Ben Paul's weekly Mark-to-Market column has a summary of the YTD performance of IPOs on SGX and with the exception of EGP Energy Corp (+30% from IPO price), none has been decent. Some of the worst performers like JustCo/Toku have more than halved from its IPO price (-60%) and just a little while back, late 2025 IPO candidate UltraGreen.AI has lost all its glow as well. Therefore in a way, it is legit to suspect that some of the EQDP capital has been designated as "exit liquidity" by others who front-ran them.
EQDP puts SGX listings back on the radar for Singapore startups
Before the launch of the EQDP, consumer brand Stryv used to consider a trade sale or a management buyout as its main exit options. Roy Ang, its CEO and co-founder, told The Business Times: “The introduction of the EQDP has definitely added another scenario for us because of the increased liquidity in the market. It’s now a viable option for us as well.”
Similarly, automotive platform Motorist was weighing its options, which included strategic partnerships, private capital and an eventual listing, either here or overseas. But prior to the EQDP, a Singapore listing was “harder to justify”, said its CEO Angela Poh. This was especially because of the size of the market, she added, noting that the company also “had concerns about post-listing liquidity and valuation”. Motorist, which operates in Singapore, Malaysia, the Philippines, Thailand and Vietnam, now considers an SGX mainboard listing among its longer-term plans.
Despite the growing interest, founders and investors warned that improved liquidity alone would not be enough to make SGX an attractive listing destination. Representatives from startups who spoke to BT said that one area where improvement is needed is post-listing research coverage of the companies. Poh flagged this as key to ensuring that mid-sized companies such as Motorist remain visible to investors after an IPO. At the moment, the Grant for Equity Market Singapore Scheme (Gems) backed by the Monetary Authority of Singapore offers incentives to expand research coverage of pre-IPO and newly listed companies.
Valuations are also key, and would help to persuade fence-sitters such as Stryv to consider a listing on SGX. These valuations should reflect a company’s growth profile and regional reach as well, said Poh. “Ultimately, (valuations) comes down to deeper liquidity and a broader investor base,” she added. Styv’s Ang said that he would like to see a greater diversity of strategic investors coming into the market. “Having funds come in from other markets that we previously would not have had access to would make it more attractive.” He also pointed to the importance of further streamlining the listing process. While SGX has made efforts in this area, additional improvements would make the exchange more appealing to growing business, he said. Listing and ongoing compliance costs are another consideration.
https://www.businesstimes.com.sg/compani...e-startups
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
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