Singapore Exchange Profits Jump 25% as $3.2 Billion IPO Revival and Market Reforms Boost Record Revenue

Singapore Exchange reported record full-year results as a government stimulus package and tax incentives fueled a sharp rebound in stock market debuts, driving net profit up 24.6% in fiscal year 2026.

Revenue for the bourse jumped 14% to $1.17 billion, supported by 21 new listings that raised $3.2 billion in equity capital. That represents a stark turnaround from the prior financial year, when six listings generated just $20 million.

“We achieved a milestone year, delivering our highest ever full year revenue and earnings,” Daniel Koh, chief financial officer of SGX, said during a results briefing on Aug 6. “This strong performance was built on structural market changes and focused execution.”

The financial recovery follows sweeping market reforms introduced in 2025, which included tax rebates for newly listed companies and a government-led injection of 1.5 billion Singapore dollars into local equities to reinvigorate market liquidity.

Building on the momentum, SGX operationalized its Global Listing Board on June 29 following parliamentary legislation. The dual-listing framework, developed in partnership with U.S. exchange operator Nasdaq, allows growing enterprises to issue shares on both platforms simultaneously using one set of offering documents.

While no issuers have formally confirmed debuts, data center operator DayOne and Singtel-backed Nxera are weighing dual IPOs in the U.S. and Singapore.

“The Global Listing Board is now operationally ready,” Pol de Win, SGX’s head of global sales and origination said during the results briefing. “A number of companies have started preparations to list on it, and we hope that translates into actual listings in the remainder of the year.”

Boon Chye Loh, chief executive officer of SGX, emphasized the strategic focus of the mechanism. “The dual listing substantially reduces the friction for companies which want to access global capital,” Loh explained. “In particular, our focus is on high-growth companies with a nexus to Asia.”

Alongside the equity revival, the exchange expanded its fixed income, currencies, and commodities division—a multi-year diversification effort launched in FY2016. SGX recorded heightened trading activity in Asian debt securities and Japanese interest rate products.

“We’ve launched five Asian government bond contracts; they’re fairly unique and we hope to grow them,” Michael Syn, president of SGX, said during the results brief, noting the exchange was also getting “quite significantly sucked” into the Japanese interest rate market following the introduction of 20-year Japanese Government Bonds and short-term interest rate contracts.

The bourse is also moving forward with plans to establish an over-the-counter gold clearing platform for physical gold vaulted in the city-state by the end of the year, an initiative outlined by Singapore politician Gan Kim Yong at the Asia-Pacific Precious Metals Conference in June.

“It’s not just a futures contract in gold,” Syn explained. “We’re helping the Monetary Authority of Singapore and gold bullion providers create a complete, local ecosystem, which includes physical gold clearing, vaulting, as well as gold warrants, futures and derivatives.”

Addressing the broader macroeconomic backdrop, Loh noted that “Global investors are seeking cross-asset solutions and more efficient ways to manage their risk,” concluding that “The deep and diverse liquidity across our franchise anchors them.”