The post-listing performance, as measured by the difference between the IPO price and the year-end price, is also mixed. Vin’s Holdings, the first listing of 2025, was down 16.7% from its IPO price as of Dec 12. In nearly a year since listing, the car dealer has kept a relatively low profile. Most recently, on Nov 19, it was appointed by Hong Seh Motors as an authorised dealer and authorised workshop for the Seres 3 electric SUV in Singapore. Two other updates from the company stood out, though: On Oct 14, Vin announced that it will accept major cryptocurrencies and stablecoins for all products and services. On Sept 30, presumably to ride the buoyant stock market, the company doubled its investments in quoted securities to $2 million, equivalent to 8.6% of its NTA.
With renewed interest in the Singapore market, momentum in the fundraising activities is picking up as well. The Singapore Exchange (SGX) is finally seeing a return of new and meaningful IPOs this year. This year, there were a total of 13 IPOs, versus just four in 2024. With the most recent new listing, Leong Guan Holdings, a total of some $2.8 billion was raised via SGX’s new listings this year, up from just $40.6 million in 2024.
The new listings are diverse. They include two REITs — NTT Data Centre REIT and Centurion Accommodation REIT — which have become a hallmark of SGX. AvePoint had a unique Nasdaq-first, then SGX, listing. Two design firms, Lum Chang Creations and Dezign Format, debuted consecutively. Hong Kong glue maker Infinity Development Holdings also joined, and homegrown noodles maker Leong Guan closed the year with its $4.7 million raise.
