Singapore Stock Exchange (Mainboard and Catalist) listing requirements 

View this page in: 简体中文版
  
Highlights (As of Nov 2009)


Highlights of listing requirements - Mainboard

  Criteria 1 Criteria 2 Criteria 3
Income Cumulative consolidated pre-tax profit of at least S$7.5 million for the last 3 years, with a pre-tax profit of at least S$1 million in each of those 3 years Cumulative consolidated pre-tax profit of at least S$10 million for the latest 1 or 2 years N/A
Market capitalisation N/A N/A At least S$80 million at the time of the initial public offering, based on the issue price and post invitation issued share capital
Shareholding spread
  • Market capitalisation less than S$300 million : 25% of enlarged share capital in public hand
  • Market capitalisation between S$300 million - S$400 million : 20% of enlarged share capital in public hand
  • Market capitalisation between S$400 million - S$1 billion : 15% of enlarged share capital in public hand
  • Market capitalisation more than S$1 billion : 12% of enlarged share capital in public hand
No of shareholders At least 500
Moratorium
  • Promoters' entire shareholding at the point of listing for first 6 months after listing (Criteria 1 & 2)
  • Promoters' entire shareholdings at the point of listing for first 6 months after listing and at least 50% of original shareholdings for the next 6 months (Criterion 3)
Financial position and liquidity Healthy financial position with positive cash flow operating activities.  All debts owing by directors, substantial shareholders and companies controlled by directors and substantial shareholders must be settled except subsidiaries and associated companies of the issuer
Directors and management
  • Directors and executive officers should have appropriate experience and expertise to manage the group's business
  • The character and integrity of the directors, management and controlling shareholders of the issuer will be a relevant factor for consideration
  • At least 2 non-executive directors who are independent and free of any material business or financial connection with the issuer
  • A foreign issuer must have at least two independent directors, resident in Singapore
  • Audit committee is required
Financial reporting Singapore Financial Reporting Standards, U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards

Highlights of listing requirements - Catalist

SGX Catalist is the first sponsor-supervised listing platform in Asia for local and international growth companies.  An issuer applying for admission to SGX Catalist need not meet any minimum operating track record, profit or share capital requirement but is expected to meet the following conditions:

Sponsorship

A listing applicant must be sponsored by an approved sponsor of Catalist. Catalist companies are listed on the sponsor's assessment that they are suitable

Quantitative criteria

No minimum quantitative criteria required by SGX - Sponsor will use their in-house deal selection criteria.

Shareholding spread

15% of enlarged share capital in public hand

No of shareholders

At least 200

Moratorium

Promoters to retain 100% of shares held at IPO for first 6 months and 50% for next 6 months

Financial position and liquidity

Prior to listing, all debts owing by directors, substantial shareholders and companies controlled by directors and substantial shareholders must be settled except for balances between the issuer and the subsidiaries and associated companies of the issuer.

Directors and management

  • Directors and executive officers should have appropriate experience and expertise to manage the group's business
  • The character and integrity of the directors, management and controlling shareholders of the issuer will be a relevant factor for consideration
  • At least 2 non-executive directors who are independent and free of any material business or financial connection with the issuer
  • For foreign issuer, at least 2 independent directors and one of whom must be resident in Singapore
  • Audit committee is required

Financial reporting

Singapore Financial Reporting Standards, US Generally Accepted Accounting Principles or International Financial Reporting Standards

Contacts
Kennedy Liu
Capital Markets Services Leader
Hong Kong
Tel: +[852] 2289 1881 Email
Pauline Leung
Partner
Hong Kong
Tel: +[852] 2289 1809 Email
Edmond Chan
Partner
Hong Kong
Tel: +[852] 2289 1128 Email
Sim Hwee Cher
Partner
Singapore
Tel: +[65] 6236 3128 Email
Rebekah Khan
Partner
Singapore
Tel: +[65] 6236 7218 Email