IPO Listing in Singapore: A SME Roadmap
By Medinex Team
April 26, 2026
Direct Financial Incentives & Tax Breaks: 20% Corporate Income Tax Rebate for 5 years.1
Structuring & Regulatory Easing: Mainboard profit threshold lowered to S$10 million.1
Boosting Market Liquidity: S$5 billion Equity Market Development Programme (EQDP).1
Post-Listing Support: S$30 million “Value Unlock” Package.2
1. 5 Benefits of IPO Listing
There are many tangible benefits to IPO listing as it serves as the springboard to propel smaller businesses in healthcare onto a larger playing field in both scale of operation as well as markets they serve. Here’s a summary of these considerations.
Access to vast capital for growth
The most immediate and important advantage is access to vast amounts of capital from the public markets. Unlike a bank loan, this capital doesn’t require monthly interest payments and provides the funding for expansion plans that were previously out of reach.
Enhanced reputation & visibility
Being listed on a major exchange is a seal of approval, signaling to customers, vendors, and the general public that the company has met rigorous regulatory and financial standards.
Attracting & retaining talent
The branding of a publicly listed entity makes it easier for the company to recruit and retain the “best and brightest”.
Lower cost of capital
Public companies oAten enjoy a lower cost of capital for future financing because they are considered more transparent, as their shares are liquid, and they are oAten viewed as less risky by lenders. This allows the firm to negotiate better interest rates on debt.
Creating a stronger network of business collaborators
Beyond just prestige, having a public valuation makes it significantly easier to engage in Mergers and Acquisitions (M&A). Using stock as a form of payment allows for strategic partnerships and acquisitions that can solidify a company’s position within its ecosystem.
2. 6 Practical Steps For A Successful IPO Journey Using ABC
IPO Listing is a major step for any company, and it is important to engage consultants who can provide professional advice with practical experience across every step of the IPO journey. Medinex Limited is a one-stop consultancy with more than 20 years of experience helping healthcare service providers through our incorporation, accounting & tax services, HR and business consultancy. The following IPO roadmap is based on our professional experience, and it provides a glimpse into the IPO journey. Do speak to us if you require further professional insights.
STEP 1: A
ssess Readliness
The “Golden Rule” for listing remains the three-year financial audit. Investors in 2026 are highly selective, favouring companies that demonstrate “quality growth” over “growth at all costs, meaning companies that adopt a sustainable growth mindset.
STEP 2: B
e clear of the strategic intent
STEP 2: Be clear of the strategic intent
Your company stakeholders (owners, directors, management) are clear on their objectives for IPO listing, whether it is for regional expansion, strategic investment for growth, future acquisitions, and others. Alignment among stakeholders on these goals provides a strong foundation and an important starting point for the IPO journey.
STEP 3: C
hoose between Mainboard or Catalist
STEP 3: Choose between Mainboard or Catalist
Your company stakeholders (owners, directors, management) are clear on their objectives for IPO listing, whether it is for regional expansion, strategic investment for growth, future acquisitions, and others. Alignment among stakeholders on these goals provides a strong foundation and an important starting point for the IPO journey.
| Feature | Mainboard | Catalist |
|---|---|---|
| Target Company | Established, profitable High-growth, SME |
High-growth, SME |
| Financial Criteria | Yes: S$10m+ pre-tax profit (latest year) OR S$150m+ Mkt Cap | No minimum profit/track record |
| Sponsor Requirement | No (Issue Manager only) | Yes (Mandatory Full Sponsor) |
| Prospectus Filing | Lodged with MAS | Offer Document via Sponsor |
| Approval Body | MAS and SGX | Sponsor and SGX |
| Visibility/Investor | Institutional (organisations such as pensions, hedge funds) & Retail (Individuals) | Growth-focused / Retail (Individuals) |
STEP 4: D
etermine the Platform costs
STEP 4: Determine the Platform costs
Many view IPO as being prohibitively expensive, but when grants are factored in, the costs are a lot more manageable than expected. Based on our estimation, the costs for a Catalist listing typically range between S$1.5 million and S$2.5 million, covering issue managers, legal fees, and auditing. However, the MAS-backed GEMS scheme (extended to 2028) co-funds up to 20% of listing expenses, capped at S$300,000.5
STEP 5: E
xecute the Restructuring Roadmap
STEP 5: Execute the Restructuring Roadmap
Consolidation of Ownership (Legal and asset consolidation to form a single, clean vehicle for the IPO.)
Professionalising governance (Appointment and training of two Independent Directors to ensure they understand their fiduciary duties under the new SGX RegCo rules.)
Tax & Legal “Housekeeping” (IRAS compliance, Audit Readiness, Asset Segregation)
STEP 6: F
orm the Team
Last but not least, you need to assemble the team of professionals to help you with the IPO Listing, which includes sponsors (if you are listing on catalist), legal advisors, auditors, bankers, etc. Our IPO consultants can guide you through the entire journey.
Footnote:
2. Source: https://www.mas.gov.sg/news/media-releases/2025/review-group-completes-equities-market-review
3. Source: https://sbr.com.sg/markets-investing/exclusive/sgx-reforms-set-stage-20-ipos-in-2026
4. Source: https://datatracks.com/sg/blog/sgx-ipo-readiness-2026-cfo-compliance/
5. Source: https://www.aeilegal.com/tldr/singapore-ipos-financial-support-for-listing-on-the-singapore-exchange
MEDINEX Limited is an established one-stop consultancy service with more than 20 years of experience in company incorporation, accounting & tax services, HR and business consultancy specialising in helping healthcare service providers. We understand the challenges and have the necessary expertise to provide the right solutions to overcome them. For further consultation, send us an email at contact@medinex.com.sg.
