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Singapore Stock Exchange steps up its efforts to attract technology IPOs

Singapore Stock Exchange

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The Singapore Stock Exchange is stepping up its efforts to attract technology companies to its market. Last year, it proposed to allow dual-class shares preferred by founders of technology companies, which allows them to retain control after companies become public. Now the stock exchange wants to loosen some of the restrictions on the listing of dual-class shares such as minimal market capitalization.
In this way, Singapore is trying to be a more competitive US stock market where Chinese technology companies, which today have a total market value of about 785 billion USD, have been listed in recent years. China is also joining the race to attract more technology companies.
The latest proposals of the Singapore Stock Exchange, which are expected to be published for public discussion this month, will remove the earlier 500 million SGD (380 million USD) minimum market capitalization limit for listing a double class of shares.
Nearly one in five companies listed in the US last year performed IPO with two-class share, according to the Council of Institutional Investors, whose members include large pension funds. Among them are Snap Inc and Altice USA Inc, the two largest US IPOs in 2017.