- UBS's Nicolo Magni forecasts continued strength in the IPO market for 2H2026, stating, “Singapore just grew to become the number one market, and it will continue to grow.”
- In the first half of 2026, Singapore welcomed five IPOs, a fivefold increase from the sole listing in the first half of 2025.
- The sixth IPO of the year occurred when Temasek-backed Foundation Healthcare went public on July 8.
- The uptick is a huge turnaround for Singapore’s market, which had only four listings in 2024 raising about $40.6 million.
- Policymakers launched reforms including the Monetary Authority of Singapore’s $6.5 billion Equity Market Development Programme (EQDP) and a $30 million Value Unlock programme to revitalise the stock market.
UBS's Nicolo Magni forecasts a strong IPO market in Singapore for the second half of 2026, following a significant recovery in the first half, which saw five listings, a fivefold increase from the one listing in the same period of 2025.12
The recent surge in IPOs, including the July 8 debut of Temasek-backed Foundation Healthcare, marks a dramatic turnaround from 2024, when only four listings raised approximately $40.6 million in capital.34
This revival is attributed to a series of government reforms aimed at revitalizing the stock market. Initiatives such as the $6.5 billion Equity Market Development Programme (EQDP) and the $30 million Value Unlock programme have been implemented to enhance investor engagement and channel capital into the market. Magni emphasizes, “Singapore just grew to become the number one market, and it will continue to grow.”5
With these measures, Singapore is poised to maintain its momentum, attracting more listings and investments in the coming months.
“Singapore saw five IPOs in the first half of 2026, a fivefold increase from the single listing in H1 2025, and a sixth listing in July. The rebound follows policymakers' reforms including MAS's $6.5 billion Equity Market Development Programme and a $30 million Value Unlock initiative.”
