About SGX

About SGX SGX Listing Process

The Mainboard caters to the needs of established enterprises. Companies seeking a listing on the Mainboard must meet the entry criteria, which includes minimum profit and/or market capitalisation levels.

Companies may list via an initial public offer (IPO) with issue of new shares or offer existing shares to the investing public. For this, a prospectus has to be lodged with the Monetary Authority of Singapore (MAS) and prepared in accordance with the Securities and Futures Act (SFA) and the Securities and Futures Regulations (SFR).

The prospectus is posted on MAS’ website (OPERA) for a period of at least 7 days for public comments.

Listing Requirements:

1. Minimum consolidated pre-tax profit of at least S$30 million for the latest financial year with operating track record of at least 3 years;

2. Profitable in the latest financial year, and has a market capitalisation of not less than S$150 million based on the issue price and post-invitation issued share capital with operating track record of at least 3 years; or

3. Operating revenue in the latest completed financial year and a market capitalisation of not less than S$300 million based on the issue price and post-invitation issued share capital. Real Estate Investment Trusts and Business Trusts who have met the S$300 million market capitalisation test but do not have historical financial information may apply under this rule if they are able to demonstrate that they will generate operating revenue immediately upon listing.

Listing Process:

Evaluation and planning stage

1. Evaluate financial performance, track record of growth and long-term business plan.

2. Evaluate the market conditions and options available, debt vs debt financing, private placement, strategic business alliances.

3. Evaluate the requirements for corporate reorganisation.

4. Availability of the appropriate resources and quality

5. Meeting and discussion with the professionals and advisers

Preparation stage

1. Putting together the appropriate management and finance team

2. Building the right financial and operational infrastructure

3. Establishing the appropriate corporate governance structure

4. Consider investor relations and public relations strategies.

5. Appointment of professionals and advisers

6. Putting the financial statements right and addressing accounting and tax challenges and issues

7. Putting together the IPO timetable

Execution stage

1. Due diligence

2. Drafting of prospectus

3. Completion of corporate reorganisation

4. Preparation of financial information

5. Recruiting non-executive board members and audit committee

6. Discussion on pricing and valuations with advisers

7. Managing of the “brand” and market positioning with public relations adviser

Realisation stage

1. Submission and lodgement of prospectus with the authorities and regulators

2. Addressing queries and concerns of the authorities and regulators

3. Conducting the IPO road shows

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