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How to Get Listed on SGX

Updated: Nov 16




As a premier listing venue, SGX provides a trusted platform to gain access to an international investor base that can help drive business growth.


Choosing to have your company listed on the stock market is an important decision. Take your first steps towards SGX and one of the most dynamic global financial centres in Asia.


Give your organization the opportunity to benefit from better access to capital, more liquidity and increased global visibility.


We will support you throughout your growth journey – from fundraising and investor outreach, to executing corporate actions and fulfilling regulatory and corporate governance obligations.


Mainboard


Mainboard caters to the needs of established businesses. Mainboard-listed companies enjoy the prestige of an established market place and have access to the widest range of institutional and retail investors.


Motherboard caters to the needs of established businesses. Companies seeking to list on the Mainboard must meet entry criteria, which include minimum profit and/or market capitalization levels.


Mainboard-listed companies enjoy the prestige of an established market place and have access to the widest range of institutional and retail investors.


A company can go public through an initial public offering (IPO), issuing new shares or offering existing shares to the investing public. For this, a prospectus must be filed 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's website (OPERA) for at least 7 days for public comment.


Listing Requirements


Companies seeking to list on the Mainboard must meet the following admission requirements.


Mainboard admission criteria


Companies interested in joining the SGX Mainboard must meet one of the following quantitative requirements:


- A minimum consolidated pre-tax profit of at least S$30 million in the most recent financial year with an operating track record of at least 3 years;


- Be profitable in the most recent financial year with a market capitalization of not less than S$150 million based on the issue price and post-invitation issued share capital, and have an operating track record of at least 3 years; or


- Operating revenue for the most recent full financial year and market capitalization of not less than S$300 million based on the issue price and post-invitation issued share capital. REITs and business trusts that meet the S$300 million market capitalization test but do not have historical financial information may apply under this rule if they can demonstrate that they will generate operating income immediately after listing.


Additional Requirements


Review of Listing Documents

SGX & MAS


Shareholder Spread


- For market capitalization < S$300 million, at least 500 shareholders holding 25% of the issued shares. For market capitalization > S$300 million, the shareholding spread varies between 12-20%);


- In the case of a secondary listing, there are at least 500 shareholders globally, and there is no established framework and arrangements in place between the exchange and the primary home exchange to facilitate the movement of shares, at least 500 Singapore shareholders or 1,000 shareholders globally.


Independent Directors


- All issuers have at least 2 independent directors


- For foreign issuers, there must be at least 2 independent directors who are Singapore residents.


Moratorium


- Where the issuer passes the profitability test, the promoters are not allowed to sell their shares within 6 months after listing.


- Where the issuer passes the market capitalisation test, the sponsor shall not reduce its shareholding within 6 months after listing, and shall not reduce its shareholding by 50% within 6 months thereafter.


- For Pre-IPO investors who acquired their shares within 12 months before the IPO and hold ≥ 5% of the shares, the "profitable portion" of their holdings will be subject to a moratorium period within 6 months after the IPO. The profit portion is calculated by multiplying the percentage difference between the IPO price and what investors paid for the shares by the number of shares held.


Listing Documents


- Prospectus;


- Lodged on the MAS OPERA website.


Accounting Standards


Singapore Financial Reporting Standards, International Financial Reporting Standards or US Generally Accepted Accounting Principles (GAAP)


Domicile


At the sole discretion of the issuer.


Trading and Reporting Currency


At the sole discretion of the issuer.


Business Operations


No requirement to conduct business operations in Singapore.


Continuing Obligations


Rules regarding material information disclosures, periodic reporting, additional share issuance, corporate transactions, corporate governance guidelines, interested person transactions and free float will apply.


View the full listing of Mainboard rules here.


List of Issue Managers


Catalist


Catalist caters to the needs of fast-growing businesses. Companies seeking a primary listing on Catalist must be brought to list by an authorized sponsor through an initial public offering (IPO) and reverse takeover.


Catalist listing rulebook


List of Full Sponsors


Direct Listing Framework for Chinese Companies Incorporated in China


As a gateway to Asia, SGX provides an attractive platform for Chinese companies that meet Singapore's regulatory and governance standards, giving them access to global investors.


With the support of the China Securities Regulatory Commission (CSRC), Chinese companies incorporated in China can now seek a direct listing on the SGX Mainboard under the direct listing framework.


Key Requirements:


- Potential issuers submit applications to the CSRC and SGX.


- Applicants must comply with all relevant laws and regulations in China, as well as all requirements and regulatory standards of Singapore and SGX.


- The CSRC will review the applications before granting the issuer an administrative license to list in Singapore.


- After obtaining administrative license approval and satisfactory review, SGX will issue an eligibility-to-list to the issuer.


- The applicant's financial statements must be audited by a certified public accountant in accordance with Singapore Standards on Auditing, International Standards on Auditing or US Generally Accepted Auditing Standards.


Listing Procedure


1. Pre-consultation with SGX


2. Submission to CSRC


3. CSRC Acceptance Notice (Acknowledge receipt of documents). CSRC Review


4. Application to SGX. SGX Review (6 - 8 weeks)


5. CSRC Administrative Licensing Approval


6. SGX Conditional ETL


7. Lodgment of Prospectus. MAS Review - Prospectus available to public (2 - 3 weeks)


8. MAS Registration of prospectus & launch of offer


9. Listing


Connect with Us


For enquiries, please contact Bestar.

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