Top SGX Debuts and Market Trends

After several quiet years, Singapore’s initial public offering (IPO) market finally showed signs of life in 2025. The Lion City led Southeast Asia’s (SEA) IPO market with US$1.6 billion raised in the first 10.5 months of the year, driven by two major REITs.¹

Government initiatives, stronger liquidity, and improved investor appetite contributed to this revival.

What’s in store for 2026? We may get some clues from 2025’s IPO debuts.

Centurion Accommodation REIT (SGX: 8C8U) or CAREIT has carved out a niche as the first pure play, purpose-built worker and student accommodation REIT to be listed on the SGX.

The real estate investment trust (REIT) debuted with 14 properties, valued at around S$1.8 billion. Post-IPO, it has acquired a purpose-built student accommodation (PBSA) in Australia, lifting the portfolio to S$2.1 billion.²

CAREIT is backed by Centurion Corporation Limited (SGX: OU8), which has 37 properties, indicating a strong potential pipeline of investments for CAREIT in the future.

Investors can look forward to a forecasted 7.47% dividend yield in 2026 and 8.11% in 2027, higher than most commercial REITs in Singapore.³

In September 2025, CAREIT debuted at an IPO price of S$0.88 per unit — today, its share price has risen to S$1.14.⁴

NTT DC REIT (SGX: NTDU) went public in July 2025, with strong financial backing from Japan’s NTT Group (TYO: 9432).

The IPO portfolio comprised six data centres valued at US$1.6 billion, with a presence in the United States, Austria and Singapore, and has an occupancy rate of 94.3%.⁵

Based on forecasts, investors can expect to earn a 7.5% annualised DPU yield, higher than its peers; Keppel DC REIT (SGX: AJBU) and Digital Core REIT (SGX: DCRU).⁶

Other than the strong financial backing and diverse portfolio, the most positive indicator for NTT is that data centres are a booming industry with growth potential.

While some S-REITs are incorporating data centres into their portfolio, NTT DC REIT is only the third pure-play data centre REIT in Singapore.

NTT DC REIT debuted at an IPO price of US$1.00 per share — today, its share price is at US$1.01, fairly unchanged.

Coliwoo (SGX: W8W) is a leading co-living space provider in Singapore, with over 2,900 rooms in high-demand residential clusters, of which over 95% are occupied.⁷

Co-living spaces are becoming increasingly popular in Singapore, with demand driven by both foreign students and elderly, looking for short-term leases.

In addition to renting out spaces, Coliwoo also leases to third-party operators and offers them property enhancement and maintenance services as a source of revenue.

Coliwoo had an IPO price of S$0.60 per share, but has been trading at between S$0.55 and S$0.58 since its debut.⁸

Coliwoo has consistently high occupancy rates, a leading market share in Singapore’s co-living sector, and can benefit from a bullish housing market.

Info-Tech Systems (SGX: ITX) is a cloud-based software-as-a-service (SaaS) provider focusing on Human Resource Management (HRM) solutions for small and medium enterprises.

The firm serves more than 23,000 clients with 850,000 active users.

Info-Tech Systems had its IPO in July 2025.

For 1H2025, the company’s revenue grew 5% YoY to S$22.4 million, with over 80% of their revenue is derived from HRM solutions, bound on a subscription basis.¹¹

Info-Tech System operates in a high-growth industry (Singapore’s forecasted CAGR is 11.9% from 2025 to 2029), and may benefit from predictable revenue streams.¹²

Now that we have gone through these four marquee IPOs, what does this mean?

For one, this is good evidence that Singapore is attracting mature and scalable companies from different industries, reducing its reliance on REITs and banks.

This strong performance can also attract other regional companies from Southeast Asia (SEA) or Asia Pacific (APAC) to establish a presence in Singapore in the near future.

2025 could mark the beginning of a multi-year revitalisation for Singapore’s capital markets.

A broader IPO pipeline means more opportunities to diversify into tech, SaaS, digital services, and new-economy sectors.

Early IPO performance can set the tone for the next wave of SGX entrants. Better performance now leads to a positive loop with new companies being attracted to Singapore.

Meanwhile, 2025’s IPOs showcase renewed confidence in Singapore’s equity markets.

However, investors should look beyond the headlines and evaluate which new listings offer genuine long-term potential — not just chase opening-day excitement.

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Disclosure: Raghav P. does not own any listed stocks in this article.

The post 2026 Singapore IPO Outlook: Top SGX Debuts and Market Trends appeared first on The Smart Investor.