The requirements to be listed on the SGX include:

The company must satisfy one of the following quantitative criteria:
1. Cumulative consolidated pre-tax profit of at least S$7.5m for the last three years, and a minimum
pre-tax profit of S$1m for each of those three years.
2. Cumulative consolidated pre-tax profit of at least S$10m for the last one or two years.
3. Market capitalisation of at least S$80m calculated based on the issue price and post-invitation
issued share capital.

Furthermore, in respect of (1) and (2) above:
The company must have been engaged in substantially the same business and have been under
substantially the same management throughout the period for which the relevant profit test
If the group made low profits or losses in the two years before the application due to specific
factors which were of a temporary nature and such adverse factors have either ceased or are
expected to be rectified upon the company’s listing, the application may still be considered.
In determining the profits, exceptional or non-recurrent income and extraordinary items must be

It is important that the directors and management of the company must be of good integrity. The specified requirements of the SGX are as follows:

  • The directors and executive officers should have appropriate experience and expertise to
    manage the group’s business.
  • the character and integrity of the directors, management and controlling shareholders of the
    company will be a relevant factor for consideration.
  • the company’s board must have at least two non-executive directors who are independent and
    free of any material business or financial connection with the company.