Singapore's stock market delivered its strongest performance since 2009, with the Straits Times Index rising 23 percent in 2025 and crossing 5,000 points for the first time in February. Despite this success, the city-state continues to struggle with attracting new listings, as private equity firms acquire public companies and businesses delist.

Singapore Exchange saw IPOs increase from six in 2024 to 16 last year, but this remains modest compared to Hong Kong's 119 IPOs. The number of listed companies fell to a 20-year low of 605 in October, while prominent firms like Grab chose to list overseas, particularly in the US where capital pools run deeper.

The Monetary Authority of Singapore committed S$5 billion (US$3.9 billion) to investment funds targeting domestic companies, recently adding another S$1.5 billion. These initiatives, along with streamlined IPO processes and dual-listing agreements with Nasdaq, are showing early signs of success. UltraGreen's US$400 million medical technology IPO in December marked the largest non-real estate investment trust listing since 2017.