Singapore IPOs: Financial Support for Listing on the Singapore Exchange
Singapore’s equity capital markets are becoming more accessible.
The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have introduced and enhanced multiple measures designed to significantly defray listing costs, anchor market liquidity for prospective issuers and strengthen investor interest in Singapore listed equities.
For private companies exploring an initial public offering (IPO) in 2026, these high-impact incentives transform the feasibility of going public.
Grant for Equity Market Singapore (GEMS)
GEMS, a support scheme introduced by MAS, directly defrays listing expenses for companies seeking a Singapore listing.
70% co-funding (Mainboard): For SGX Mainboard listings, the GEMS Listing Grant provides co-funding of up to 70% of eligible listing expenses, providing a substantial buffer against the professional fees required for a successful debut. The grant is capped at:
- S$2 million, for companies with market capitalisation of S$1 billion or more; or
- S$1 million for companies with market capitalisation below S$1 billion.
20% co-funding (Catalist): For SGX Catalist listings, the GEMS Listing Grant provides co-funding of up to 20% of eligible listing expenses, capped at S$300,000.
Eligible expenses: The GEMS Listing Grant covers a broad range of costs, including underwriting and placement commissions, legal and audit fees, independent market research, and SGX listing fees.
Extended validity: The GEMS scheme has been enhanced and extended until 31 December 2028.
S$5 Billion Equity Market Development Programme (EQDP)
While GEMS reduces listing cost, the EQDP boosts liquidity and strengthens investor interest in Singapore’s equities market.
S$5 billion: MAS has committed S$5 billion to be placed with selected asset managers with strong capabilities in Singapore equities. In November 2025, S$2.85 billion was placed with six appointed asset managers: Amova Asset Management (formerly Nikko Asset Management), AR Capital, BlackRock, Eastspring Investments (Singapore), Lion Global Investors, Manulife Investment Management (Singapore).
Focus on small and mid-caps: The EQDP focuses on actively managed strategies investing in Singapore-listed equities, with emphasis on small- and mid-cap companies, providing essential valuation support for emerging market leaders.
Post-listing support
Post-listing, companies may also tap on support under the “Value Unlock” programme launched by MAS and SGX to strengthen shareholder engagement and value. MAS has allocated S$30 million to fund two grants:
Equip Grant: offers up to S$15,000 per listed company to co-fund training and capacity building on investor relations, media training, corporate strategy or financial management.
Elevate Grant: offers up to S$200,000 per listed company to co-fund the engagement of investor relations, corporate strategy or financial management consultants.
GEMS also includes a Research Development Grant that incentivises analyst coverage for pre-IPO and newly listed firms, increasing public awareness of companies before and after going public.
NEXT STEPS
As access to these support measures typically requires compliance with eligibility criteria and timelines, interested companies should consult legal and financial advisors ahead of time. If you would like to have a chat to discuss, please do not hesitate to get in touch.