Singapore's Nasdaq link draws interest but threshold and liquidity may limit take-up

Singapore will launch a Global Listing Board to allow a coordinated, single-prospectus listing on the Singapore Exchange and Nasdaq by mid-2026; the S$2 billion valuation threshold and relatively low trading turnover in Singapore could limit the number of eligible firms.

Singapore has announced a fast-track route for simultaneous listings on the Singapore Exchange and Nasdaq called the Global Listing Board, planned to go live by mid-2026. The scheme lets qualifying firms prepare one prospectus for both markets and receive a coordinated review instead of two separate processes. The move follows other measures such as tax rebates and a fund to support small- and mid-cap investment managers as Singapore seeks to boost IPO activity. Market participants say the Nasdaq tie-up is intended to raise Singapore's appeal to regional growth companies while competing with Hong Kong. Key facts: - The Global Listing Board requires companies to have a market value of at least S$2 billion to qualify and permits a single prospectus and coordinated regulatory review for listings on SGX and Nasdaq. - The initiative was announced on Nov. 19 and is described as due to launch by mid-2026. - The article mentions interest from firms including Carro, Carsome, Funding Societies and Hummingbird Bioscience, though those companies declined to detail any IPO plans. - Bankers and consultants noted Singapore’s relatively thin liquidity versus Hong Kong; reported average daily turnover was about $1.39 billion in November versus $29 billion in Hong Kong. - Singapore has introduced measures to support liquidity, including an almost $4 billion fund for managers focusing on small- and mid-cap equities, and the Monetary Authority of Singapore is working with SGX on a streamlined regulatory framework. Summary: The Global Listing Board is designed to simplify cross-border listings for sizable growth companies, but the S$2 billion threshold and Singapore’s lower trading turnover may limit the pool of applicants. Authorities and market participants say early deal flow, liquidity support and any future regulatory changes will influence the initiative’s wider impact. Applications and coordinated reviews under the Global Listing Board are expected to begin when the scheme launches by mid-2026.