Over the last few weeks, as most market players sat back and took a breather for the year-end festive season, a surprisingly big crop of IPO aspirants and their professional advisers were putting together the final touches for their market debut.
In the last two weeks of 2021, four companies lodged their preliminary IPO offer documents, while two companies received their go-ahead from the Singapore Exchange (SGX) for a spac (special purpose acquisition company) listing, with one more obtaining its spac listing permission just after the new year. In contrast, for the whole of 2021, there were just eight listings. After Aztech Global’s relatively sizeable launch in March 2021, SGX’s IPO activity level dwindled pretty much for the rest of the year — only to pick up last December, when two REITs, Daiwa House Logistics Trust, followed by Digital Core REIT in quick succession, were launched.
Evidently, the listing momentum was already building up.