Nasdaq, SGX announce pact for collaborative listings

Singapore Stock Exchange. Photo: Bloomberg

Singapore Exchange Ltd and Nasdaq Inc said on Wednesday they were teaming up to woo fast-growing Asian tech firms interested in listing on both their exchanges, as they look to better compete for mid-sized IPOs.

The tie-up, which comes as the two exchanges grapple with a decline in new listings, would help Asian companies first list in Singapore as a springboard and then ease smoothly to the Nasdaq as they expand globally.

“This would be a very good East-West bridge for companies at different stages of growth to accelerate going public by choosing Singapore first or if they want to have a dual class regime, go to the U.S. but still have a secondary listing in Singapore concurrently,” Chew Sutat, head of equities and fixed income at SGX, said in an interview.

While global IPO volumes have jumped about 32 percent to $126.3 billion so far in 2017, according to Thomson Reuters data, much of that business is going to exchanges in China and the New York Stock Exchange.

By contrast, Nasdaq has seen a 2.3 percent decline while SGX has seen a fall of 2.7 percent.

Several Asian technology companies have sought listings in New York because of the size of the market and number of fund managers more familiar with investing in unprofitable startups.

Asian companies aiming to list in the United States include Singaporean online games maker Sea Ltd, which is looking to raise nearly $700 million with its IPO, Thomson Reuters publication IFR has reported.

Chew said there was strong case for many companies to start off in Asia first.

“Many regional Southeast Asian or Chinese companies have their businesses predominantly in Asia and if they’re not of the size and scale that makes them attractive in a big market like the U.S., they could get lost,” he said.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.