Latest Singapore Exchange News
Sep 22, 2021
- Advertisement - SINGAPORE, Sep 22 (Businesshala) – Singapore’s move to launch new funds to support startups will help companies seeking an IPO, although it will take several years for the Singapore Exchange to become a hub for regional tech listings, according to market players. can. - Advertisement - Despite shaping up as one of Asia’s major financial hubs, Singapore has seen a decline in listings over the past decade and has failed to attract large initial public offerings. - Advertisement - Market participants say, however, that the establishment of two funds with S$2 billion ($1.5 billion) for late-stage fundraising of firms and IPOs, together with blank-check companies, is expected to be listed in the city-state. is being allowed. , will attract more startups to list there. “The value proposition by Singapore Eco-System for founders and shareholders of high-growth businesses is that it will be a part of the company’s journey – before, during and after the IPO,” said Ho Cheun Hoon, Head of Southeast Asia Equities. Said Capital Markets at Credit Suisse. - Advertisement - “This should resonate with some founders and entrepreneurs, especially unicorns who are starting to think about public listings.” The city-state has a long way to go. So far this year, as of September 16, only three companies have listed on the Singapore Exchange (SGX), raising $239 million, according to data from Refinitiv. The amount raised is less than half of the same period last year and the lowest level in six years. By comparison, funds raised on the Malaysian exchange stood at $531 million, the Indonesian and Philippines exchanges attracted $2.3 billion, while the Thai exchange topped $3.5 billion. As Southeast Asian tech bargaining booms, Singapore is looking to attract more attention after some major companies listed elsewhere in recent years. For example, Singapore-based gaming and e-commerce firm C listed in the United States in 2017, and is now valued at $182 billion. Southeast Asian ridehailing and delivery firm Grab is also listed here in the United States through a blank-check firm, while gaming firm Razer debuted in Hong Kong in 2017. Vini Lauria, founding partner of Singapore-based Golden Gate Ventures, welcomed the government’s efforts to foster the success of the startup. “This is yet another example of Singapore using capital and smart government programs to promote itself as a hub for Southeast Asia startups.” Robson Lee, a partner at the law firm Gibson, Dunn & Crutcher LLP, said the Singapore market “has the potential to punch above its light weight by being better organized and coordinated to attract unicorns and high-tech global corporates”. ($1 = 1.3507 Singapore Dollar) (Reporting by Anshuman Daga; Editing by Praveen Char) .