For instance, NTT DC REIT, Singapore’s largest REIT IPO since 2013, barely made a splash price-wise when it made its trading debut on July 14. The REIT’s units hit an intra-day high of US$1.03 ($1.32), only to close flat at its IPO price of US$1. NTT DC REIT prices have been hovering at that level ever since.
Last year was a bumper year for IPOs for the Singapore Exchange (SGX). The local bourse welcomed 13 listings, raising some $2.8 billion of capital in total. That is a huge jump from the four listings it recorded in 2024, which raised about $40.6 million of capital.
One thing that didn’t change, however, was the absence of the fabled IPO “pop,” where a newly listed company’s stock price spikes on its first day of trading.
