SINGAPORE: State investment firm Temasek Holdings and the Government will establish a new co-investment fund, as part of a slew of new initiatives aimed at attracting fast-growing companies to list on the Singapore bourse and enhance the country’s role as a financing hub.
The EDBI, the Economic Development Board’s corporate investment arm, also intends to set up a “Growth IPO Fund”. Starting with a fund size of up to S$500 million, this will be targeted at future market leaders and technology innovators that are two to five years away from a public listing. Enhancements to the Grant for Equity Market Singapore scheme were also announced. The scheme was first introduced in February 2019 to help defray listing costs and fund equity research.
The higher cap will better support listings of “unicorn” companies – defined as unlisted start-ups valued in excess of US$1 billion – in Singapore, said Mr Gan. The grant will also be expanded to support listings by special purpose acquisition companies . The country has a strong ecosystem for early-stage investments and is a leading debt capital market in Asia, but there have been calls for Singapore to make its public equity market more conducive for innovative growth companies, the minister said.
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