Dear readers, as we pass the halfway mark of 2025, Singapore’s stock market has welcomed three new IPOs to the SGX. The most recent—NTT DC REIT—was listed just yesterday, drawing significant attention due to its strong institutional backing and the rising investor interest in digital infrastructure assets.
The first half of the year has seen a cautiously optimistic rebound in investor sentiment, supported by relatively stable macroeconomic conditions, steady monetary policy from the MAS, and improving corporate earnings across key sectors. Yet, despite the positive backdrop, IPO activity in Singapore has remained measured—with only three IPOs hitting the local bourse so far. Still, all three debutants have shown resilience, with their current share prices hovering at or above their IPO levels.
In this article, we review the first three IPOs of 2025 on the SGX—Vin’s Holdings, Info Tech, and NTT DC REIT—and examine how they have performed since their respective listings. Whether you’re a retail investor looking to understand IPO trends or simply following the pulse of Singapore’s equity market, this breakdown provides a timely snapshot of how new listings are faring in 2025.
1. NTT DC REIT: A Promising Debut in the Digital Infrastructure Space
The third IPO of 2025, NTT Data Centre REIT (NTT DC REIT), made its much-anticipated debut on the SGX on 14 July 2025. The REIT was listed at an IPO price of $1.00 per unit, and it managed to generate considerable buzz during its offer period, being 9.8 times oversubscribed (public tranche)—a strong show of investor interest.
Day 1 Performance:
NTT DC REIT opened trading strongly, climbing as high as $1.03 (up 3% intraday) before closing the day flat at $1.00. While the closing price matched the IPO price, the day’s activity reflected strong initial interest.
Post-IPO Commentary:
Despite not closing higher than its IPO price, the flat finish should not be viewed negatively. In fact, in the current climate of cautious optimism and selective investing, closing at IPO price on Day 1 signals a balanced valuation and potential for sustainable upside. Analysts have noted that investors are taking a “wait-and-see” approach—watching for the REIT’s first earnings report and its ability to deliver on the forecasted distribution yield of approximately 7.5%.
With Singapore increasingly being positioned as a regional hub for data centres, NTT DC REIT is well-placed to benefit from long-term structural trends in digitalisation and cloud services. Moreover, as a sponsor-backed REIT with potential pipeline acquisitions in the Asia-Pacific region, it offers a growth angle often absent in more mature REITs.
2. Info Tech Ltd: Riding on Digital Transformation Trends
The second IPO of 2025 came in the form of Info Tech Ltd, a company specialising in enterprise software solutions, cybersecurity infrastructure, and smart city applications. The firm positioned itself as a next-generation tech enabler, focusing on Southeast Asian public sector contracts and digital transformation projects.
IPO Price and Debut Performance:
Priced at $0.87, Info Tech began trading on 16 May 2025. On debut, the stock opened at $0.95: a 9.2% premium to its IPO price. It reached an intraday high of $0.98 (up 12.6%) before ending its first day at $0.91, still a 4.6% gain over the offer price.
This healthy first-day performance was well received by the market. Investors were particularly encouraged by Info Tech’s strong earnings visibility, healthy order book, and exposure to digitalisation initiatives under Singapore’s Smart Nation and ASEAN’s infrastructure digitisation push.
Post-IPO Price Action:
Following its debut, the stock experienced some volatility, reflecting broader market swings and tech sector rotation. However, it has largely maintained its gains, trading in a tight range between $0.88 and $0.93. As of 14 July 2025, the stock closed at $0.88—just slightly above its IPO price.
Market watchers note that investors are likely waiting for the company’s first quarterly earnings release before re-rating the stock. Any upside surprise in revenue recognition or new contract wins could catalyse further gains. At its current level, the stock trades at a modest forward P/E of around 12x, leaving room for future appreciation if earnings continue to scale.
3. Vin’s Holdings: A Small-Cap F&B Player with a Big Splash
The first IPO of 2025 was Vin’s Holdings (an automobile company) listed on Catalist, SGX’s board for fast-growing and emerging companies. As a
Priced at $0.30 per share, the IPO raised a modest amount of capital, but the market response was enthusiastic. On 22 March 2025, the stock opened at $0.315—up 5%—and surged to an intraday high of $0.37, before settling at $0.35 at the close of its first trading session. That marked a 16.7% gain over the IPO price.
However, momentum has cooled slightly since the debut. As of 14 July 2025, the stock trades at $0.31: just 3.3% above its IPO price, but significantly below its debut high of $0.37. This reflects both normal post-IPO profit-taking and some investor caution as the company transitions from hype to delivery.
Final Thoughts: What Can We Learn from These IPOs?
Despite a relatively muted IPO calendar so far in 2025, the performance of the three IPOs listed on SGX has been broadly encouraging. While none have delivered explosive post-listing returns, all three have maintained or exceeded their IPO pricing—an important sign of confidence in market pricing and investor appetite.
Here are three key takeaways:
1. Investor Caution Is Still Present
With global uncertainties, geopolitical tensions, and inflation still lingering in the background, many investors are cautious. IPO buyers are less speculative and more fundamentals-driven in 2025. This explains why the market rewards companies with clear business models and earnings visibility, while speculative hype is being discounted quickly.
2. Yield Still Attracts: NTT DC REIT Shows Appeal of Income Plays
In a yield-seeking environment, REITs remain attractive—especially those in growing sectors like data centres. NTT DC REIT’s oversubscription and heavy trading volume underscore the market’s appetite for stable distributions and defensive sector exposure.
3. Small-Cap Listings Need More than a Good Story
Vin’s Holdings is a case study in branding power, but its recent price pullback shows that narrative alone isn’t enough. Investors want execution, earnings growth, and operational expansion to justify valuation premiums. Small-cap IPOs will need to deliver on promises to sustain gains.
Looking Ahead: Will the IPO Pipeline Pick Up?
Industry watchers anticipate a modest pickup in IPO activity in the second half of 2025. With MAS policies remaining accommodative and regional capital markets recovering, the SGX may yet see several quality listings in 2nd half of 2025.
For retail investors, participating in IPOs remains a viable strategy—but as the current listings show, due diligence, understanding business fundamentals, and assessing valuation are key. The days of speculative IPO flipping may be behind us. In its place is a more rational, long-term focused investing environment—one that rewards real business strength.
Stay tuned as we continue tracking SGX’s IPO landscape and bring you the latest insights.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research or consult a licensed financial advisor before making investment decisions.