Strong IPO activity and real estate dominance drive Singapore ECM growth to its highest level since 2021
Record Fundraising in 2025
Singapore’s equity capital markets reached a major milestone in 2025. Fundraising more than doubled compared to 2024, closing at $9.6 billion. This was the strongest performance in four years and the highest annual ECM value since 2021.
Activity slowed in the final quarter, with deals totaling $2.2 billion. The decline did not erase the year’s momentum. Equity issues expanded significantly, showing renewed investor confidence and improved market conditions.
IPOs Drive Growth
Initial public offerings played a central role. 38 Singapore‑linked companies went public, raising about $3.2 billion. This was a sharp increase from 2024, supported by higher deal volume.
Offshore listings were notable, with companies choosing markets like the United States and Hong Kong. Domestic listings also delivered strong value, reinforcing the importance of Singapore’s local exchange.
Real Estate Leads Sector Performance
Real estate was the largest contributor to ECM proceeds. Real estate investment trusts drove demand, reflecting investor appetite for income‑generating assets. The sector accounted for more than two‑fifths of total capital raised.
Technology followed closely, supported by innovation‑focused growth. Healthcare also made a meaningful contribution, backed by long‑term demand and resilient business models.
DBS Tops Equity Underwriting
Among financial institutions, DBS Group Holdings ranked as the leading equity underwriter for Singapore‑domiciled transactions. This underscores its strong position in regional capital markets.
Outlook for Market Development
Overall, Singapore ECM growth in 2025 signals a robust recovery in equity fundraising. While short-term volatility persists, broad sector participation and robust IPO activity provide a solid foundation for continued growth.
