The London Stock Exchange Group’s (LSEG) Deals Intelligence team has reported a significant increase in Singapore’s investment banking fees for the first half of 2025. The fees totalled $432.2m, marking a 38% rise compared to the same period last year. This growth was primarily driven by a surge in equity capital markets (ECM) and mergers and acquisitions (M&A) activities.
Investment banking fees saw a notable increase across various sectors. ECM underwriting fees rose by 117% to $76.2m, whilst debt capital markets fees increased by 49% to $80.8m. Advisory fees from completed M&A transactions also saw a substantial rise, up 132% to $171.1m. However, syndicated lending fees experienced a decline of 31%, totalling $104m. Citi led the investment banking fee league table in Singapore, capturing a 12.5% share with $54m.
M&A activities involving Singapore reached $35.2b, a 3.2% increase in value, despite a 27.9% decline in the number of deals. The high technology sector emerged as the most targeted industry, capturing a 16.8% market share worth $5.9b. JP Morgan topped the M&A league tables with transactions amounting to $3.7b.
In the ECM sector, Singapore raised $3.1b, a 367.2% increase year-on-year. Sixteen initial public offerings (IPOs) were issued, raising $487.6m, a 722% increase in proceeds. The high technology sector dominated ECM activities, accounting for 61.5% of total proceeds.
Primary bond offerings from Singapore-domiciled issuers reached $18.9b, a 7.3% increase from the previous year. The financials sector led the market, capturing 70.1% of the market share. DBS Group led the bonds underwriting league table with $2.3b in proceeds.
This robust performance in investment banking activities highlights Singapore’s dynamic financial landscape, with significant growth in key sectors such as high technology and real estate.
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