Equity Capital Markets Watch - Singapore

Singapore’s capital market activity is not spared from market volatility due to the openness of our economy and there are significant foreign funds under management here. But we see a silver lining; we still think that the initial public offerings (IPO) pipeline remains optimistic in 2019 given Singapore’s pro-business environment. SGX has in recent years also stepped up efforts to lure a greater number of IPOs. We can look forward to more fund raising activities in niche sectors such as real estate investment trusts (REITs) and business trusts (BTs), Healthcare and Food & Beverages sectors.

Tham Tuck Seng, Capital Markets Leader, PwC Singapore

Key observations from our Equity Capital Markets Watch: Singapore, 2018 year in review:

Singapore's 2018 IPO performance

Singapore’s race for new and big listings will remain intense. With the exception of 2015 which was marred by declining global oil prices and increased competition from other Southeast Asian bourses, 2018 has raised the lowest IPO funds in the past decade due to factors such as the US-China trade tension and rising interest rates.

Top industry performers

In line with previous years' trends, the REITs and BTs sectors continue to lead the pack in terms of capital raised. Meanwhile, the healthcare and F&B sectors stepping into the spotlight.

Looking ahead

"As the capital markets for other ASEAN countries continue to develop and stabilise, these bourses may progressively attract new listings, particularly of domestic companies. We foresee this trend to forge ahead in 2019, bringing about increased regional competition which may very well increase the overall capital market activity in the region. SGX will have to continue to be innovative and promote its various market initiatives to further differentiate itself as a preferred strategic location for capital fundraising in Asia."

Tham Tuck Seng, Capital Markets Leader, PwC Singapore

Contact us

Marcus Lam

Assurance Leader, PwC Singapore

Tel: +65 6236 3678

Tham Tuck Seng

Capital Markets Leader

Tel: +65 6236 3048

Rebekah Khan

Partner, Assurance - Capital Markets, PwC Singapore

Tel: +65 9731 4358

Alex Toh

Partner, Assurance - Capital Markets, PwC Singapore

Tel: +65 9112 7130

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