Singapore wants more IPOs; setting up new $1.1 billion pre-IPO fund

Singapore's new pre-IPO fund aims to make it easier for late/growth stage companies to raise additional capital

Singapore wants more IPOs; setting up new $1.1 billion pre-IPO fund | BEAMSTART News

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Singapore's government is pushing hard to make its public markets more attractive for startups, and is setting up a new fund to support later-stage companies.

The fund, which is a joint collaboration between government ministries and sovereign wealth fund Temasek, is sized at $1.1 billion in its first tranche.

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Key Highlights

  • Singapore's new pre-IPO fund is also known as Anchor Fund @ 65, which is managed commercially by 65 Equity Partners — a wholly-owned investment platform of Temasek.
  • The new fund aims to provide financial assistance for late stage companies that are eventually seeking to go public.
  • EDBI, the investment arm of the Singapore Economic Development Board, will also establish a new $370 million Growth IPO Fund to invest in later-stage startups that are 2 (or more) rounds away from IPO.
  • Singapore's central bank also announced that it will further enhance its grant program (GEMS scheme) to alleviate the listing costs incurred for companies seeking to go public.

Why It Matters

  • Singapore aims to bolster its public stock market, which has struggled with tepid listings and poor trading volumes in the past.
  • Southeast Asia is seeing an increasing number of unicorn companies, many overlooking Singapore and considering listings in the United States and Hong Kong.
  • Earlier this month, Singapore Exchange (SGX) announced a new framework that would allow the listing of blank-check companies (similar to SPAC in the United States) as another alternative for companies to access the public markets.

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