore's trade-reliant economy and the export-oriented companies listed on SGX.

4. Valuation compression. The STI's discount to consensus target price is narrowing. At some point, the easy gains from re-rating are exhausted, and further upside requires earnings delivery — which brings us back to the banks and whether they can sustain their wealth management momentum.

5. UOB's credit quality warning. The 90% spike in new NPAs from a single Greater China real estate account is a reminder that credit risks haven't disappeared. If more such accounts surface across the banking sector, sentiment could shift quickly.

As PM Wong said at the NDR, quoting a beloved Hokkien song: "When the rain gets heavier, I take care of you, you take care of me." Singapore's market is betting that the government's policy umbrella is big enough to keep the IPO revival dry.

We're about to find out.

💬 With SGX activity picking up and more IPOs on the way, do you think this revival is sustainable — or just another short-term rally?

🐯🪙 Share your view in the comments — thoughtful opinions may receive Tiger Coins.

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