Dear readers, the Singapore IPO (Initial Public Offering) scene has started to stir in 2025, with the successful debut of Info-Tech Group on the Singapore Exchange (SGX) marking only the second public listing of the year so far.
Amidst a climate that has seen more delistings than new entrants in recent years, Info-Tech’s performance stands out as a hopeful sign of a revitalized equities market.
Info-Tech’s Respectable Debut
Info-Tech Group began trading on SGX at 95 cents, a 9.2% premium over its IPO offer price of 87 cents. By the end of its first trading day, it closed at 91 cents, still 4.6% above its IPO price, signalling healthy interest from investors despite a cautious overall market.
This reception underscores a potentially positive shift in market sentiment. Info-Tech’s listing comes in the wake of several strategic measures announced by the Equities Market Review Group (EMRG) to bolster Singapore’s capital markets. The EMRG — a body formed by SGX, MAS, and key industry stakeholders — has been actively reviewing frameworks and proposing incentives to improve IPO attractiveness, liquidity, and investor participation in Singapore’s public equity space.
With Info-Tech’s promising start, attention now shifts toward the pipeline of four upcoming IPOs, each representing a unique sector and business model.
These include:
- NTT Data Centre REIT (NTT DC REIT)
- Lum Chang Creation Limited
- Dezign Format Pte Ltd
- China Medical System Holdings
Let us take a closer look at what each of these IPOs brings to the table and why investors are paying attention.
1. NTT Data Centre REIT – A Landmark Digital Infrastructure Play
Expected to be one of the largest and most anticipated IPOs of 2025, NTT DC REIT is a digital infrastructure real estate investment trust sponsored by NTT Global Data Centers, a subsidiary of the Japanese telecommunications giant Nippon Telegraph and Telephone Corporation (NTT Group).
Key Highlights:
- Sector Focus: High-growth data centre assets across Asia-Pacific, particularly Singapore, Japan, and India.
- Projected Yield: Estimated 6.5% to 7.0% annual distribution yield, making it attractive for yield-seeking investors.
- Anchor Tenants: NTT’s blue-chip clients in cloud computing and enterprise solutions.
- ESG Credentials: Strong emphasis on sustainable power usage and green certifications, aligning with institutional investor preferences.
The demand for data storage, edge computing, and cloud infrastructure continues to surge globally. Singapore, being a hub for Southeast Asia, remains a prime location for such investments despite land and energy restrictions. NTT DC REIT’s listing offers investors exposure to this fast-growing sector with institutional backing.
The REIT is expected to raise around SGD 1.2 billion, and its listing is seen as a strong endorsement of Singapore’s efforts to attract high-quality REITs with long-term growth potential.
2. Lum Chang Creation Limited – Construction with Creative Innovation
Next up is Lum Chang Creation Limited, a spinoff from the well-known Lum Chang Holdings, a veteran in Singapore’s construction and property development space with a legacy dating back over 70 years.
Company Overview:
- Business Focus: Interior design and fit-out services, specializing in commercial buildings, hotels, healthcare facilities, and institutional projects.
- Track Record: Notable projects include works at Changi Airport, Mount Elizabeth Novena Hospital, and the National Gallery Singapore.
- Revenue Model: Project-based revenue with strong client relationships in both private and public sectors.
- IPO Objective: Raise capital for regional expansion into Malaysia, Hong Kong, and potentially the Middle East, where demand for quality fit-out services is growing.
By going public, Lum Chang Creation aims to unlock value from its specialized services and establish its own brand identity, distinct from the parent company. Its positioning in the high-margin interior works segment — particularly in healthcare, hospitality, and high-end retail — offers stable earnings and growth visibility.
Key Investment Points:
- Proven execution capabilities with premium clientele.
- Exposure to regional construction growth with an asset-light model.
- Opportunity for dividend income as it matures.
This IPO is expected to resonate with investors looking for stable construction-related plays with international expansion potential.
3. Dezign Format Pte Ltd – Creative Spaces, Scalable Growth
Dezign Format is an award-winning spatial design and fabrication company based in Singapore. It specializes in creating experiential spaces for museums, exhibitions, corporate showrooms, retail installations, and thematic attractions.
Business Snapshot:
- Core Services: Conceptual design, custom fabrication, multimedia integration, and installation.
- Clientele: Major clients include government agencies, multinational brands, museums, and developers of attractions like Gardens by the Bay and ArtScience Museum.
- Recent Growth: Expanded regionally into Malaysia, Thailand, and the UAE, tapping into demand for immersive experiences in retail and tourism.
Why It Matters:
Dezign Format is positioning itself as a creative-tech hybrid, combining physical design with digital storytelling. As post-pandemic tourism and events recover, the demand for unique experiential spaces is expected to surge. This provides strong tailwinds for its business model.
IPO Purpose:
The capital raised will be used to enhance its digital capabilities, invest in R&D for interactive technologies, and expand into new verticals such as smart retail spaces and metaverse-linked physical activations.
Investor Takeaways:
- First-mover advantage in a niche but scalable market.
- Strong creative IP and in-house production capabilities.
- ESG-focused design philosophy aligning with sustainability trends.
While it may not be a traditional “blue chip,” Dezign Format offers a compelling growth narrative for investors seeking exposure to innovation in physical-digital convergence.
4. China Medical System Holdings – Pharmaceutical Expansion with a Strategic Base in Singapore
The final of the upcoming IPOs is China Medical System Holdings (CMS), a well-established Chinese pharmaceutical company that is making a bold move by listing a unit in Singapore.
Background:
- Core Business: Development, distribution, and commercialization of prescription drugs and medical devices in China and other Asian markets.
- Singapore IPO Arm: The entity to be listed will handle overseas expansion, R&D collaborations, and regional licensing.
- Rationale for Listing in SG: Singapore’s robust IP protection, global pharma ecosystem, and proximity to Southeast Asian markets make it a strategic base.
Key Points:
- CMS is a mid-cap pharmaceutical firm with several blockbuster generics and innovative drugs in the pipeline.
- The IPO will help fund clinical trials, joint ventures with biotech firms in Singapore and Europe, and regional marketing infrastructure.
- The listing also serves as a hedge against geopolitical risks in China, giving CMS a global foothold and diversified investor base.
Analyst Views:
CMS’s Singapore listing is seen as part of a broader trend where Chinese firms seek to internationalize through alternative markets outside the US. For investors, this offers a way to gain exposure to China’s pharmaceutical growth, underpinned by regulatory reforms and an aging population, without the volatility of the Chinese stock markets.
Conclusion: Signs of a Reawakening SGX
After years of tepid IPO activity, the Singapore stock market appears to be at the cusp of a revival. The successful listing of Info-Tech, followed by a diverse set of upcoming IPOs — from real estate and pharmaceuticals to creative and construction services — highlights the breadth and depth of industries now looking to raise capital in Singapore.
More importantly, the success of these listings could serve as a litmus test for SGX’s evolving role in the region. While Hong Kong and New York have historically attracted the lion’s share of IPOs from Asian companies, Singapore’s appeal as a stable, efficient, and innovation-friendly hub is gaining ground.
With more regulatory and infrastructural support in the pipeline, and the EMRG’s continued involvement in nurturing a vibrant equities ecosystem, the second half of 2025 may see a return of investor interest and renewed vibrancy in the local IPO landscape.
Investors should keep a close watch on these four IPOs — each brings a unique growth story, a differentiated sector play, and the opportunity to ride long-term trends. As always, thorough due diligence and an eye on fundamentals will remain key in navigating this reawakening IPO cycle.
Stay tuned for more updates as these IPOs move closer to listing!
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are encouraged to conduct their own research or consult a financial advisor before making any investment decisions.