In July, NTT DC REIT successfully IPO-ed with a price of US$1 ($1.28). Although the IPO yield was attractive at 7.5%, unit prices have since slipped below US$1. Nonetheless, the REIT IPO was generally warmly received and a stabilisation process is underway.
Market watchers’ angst over the lack of initial public offerings (IPOs) and the general moribund state of the local market has been alleviated by the best rally Singapore’s stock market has seen since the Covid pandemic. Perhaps the market decided to give Singapore-based investors an early SG60 gift.
Whatever the case, since around 2015, the Singapore Exchange (SGX) has focused on non-equity market revenue, including derivatives and foreign exchange. As a result, IPOs have dwindled. In June this year, Info-Tech Holdings was the first IPO on the Mainboard since the listing of Digital Core REIT in December 2021.
