SGX’s recent performance in 2024 continues a worrying trend of consistently higher delistings than new IPOs for the past several years. In contrast, regional competitor stock exchanges, notably Bursa Malaysia, have seen their performance improve significantly over the same period.
The Singapore Exchange (SGX:S68
) (SGX) faces a deepening problem as the number of listed companies plunged 20% in just five years, from 782 to 622 by January 2025.
In 2024, SGX’s IPO proceeds of US$31.4 million ($42.4 million) from four IPOs represented just 2% of Bursa Malaysia’s US$1.5 billion from 55 IPOs and 3.5% of Indonesia’s US$900 million from 41 IPOs. The stark disparity in regional performance signals deeper structural issues beyond mere market cycles.
