On 26 July 2021, TSMP Law Corporation joint managing partner Stefanie Yuen Thio was quoted in a Business Times article about the increased IPO activity in South-east Asia, a trend that is expected to continue till the end of the year.

She noted that soaring US markets have helped feed appetite for IPOs.

She said “Singapore lags behind, partially as a victim of our own economic success.”

She also noted that the US has had a boom of SPACs that are seeking attractive targets. But Chinese companies have not been a good option for these SPACs – given current relations between the US and China, and Beijing’s crackdown on homegrown unicorns.

“As a result, successful not-yet listed Singapore companies – which would otherwise be considering a Singapore listing – are considering listings via a US SPAC,” she said.

For the Singapore market, she said there is a pipeline of Singapore IPOs yet to be announced. But she noted that Singapore’s investors are still not used to the aggressive forward-looking valuation models used for tech companies and those in emerging industries. “That needs to change,” she added.

She commented “I hope that the much anticipated introduction of SPACs in Singapore will open the door to a new suite of listings, with top notch fund managers and sponsors bringing their listings here.”