For much of the past decade, Singapore’s initial public offering (IPO) market has been viewed as subdued, overshadowed by the glamour of Hong Kong and the tech buzz of Nasdaq. But as 2025 unfolds, signs of revival are finally starting to take shape. 

With major listings in data centres, SaaS and real estate lighting up the Singapore Exchange (SGX), investors are once again asking a long-standing question: can Singapore reclaim its place as the exit gateway for Southeast Asia’s maturing startups?

Can Carro’s IPO ambitions spark a new wave of Southeast Asia listings?

A quiet market stirring back to life

In recent years, IPO activity on the SGX has been tepid. The Catalist board, home to smaller growth companies, saw a handful of listings through 2024, but large-cap or tech-driven debuts were rare. The slowdown reflected a mix of global uncertainty, cautious investors and competition from larger exchanges.

That narrative began to shift in 2025. The headline act came mid-year when NTT Data Centre REIT made its debut, Singapore’s biggest IPO in four years. The listing underscored the city-state’s growing role as Asia’s digital infrastructure hub. Around the same time, AvePoint, a U.S. cloud software firm, pursued a secondary listing in Singapore to tap regional investors and signal long-term commitment to the Asian market.

These milestones, while modest compared to the multi-billion-dollar floats of Hong Kong or New York, have injected renewed confidence into Singapore’s capital markets. Market watchers are describing 2025 as a turning point; the beginning of a more diversified, tech-anchored IPO pipeline that could restore SGX’s relevance for Southeast Asian firms seeking credible exit options.

Why IPOs matter more than ever

For Southeast Asia’s venture capital and private equity ecosystem, a stronger IPO market is more than just a confidence signal; it’s a matter of survival.

Over the past few years, exits in the region have been dominated by trade sales or M&A transactions, often to foreign buyers. Public listings, particularly on local exchanges, have been few and far between. This has created a liquidity bottleneck: investors pour billions into startups, but the pathways to cash out have remained narrow.

The rise of a more active SGX gives founders and funds another option. A functioning IPO market provides liquidity in a region where exit options are limited, helping keep more value creation and value capture within Southeast Asia.

With valuations in late-stage private rounds tightening and secondary markets offering limited liquidity, IPOs could provide the reset many portfolios need.

Sectors leading the charge

So far, the sectors driving this resurgence mirror Singapore’s broader economic strengths. Infrastructure and real assets; data centres, logistics and REITs have led the way. These are areas where Singapore enjoys deep investor familiarity, stable yields and institutional participation.

But the more interesting story lies in the emerging tech listings. Several SaaS and fintech firms are said to be preparing to list in late 2025 or 2026, encouraged by the success of dual-listed companies and growing institutional interest in digital transformation themes.

This blend of hard and digital assets could be SGX’s sweet spot: stable, cash-generating sectors alongside scalable tech ventures with real enterprise traction. It’s a combination that aligns with investors’ current appetite; a middle ground between the predictability of REITs and the growth promise of tech.

Regional ripple effects

If Singapore sustains this momentum, the implications extend well beyond its borders. For founders in Indonesia, Vietnam and Malaysia, the idea of listing regionally, rather than leaping to the U.S. or Hong Kong, becomes increasingly plausible.

Some, like Carro, Southeast Asia’s used-car platform, are already reported to be eyeing a Singapore listing. For others, a dual-listing strategy,  raising capital locally while maintaining access to global investors, may strike the right balance.

Local IPOs can also bring symbolic benefits: they anchor regional champions closer to home, helping deepen Southeast Asia’s financial markets. When founders list in Singapore, they’re reinvesting confidence in the region.

The remaining hurdles

Despite the optimism, significant challenges remain before SGX can truly rival Hong Kong or Nasdaq as a go-to destination for high-growth listings.

The most frequently cited concern is liquidity. Retail participation in Singapore’s stock market has waned and trading volumes remain relatively shallow compared to regional peers. This limits pricing efficiency and post-IPO performance, both critical to attracting new issuers.

Investors are also wary of high-growth but unprofitable tech companies, particularly after the cooling of global enthusiasm for loss-making startups. While SGX has introduced reforms including more flexible listing rules for dual-class shares and tech firms, cultural caution among investors persists.

Then there’s the question of competition. Hong Kong and Nasdaq continue to lure the largest floats with deeper investor pools and higher valuations. To compete, Singapore must double down on its traditional advantages: transparent regulation, strong governance standards and a business environment trusted by global funds.

Looking ahead: Can the momentum last?

The next 12 to 18 months will determine whether 2025’s momentum is a true comeback or a temporary blip. Analysts expect more real estate investment trusts (REITs), digital infrastructure vehicles and fintech platforms to file for listing before mid-2026. Private equity firms, too, are reassessing IPOs as viable exit routes after years of relying on secondary sales.

If Singapore can attract even one unicorn-scale IPO, a regional consumer tech or platform company with mass appeal, it would signal to global investors that Southeast Asia’s public markets have arrived.

But even without a blockbuster debut, the direction of travel is encouraging. The growing diversity of issuers, stronger liquidity and alignment with digital economy trends suggest a market quietly reinventing itself.

In many ways, Singapore’s IPO story mirrors Southeast Asia’s broader economic evolution: pragmatic, gradual and anchored in fundamentals. The city-state may not chase the flash of New York or the scale of Hong Kong, but it’s steadily building a marketplace that reflects the region’s maturing ambitions.

As 2025 draws to a close, SGX stands at an inflection point. Whether this moment becomes a sustained comeback will depend on how well it balances innovation with stability, ambition with credibility. But for now, at least, the sound of the IPO bell is ringing once again and this time, the region is listening.