In a story on real estate portal PropertyGuru’s listing on the Australian Stock Exchange published in the Straits Times on 9 October 2019, TSMP Joint Managing Partner and Head of Corporate Stefanie Yuen Thio said that Singapore’s IPO market has been slower to develop also partly because capital from private equity has been plentiful.

She added: “(Private equity) has become a faster way for growing companies to get expansion capital, compared with a longer IPO process. The problem is that after about five years, the private equity investors will need to realise their investments at a hefty return. That is much harder to achieve. It is, however, a problem that the IPO aspirant is just delaying.”