initial public offering (IPO)

SGX's expectations of REITs at IPO stage and when negative media reports surface

SINGAPORE (Nov 15): When REITs are at the IPO stage or are newly-listed, they are operating for the first time under the keen scrutiny of the market including the media and regulators. It is therefore important that we – as frontline market regulator – clarify certain key issues and spell out our expectations of such a REIT.

Factors considered when evaluating suitability for listing

In addition to other requirements in the Listing Rules, some of the factors that SGX RegCo considers when evaluating the suitability for listing of a REIT are as follows:

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SGX's expectations of REITs at IPO stage and when negative media reports surface

SINGAPORE (Nov 15): When REITs are at the IPO stage or are newly-listed, they are operating for the first time under the keen scrutiny of the market including the media and regulators. It is therefore important that we – as frontline market regulator – clarify certain key issues and spell out our expectations of such a REIT.

Factors considered when evaluating suitability for listing

In addition to other requirements in the Listing Rules, some of the factors that SGX RegCo considers when evaluating the suitability for listing of a REIT are as follows:

Aramco launches IPO with Crown Prince's economic vision at stake

(Nov 4): Saudi Arabia is pulling out all the stops to ensure the success of Aramco’s initial public offering after Crown Prince Mohammed bin Salman finally decided to offer shares in the world’s largest oil producer.

The kingdom cut taxes on the company for a third time, revealed incentives for investors not to sell and is considering boosting dividends further. Yet the Saudi government has already conceded the company probably isn’t worth the US$2 trillion ($2.7 trillion) valuation Prince Mohammed has long advocated.

Alibaba said to target November window for US$10 bil Hong Kong listing

(Oct 31): Alibaba Group Holding is deciding between launching a sharply reduced US$10 billion ($13.5 billion) Hong Kong share sale in November or delaying the deal till next year as global uncertainty mounts, people familiar with the matter say.

China's WeWork equivalent Ucommune files for US IPO, sources say

(Oct 25): China’s biggest shared workspace provider Ucommune has filed a confidential prospectus with the US securities regulator as it seeks an initial public offering (IPO) before the end of the year, two people with direct knowledge of the matter said.

Ucommune’s decision to explore a listing has surprised investment bankers given the similarities between its business and that of embattled US rival WeWork, which this week had to be bailed out in a US$10 billion ($13.6 billion) deal after investors soured on an IPO plan.

PropertyGuru ditches IPO, says no need for fresh funds

SINGAPORE (Oct 28): On Oct 23, Reuters reported that local online portal PropertyGuru was cancelling its IPO on the Australian Securities Exchange. On Oct 7, dealstreetasia reported that PropertyGuru had lodged a prospectus and was looking to raise at least A$345 million ($322 million) by selling at least 84.5 million shares, of which 40.6 million would have been new shares, and the rest vendor shares. According to PropertyGuru’s prospectus, the IPO price would have been announced on Oct 24.

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Singapore-based snack maker goes on wild gut-churning ride in Hong Kong IPO

(Oct 23): Investors in a snack maker’s initial public offering in Hong Kong were sitting on losses just minutes after watching the shares almost triple.

Shares in Singapore-based Snack Empire Holdings surged as high as 188% on their debut on Wednesday, before sinking into the red 45 minutes later. The retail portion of the HK$130 million ($22.6 million) IPO was almost 14 times subscribed.

Despite shelved IPO, WeWork still expanding in Singapore

SINGAPORE (Oct 10): WeWork, the provider of co-working spaces, on Thursday launched its new space at 9 Battery Road, in the heart of Singapore’s central business district (CBD).

WeWork 9 Battery Road occupies the prime commercial MYP Centre building and is the first location in Singapore to feature a mini-golf playzone.

The new launch comes despite a series of unfortunate events experienced by WeWork.

SGX CEO vague on potential Aramco listing, but says Singapore is 'well-positioned'

SINGAPORE (Oct 9): Loh Boon Chye, CEO of Singapore Exchange, gave a vague response as to whether the listing of Saudi Aramco – touted as potentially the world’s largest IPO ever – could take place here.

He also did not confirm nor deny that SGX officials have been diligently courting the world’s largest oil producer to list on SGX, which could potentially raise close to US$100 billion.

WeWork fiasco and the growth-at-all-costs model

SINGAPORE (Oct 7): Corporate sagas often unfold excruciatingly slowly. Over the past two years, several high-profile, fast-growing, overhyped venture capital (VC)-funded companies have imploded. There was Theranos, a blood-testing start-up founded by charismatic young college dropout Elizabeth Holmes at the age of 19, which took more than a year to unravel under the glare of negative headlines that accused it of being a scam.

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