Each IPO represents a transition from private ownership to public accountability. On the Singapore Exchange, these transitions highlight both individual company journeys and broader trends in Southeast Asia’s capital markets.
Headlines usually focus on big IPO launches, but the real insights come from what happens after the first day of trading. Some companies keep growing and earn investor trust, while others face challenges like market swings, compliance demands, or slower growth.
This article examines case studies of both successful and challenging IPOs on the SGX, highlighting the factors that distinguish enduring performers from those that struggle.
The SGX Landscape: A Platform for Regional Growth
The Singapore Exchange is an important entry point for companies looking to raise money in the region and beyond. Its strong rules, investor-friendly environment, and reputation as a financial center attract a wide range of listings, from REITs to tech startups and manufacturers.
However, IPO success in Singapore isn’t guaranteed. Market conditions, investor sentiment, valuation strategies, and governance quality all play crucial roles in determining how a listing performs over time.
Case Study 1: Sea Limited – A Regional Tech Success Story
Sector: E-commerce & Digital Entertainment
Listed on: NYSE (Singapore-origin company, but benchmark for regional context)
Sea Limited, which owns Shopee and Garena, shows how a Singapore company can use public markets to grow worldwide. Even though it listed on the New York Stock Exchange instead of SGX, Sea’s story is still important for Singapore’s capital market.
What worked:
Compelling growth story: Sea positioned itself as a Southeast Asian tech leader, targeting large and underserved markets.
Strong investor communication: The company’s management clearly articulated its long-term vision, even during early losses.
Scalable business model: Investors were convinced of its ability to translate market share into profitability.
Key takeaway:
Investors appreciate a clear growth story and strong leadership, even if a company isn’t profitable yet. For those aiming to list on SGX, telling a convincing story about the company’s future is key to IPO success.
Case Study 2: Nanofilm Technologies – Riding Innovation and Managing Expectations
Sector: Advanced Materials & Nanotechnology
Listed on: SGX Mainboard (2020)
Nanofilm Technologies had one of the biggest local tech IPOs on SGX in recent years, starting off with a lot of investor excitement. Its unique nanotechnology and use in different industries made it a popular choice in Singapore’s growing tech scene.
What worked:
Strong technology moat: Nanofilm’s proprietary solutions positioned it as a differentiated player in a niche but growing market.
Local investor confidence: As a Singapore-based deep-tech success story, it attracted both institutional and retail interest.
What challenged performance:
Post-IPO volatility: Share prices faced downward pressure due to market sentiment and operational headwinds.
Leadership transition: Founder-related changes led to investor concerns about long-term stability.
Key takeaway:
Even strong companies can run into problems if they don’t manage governance and communication well after going public. Keeping investor trust after the IPO is just as important as the listing itself.
Case Study 3: CapitaLand Investment – A Model of Strategic Restructuring
Sector: Real Estate & Investment Management
Listed on: SGX Mainboard (2021)
CapitaLand Investment (CLI) was formed when CapitaLand Limited split its investment management business from its property development side. This move created a focused investment platform for managing real estate funds and REITs.
What worked:
Clear strategic focus: The demerger simplified CapitaLand’s structure and sharpened its business model.
Strong fundamentals: CLI’s portfolio of quality assets and global presence appealed to long-term institutional investors.
Robust governance: Transparent communication during the restructuring reinforced investor confidence.
Key takeaway:
Having a clear strategy and strong corporate governance can help a company succeed after listing. SGX investors look for companies that explain their value and long-term plans clearly.
Case Study 4: Hyphens Pharma – A Sustainable Growth Journey
Sector: Healthcare & Pharmaceuticals
Listed on: Catalist (2018)
Hyphens Pharma, a top specialty pharmaceutical and healthcare group, is a good example of a steady and sustainable IPO. Instead of chasing big headlines, Hyphens focused on steady growth and careful financial management.
What worked:
Consistent performance: The company maintained profitability and grew organically through regional expansion.
Transparent disclosures: Regular updates and clear communication built investor trust over time.
Focus on fundamentals: Avoided speculative valuation, ensuring a fair and credible IPO price.
Key takeaway:
Long-term stability often matters more than making a big splash. In Singapore’s careful investment environment, companies that focus on steady growth usually gain lasting respect from investors.
Case Study 5: Challenging IPOs – When Market Timing and Governance Collide
While many SGX listings perform well, some face difficulties due to timing, market sentiment, or operational issues within the company.
Common pitfalls include:
Overvaluation at listing: Companies that price aggressively often face immediate market corrections.
Weak communication: Failing to manage post-IPO expectations or explain business performance can erode trust.
Corporate governance issues: Any perception of insider control, opaque decision-making, or board weaknesses can deter institutional investors.
Limited liquidity: Smaller floats or low trading volumes can result in subdued post-listing performance.
Example:
Some smaller companies listed on the Catalist board have struggled after their IPOs because of low trading activity and little investor attention. This shows how important it is to keep investors engaged and set realistic expectations.
Lessons from Both Success and Struggle
Examining SGX IPOs reveals a clear pattern: the most successful listings combine solid business fundamentals with effective governance and open communication with investors.
Key lessons include:
Storytelling is a strategy: A well-defined equity narrative aligned with growth plans attracts the right investors.
Governance earns confidence: Investors reward transparency, independence, and accountability.
Timing matters: Market sentiment can amplify or diminish even the best-prepared IPO.
Performance is ongoing: The real measure of IPO success is post-listing resilience and value creation.
Final Thoughts: Beyond Listing Day
An IPO isn’t the end goal; it’s the beginning of a new relationship with public investors. Companies that do well after listing on SGX know that the market values clear, credible, and consistent actions.
Success comes from strong fundamentals like transparent governance, steady growth, and good communication with investors, not just hype. The experiences of Singapore’s IPOs, both good and bad, show that real value is built after the IPO starts trading.