Singapore Exchange on Thursday announced new listing rules for its Global Listing Board, including a minimum market capitalisation, to facilitate simultaneous listings on Nasdaq and the city-state bourse.
Announced in November, GLB is a partnership with Nasdaq to provide a direct pathway for companies to list in both the United States and Singapore.
Under the rules, companies seeking a GLB listing must have a minimum market capitalisation of S$2 billion ($1.57 billion) at listing, with at least 15% of the fundraising, or S$75 million, whichever is higher, raised in Singapore.
To support harmonised listings, SGX’s regulatory arm has aligned the GLB approval timeline with Nasdaq’s, allowing issuers to receive their eligibility letter soon after U.S. bourse approval.
SGX’s regulatory arm said the rules are expected to take effect in the middle of the year, subject to regulatory amendments, without specifying a date.
The new listing rules will facilitate simultaneous listings by harmonising timelines and submission processes with those of Nasdaq, SGX said.
“We have focused on simplifying the dual-listing process while ensuring sufficient allocation to the Singapore market,” said Tan Boon Gin, CEO of Singapore Exchange Regulation.
Reuters
