A year ago, Singapore’s stock exchange was the financial equivalent of a ghost town. Six IPOs raised a grand total of S$25 million, the kind of number that makes listing fees look like a rounding error. Fast forward to FY2026, and SGX just posted its best revenue year since the turn of the millennium.
The Singapore Exchange reported net revenue of approximately S$1.5 billion, roughly $1.17 billion, marking a 14% jump from the prior year. Net profits climbed 24.6%. And the IPO market, the part of the business that had been flatlined for years, came roaring back with 21 new listings that collectively raised S$4.1 billion, or about $3.2 billion.
How Singapore bought its own recovery
This turnaround did not happen organically. Singapore’s government essentially decided to brute-force its capital markets back to life in 2025 with a package of reforms that included tax rebates for newly listed companies and a direct government injection of S$1.5 billion into the local equity market.
The contrast with the previous year is almost comical. Going from six listings raising S$25 million to 21 listings raising S$4.1 billion is not incremental improvement. That is a 164x increase in capital raised through IPOs.
