The Monetary Authority of Singapore (MAS) has unveiled proposals to streamline prospectus requirements and broaden investor outreach channels for initial public offerings (IPOs) on the Singapore Exchange (SGX). Announced on 15 May, these initiatives are designed to simplify the listing process for issuers and provide more options for engaging potential investors.
MAS’s proposals focus on three key areas. Firstly, they aim to streamline prospectus disclosures for primary listings by concentrating on core information that is most relevant for investors’ decision-making. This approach is intended to ensure that issuers focus their efforts on the most pertinent disclosures.
Secondly, the proposals seek to simplify the process for secondary listings. By aligning disclosure requirements with international standards, issuers with primary listings elsewhere can use their existing prospectuses with minimal changes for secondary listings on SGX. This alignment is expected to facilitate smoother secondary listings.
Lastly, MAS proposes to provide issuers with greater flexibility to gauge investor interest earlier in the IPO process. This change would support bookbuilding efforts and allow investors more time to understand the issuers and their offerings.
These proposals are part of a broader effort by MAS and the Singapore Exchange Regulation (SGX RegCo) to enhance the competitiveness of Singapore’s equities market. The Equities Market Review Group, which announced the first set of measures on 21 February 2025, will continue to explore additional measures to strengthen investor protection and focus on shareholder value.
MAS is inviting feedback on these proposals, with comments to be submitted by 14 June 2025.
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