SGX on course for bumper crop of IPOs, yen on a roller coaster

As of late May, there had been five new listings, with four more expected in the coming months.

SINGAPORE – Singapore saw a flurry of initial public offering (IPO) activity this week, with several companies lodging listing documents for the local bourse. The rush came amid improving market sentiment, with the Straits Times Index rising more than 1 per cent over the week to close at 5,244.29.

If the conditions are right, the Singapore Exchange (SGX) could record 20 to 30 IPOs in 2026, building on the 15 listings in 2025.

As of late May, there had been five new listings, with four more expected in the coming months – Foundation Healthcare Holdings (FHH), All-Link Air & Sea, EGP Energy Corporation and AirTrunk.

However, the performance of recent SGX IPOs has cast a shadow. About 60 per cent of those listed over the past year have struggled post-debut. For example, co-working space provider JustCo, the most recent addition on May 22, was trading more than 40 per cent below its offering price about a month later.

The poor showings may weaken investor confidence and affect demand for future IPOs, prompting would-be listers to either delay their mainboard debut or list elsewhere in the region. It remains to be seen whether these companies can sustain their pre-listing hype.

Private healthcare group FHH was reportedly “multiple times oversubscribed” for its IPO, with strong demand from international and cornerstone investors, according to people with knowledge of the deal.

The Temasek-backed healthcare company, which operates four medical centres, is looking to raise $242 million from its IPO. Of this, $118 million will come from 10 cornerstone investors, and the rest from 162.6 million shares on offer to the public and international investors at 76 cents per share.

The IPO, which opened on July 1, will close at noon on July 6. Trading of the company’s shares is expected to commence on SGX on July 8 at 9am. FHH’s market capitalisation will stand at $1 billion upon listing.

Earlier in the week, both electrical infrastructure solutions and service provider EGP Energy and logistics solutions provider All-Link Air & Sea lodged a preliminary prospectus on June 30 to list on the SGX mainboard.

Lastly, data centre operator AirTrunk, which is backed by global investment firm Blackstone, was expected to have filed confidentially for an IPO of a real estate investment trust, though the timing was not confirmed, according to people familiar with the matter.

Bloomberg reported in April that AirTrunk had sought to raise about US$1.5 billion (S$1.9 billion) from the offering.