The Monetary Authority of Singapore (MAS) is seeking public feedback on proposed changes to streamline prospectus requirements for initial public offerings (IPOs) and expand channels for issuers to reach potential investors.
The proposals aim to smoothen the listing process for companies and broaden options for engaging with investors across more channels.
The proposed adjustments focus on three primary areas.
Firstly, for primary listings on the Singapore Exchange (SGX), MAS suggests that issuers concentrate prospectus disclosures on core information most relevant and material for investors.
This aims to focus issuer efforts on details pertinent to investor decision-making.
Secondly, for secondary listings on SGX, MAS proposes aligning disclosure requirements with baseline international standards outlined by the International Organization of Securities Commissions (IOSCO), which are already common in established markets including Singapore.
This would allow issuers with existing primary listings elsewhere to use their current prospectuses with minimal changes for a secondary listing on SGX.
Thirdly, MAS is considering legislative changes to allow issuers to gauge investor interest earlier in the IPO process.
This is intended to support bookbuilding and give investors more time to become familiar with the issuers and their offerings.
These proposals were formulated after MAS considered feedback and suggestions from industry stakeholders, and reviewed practices from major equities markets.
Concurrently, the Singapore Exchange Regulation (SGX RegCo) is proposing reforms to streamline SGX-ST listing criteria.
Both MAS and SGX RegCo’s proposals are part of the first set of measures announced by the Equities Market Review Group on 21 February 2025, to enhance the competitiveness of Singapore’s equities market.
The Review Group plans to study further measures, including those related to investor protection and shareholder value.
MAS invites interested parties to provide views and suggestions on the proposals, which are available in a consultation paper on its website.
Comments can be submitted via a FormSG link by 14 June 2025.
Featured image: Edited by Fintech News Singapore, based on image by Meriç Dağlı via Unsplash
