Investment banking fees in Singapore have seen a significant rise, with the London Stock Exchange Group (LSEG) reporting a 31.5% increase to $683m in the first nine months of 2025. This growth is attributed to a surge in equity capital markets and debt capital markets activities, which saw fees more than double and grow by 44.5% respectively compared to the previous year.
Mergers and acquisitions (M&A) involving Singapore reached $54.1b, a 7.1% increase from the same period in 2024. Despite the rise in value, the number of deals fell by 25%, hitting a nine-year low. Notably, fourteen deals exceeded $1b, totalling $23b, compared to seven such deals last year. The high technology sector emerged as the most targeted industry, capturing 15.2% of the market share.
Equity capital markets (ECM) activities also showed robust performance, with proceeds doubling to $5.8b, marking the best year-to-date period since 2021. The number of initial public offerings (IPOs) surged by 163.6%, with 29 IPOs raising $2.1b. DBS Group Holdings led the ECM underwriting league with $661.3m in proceeds.
In the debt capital markets (DCM), primary bond offerings from Singapore issuers reached $34.4b, a 31.5% increase from the previous year. The financial sector dominated, capturing 64.6% of the market share. DBS Group also topped the DCM underwriting league, securing $4.7b in proceeds.
These developments highlight Singapore’s dynamic investment banking landscape, with significant implications for future financial activities and market positioning.
