This year has proven to be a turning point for Singapore’s IPO market. After a sleepy few years, Singapore has led Southeast Asia in IPO proceeds this year, with about US$1.6 billion raised across nine deals, according to Deloitte’s regional IPO report.
These funds have been driven by several sizeable IPOs, including NTT DC REIT, Centurion Accommodation REIT (CAREIT) and, most recently, UltraGreen.ai.
Let’s take a hypothetical scenario with Singapore IPOs – if you were to put $1,000 into every IPO on SGX. We use the latest available prices as of 10 December 2025 and see how much you would have earned (or lost).
The 2025 SGX IPO List
Let’s start with the assumption that your $1,000 could get a full allocation at IPO price, which in reality isn’t always a guarantee.
To run this thought exercise, we will cover six core IPOs that accounted for the bulk of proceeds that were raised from SGX IPOs this year:
- Vin’s Holdings (SGX: VIN)
- Info-Tech Systems (SGX: ITS)
- NTT DC REIT (SGX: NTDU)
- Centurion Accommodation REIT (SGX: 8C8U)
- AvePoint (SGX: AVP)
- UltraGreen.ai (SGX: ULG)
Vin’s Holdings – SGX’s First IPO Of 2025
Vin’s Holdings, an automotive group, was the first listing of the year and came to Catalist at $0.30 a share in April. It was a relatively small listing that raised only $4 million. As of 10 December, Vin’s Holdings shares trade for $0.28 apiece.
IPO price: $0.30
Latest price: $0.28
Price return: Around -6.7%
Investment of $1,000 at IPO: 3,333 shares
Value today: Roughly $933 (loss of $67)
So far, being early to the party here hasn’t really been rewarded for those who bought into the IPO of Vin’s Holdings.
You’d be down close to 7% on a share price basis but they have also paid a small dividend so the total return is slightly better than that.
Info-Tech Systems – SaaS HRMS Darling
Info-Tech Systems, a Software-as-a-Service (SaaS) HR and accounting software provider, listed on the Mainboard of SGX in July at $0.87 a share.
During its IPO, it raised gross proceeds of $61.7 million. As of 10 December 2025, the stock trades for S$0.80.
IPO price: S$0.87
Latest price: S$0.80
Price return: Around -8.0%
$1,000 at IPO: ~1,149 shares
Value today: $919 (loss of $81)
Info-Tech Systems has a strong growth story, sticky SME customers and recurring revenue; some of the classic signs of a promising SaaS company.
It opened up strongly on its first day but if you bought it at the IPO price and held, you’d still be underwater in terms of your return.
NTT DC REIT – Big Data Centre REIT That’s Treading Water
NTT DC REIT was the big one mid-year. Backed by Japan’s NTT group, the data-centre REIT priced its IPO at US$1.00 per unit, raising around US$773 million.
As of 10 December 2025, NTT DC REIT units trade on SGX for US$0.98.
IPO price: US$1.00
Latest price: US$0.98
Price return: Around -2.0%
$1,000 at IPO: 1,000 units
Value today: About US$980 (loss of US$20)
If you include the distributions that have been paid since listing, your total return would be better than this simple price-only view but even then it’s not a massive gainer.
Centurion Accommodation REIT – The Stand-Out Winner
Centurion Accommodation REIT (CAREIT) is the year’s second-biggest IPO and the first pure-play purpose-built workers’ and student accommodation REIT on SGX.
It priced its IPO at $0.88 per unit in September of this year. As of 10 December 2025, CAREIT units trade for $1.09.
IPO price: $0.88
Latest price: $1.09
Price return: About +23.9%
$1,000 at IPO: ~1,136 units
Value today: roughly $1,239 (gain of $239)
This has been the standout new listing in Singapore for investors. CAREIT’s solid yield, defensive demand for beds, and the “living accommodation” structural growth story have all resonated with dividend investors who have been starved of new REITs.
AvePoint: US-Listed Data + Security SaaS Player
AvePoint, a Microsoft 365 data-management, security, and SaaS player already listed in the US, carried out a secondary Mainboard listing on SGX in Singapore at $19.50 per share in September.
As of 10 December 2025, its SGX shares were trading around $17.46.
Listing price: $19.50
Latest price: $17.46
Price return: Around -10.4%
$1,000 at listing: ~51 shares
Value today: Roughly $890 (loss of ~$110)
AvePoint is a good example of how a high-growth US tech name doesn’t automatically translate into quick gains for Singapore investors, especially when sentiment around SaaS valuations can swing wildly.
UltraGreen.ai: Huge Non-REIT Tech Listing
Finally, there’s UltraGreen.ai – the newest kid on the block. The fluorescence-guided surgery and medical imaging company listed on SGX’s Mainboard in early December at US$1.45 per share, raising about US$400 million.
As of 10 December 2025, Ultragreen.ai shares trade for US$1.44.
IPO price: US$1.45
Latest price: US$1.44
Price return: Around -0.7%
$1,000 at IPO: ~690 shares
Value today: About US$994 (loss of ~US$6)
The real story here will only play out over the next few years. For now, it hasn’t meaningfully helped or hurt your hypothetical “own all 2025 SGX IPOs” portfolio.
If You Put $1,000 Into Each 2025 IPO?
For investors, the overall portfolio would be pretty much flat. In other words, despite one very strong winner in Centurion Accommodation REIT, the rest of the cohort has, so far, pulled your overall performance back to basically breakeven.
The dispersion, as we can see above, is pretty wide:
- One big winner (CAREIT, +24% on price)
- One roughly flat (UltraGreen.ai)
- Four modest losers (Vin’s, Info-Tech, NTT DC REIT, AvePoint, all -2% to -10% on price)
Be Selective With IPOs
For most investors, we can treat IPOs as opportunistic investing rather than something that’s a core strategy.
They can be interesting satellite positions to hold but the 2025 experience shows that owning every new listing is not a guaranteed shortcut to short-term outperformance.
Indeed, investors need to focus on business quality and valuation rather than listing hype. Another approach might be to wait 6-12 months after a new listing to see how the company performs in public markets and after the post-IPO hype has faded. The main con in this strategy, though, is the winners may have pulled very far ahead by then.
