Tokyo FinTech
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Tokyo FinTech

Singapore: Boosting Equity Financing for High-Growth Enterprises

Singapore announced a package of initiatives to support high-growth enterprises to raise capital in Singapore’s public equity market and broaden Singapore’s proposition as a financing hub.

The package comprises four initiatives:

Anchor Fund @ 65

The Singapore Government and Temasek will establish a new co-investment fund, named Anchor Fund @ 65, starting with S$1.5 billion in the first tranche. This fund will support promising high-growth enterprises and market leaders in their public fundraising in Singapore’s public equity market, whether through primary, secondary, or dual listings, as well as provide pre-IPO financing to catalyze the growth of target enterprises and support them in their journey towards an eventual public listing. The fund will be managed on a commercial basis by 65 Equity Partners, a wholly owned investment platform of Temasek. In addition to anchoring the investee enterprises’ public listings, the fund aims to drive good corporate governance and facilitate shareholder value creation.

Growth IPO Fund

EDBI, the dedicated investment arm of the Singapore Economic Development Board (EDB), invests in high-growth, globally competitive and innovative enterprises, typically at Series B or later, with the aim of anchoring key activities and competencies in Singapore to catalyze the growth of new economy sectors and build the foundations for our future economic pillars. EDBI intends to establish a new Growth IPO Fund to invest in later-stage enterprises, typically at two or more funding rounds away from a public listing. Through this fund, EDBI will partner with companies to grow their operations in Singapore, and work towards an eventual public listing in Singapore. Starting with a fund size of up to S$500 million, this fund will bridge the gap between EDBI’s typical growth-stage investments and the investments of the Anchor Fund @ 65, strengthening end-to-end access to financing for companies in the Singapore ecosystem.

Grant for Equity Market Singapore (GEMS)

MAS’ GEMS scheme, first introduced in February 2019, aims to strengthen Singapore’s equity capital market through a Listing grant to help issuers defray some of their listing costs, a Research Talent Development grant to groom equity research talent through the co-funding of hiring expenses and enrich research coverage of Singapore-listed companies; as well as a Research Initiatives grant to support crowdsourced initiatives to propel the development of Singapore’s equity research ecosystem. MAS will enhance the GEMS scheme to expand the scope of support for the Listing grant and Research Talent Development grant:

The enhancements to the GEMS scheme take immediate effect.

Strategic Partnership Model

Beyond providing a listing platform for IPOs, SGX will package bespoke capital market solutions to support the unique needs of high-growth companies. These multi-year solutions range from private fundraising, liquidity and profile building, to augmenting future growth drivers of companies:

Source: MAS

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Norbert Gehrke

Passionate about strategy & innovation across Asia. At home in Japan. Connector of people & ideas.