Core Viewpoint - Singapore Exchange (SGX) serves as a leading international securities exchange in Southeast Asia, attracting numerous companies from the Asia-Pacific region and globally for Initial Public Offerings (IPOs). The IPO process is characterized by market-driven, efficient, and stringent information disclosure standards, divided into two main segments: Mainboard for mature companies and Catalist for high-growth firms [2]. SGX IPO Process - The typical SGX IPO process takes 6-12 months, with the Catalist segment potentially being shorter. The process includes several stages: 1. Preliminary preparation and strategic planning (1-3 months) 2. Due diligence and document drafting (2-4 months) 3. Submission of listing application and review (2-4 months) 4. Roadshow and pricing (1-2 months) [2][3][4][5]. Self-Assessment and Team Formation - Companies must choose between the Mainboard and Catalist based on their scale, profitability, and industry characteristics. The Mainboard is suitable for mature companies with specific financial metrics, while the Catalist is designed for high-growth firms without mandatory profitability requirements, relying on sponsor evaluations and market recognition [6][8]. - A core intermediary team is essential, including: - Sponsor: Leads the entire listing process, responsible for due diligence and compliance guidance. - Lawyer: Handles legal compliance. - Accountant: Audits financial statements according to international standards. - Underwriter (optional): Assists with roadshows, pricing, and share sales [6]. Comprehensive Due Diligence - The intermediary team conducts a thorough examination of the company across various dimensions, focusing on: - Ownership structure and compliance history. - Financial authenticity and tax compliance. - Business sustainability and competitive advantages. - Compliance risks related to environmental and labor laws [6][19]. Prospectus Drafting and Submission - The prospectus must comply with the Securities and Futures Act (SFA) and SGX listing rules, detailing business operations, financials, risk factors, and management information, subject to legal and SGX pre-review [6][19]. Listing Conditions: Mainboard vs. Catalist - **Mainboard Requirements**: - Profitability tests: Cumulative profit of at least SGD 10 million over three years, with at least SGD 2 million in the most recent year. - Market capitalization/income tests: Minimum market cap of SGD 300 million with recent income of SGD 30 million [7]. - **Catalist Requirements**: - No mandatory profitability requirements, but sponsors must demonstrate sufficient operational history (typically ≥2 years) and growth potential [8]. SGX Review Focus Areas - SGX emphasizes the adequacy of information disclosure, sustainability of financial data, and corporate governance during the review process [19]. Key Factors for IPO Success - Engaging in global roadshows to present company value and growth strategies to institutional investors is crucial. The underwriter determines pricing based on investor demand, ensuring oversubscription [18]. - Post-listing, companies must adhere to ongoing compliance obligations, including regular reporting and disclosure of significant events [18]. Special Trends: ESG and Technology-Friendly Policies - SGX has intensified its focus on Environmental, Social, and Governance (ESG) disclosures, requiring IPO companies to detail their ESG strategies in the prospectus [21]. - The Catalist segment supports technology firms, allowing them to substitute profitability metrics with indicators of research progress and market validation [21].