With the current upheaval in the stock market due to recession fears and elevated interest rates, investing may seem to have lost its luster. Nonetheless, a total of 14 companies were listed on the Singapore Exchange (SGX), across the Mainboard and Catalist in 2022.
Of these, 6 were listed on the Mainboard and 8 were listed on the Catalist. This is unlike last year’s listings which had 8 listed on the Mainboard and 5 on the Catalist. This year’s listings are also more varied with 3 SPACs and 2 dual listings. The only Mainboard listing that was not a SPAC or dual listing was Yangzijiang Financial Holding Ltd, which was a spin-off from Yangzijiang Shipbuilding (Holdings).
With 2022 being a volatile year for stocks, we investigate how these 14 companies have fared since their listing on the SGX.
If You Had Successfully Invested $1,000 In Every SGX IPO in 2022.
If you invested $1,000 in all 14 IPO listings in 2022, you would have lost $2,150.66 or made a -15.4% return on your capital. All except two companies listed this year have a negative return, reflecting the overall negative sentiment of the stock market. The best performing IPO was Emperador with a 11.1% return, followed by LMS Compliance which was only listed on 1 December.
If you choose to invest only in mainboard listings, there were only 6 listings. You would still have made a loss of $979.17, or a negative return of 16.4%.
In comparison, if you had put the same amount of money into a STI ETF (SGX: ES3) at the start of the year, your return to date would be $558.29 or 4.0% return.
Of the 14 listings, two (NIO and Emperador) were dual listings. Thus, there was no issue price for these IPOs. Instead, we have used the closing price on the first day of listing as the issue price.
Note: This is a theoretical computation and excludes the possible fees incurred if you have actually invested in these IPOs. Additionally, even if you have wanted to invest in every IPO, you may not be successfully allocated $1,000 worth of shares in each IPO exercise.
Catalist And Mainboard
| # | Company | IPO Price | Current Price | Unit Boughts With $1,000 | Return To Date |
| 1 | Vertex Technology Acquisition Corporation Ltd | $5.00 | $4.52 | 200 | -$96.00 (-9.6%) |
| 2 | Pegasus Asia | $5.00 | $4.60 | 200 | -$80.00 (-8.0%) |
| 3 | Novo Tellus Alpha Acquisition | $5.00 | $4.40 | 200 | -$120.00 (-12.0%) |
| 4 | Alpina Holdings Limited | $0.31 | $0.158 | 3225 | -$490.20 (-49.0%) |
| 5 | LS 2 Holdings Limited | $0.20 | $0.19 | 5000 | -$50.00 (-5.0%) |
| 6 | Oiltek International Limited | $0.23 | $0.193 | 4347 | -$160.84 (-16.1%) |
| 7 | iWOW Technology Limited | $0.25 | $0.24 | 4000 | -$40.00 (-4.0%) |
| 8 | Yangzijiang Financial Holding Ltd | $0.62 | $0.345 | 1612 | -$443.30 (-44.4%) |
| 9 | LHN Logistics Limited | $0.20 | $0.133 | 5000 | -$335.00 (-33.5%) |
| 10 | 5E Resources Limited | $0.26 | $0.25 | 3846 | -$38.46 (-3.8%) |
| 11 | NIO | US$17.30 | US$11.11 | 42 | -$350.97 (-35.8%) |
| 12 | Emperador Inc. | $0.45 | $0.50 | 2222 | $111.10 (11.1%) |
| 13 | NoonTalk Media Limited | 0.22 | $0.199 | 4545 | -$95.44 (-9.5%) |
| 14 | LMS Compliance | 0.26 | $0.27 | 3846 | $38.46 (3.8%) |
Lincotrade & Associate is a new listing in 2022 but excluded from this analysis as it was listed due to a reverse takeover by Fabchem. It currently trades under SGX: BFT
^current price accurate as of 21 December 2021. Return computed is after conversion from USD to SGD. Source: SGX
Mainboard
| # | Company | IPO Price | Current Price | Unit Boughts With $1,000 | Return To Date |
| 1 | Vertex Technology Acquisition Corporation Ltd (VTAC) | $5.00 | $4.52 | 200 | -$96.00 (-9.6%) |
| 2 | Pegasus Asia | $5.00 | $4.60 | 200 | -$80.00 (-8.0%) |
| 3 | Novo Tellus Alpha Acquisition | $5.00 | $4.40 | 200 | -$120.00 (-12.0%) |
| 4 | Yangzijiang Financial Holding Ltd | $0.62 | $0.345 | 1612 | -$443.30 (-44.4%) |
| 5 | NIO | $0.45 | $0.50 | 2222 | $111.10 (11.1%) |
| 6 | Emperador Inc. | 0.22 | $0.199 | 4545 | -$95.44 (-9.5%) |
^current price accurate as of 21 December 2021. Return computed is after conversion from USD to SGD. Source: SGX
14 Companies Listed On The SGX In 2022
Here is a brief run-down of all the 14 IPOs listed on the SGX in 2022.
#1 Vertex Technology Acquisition Corporation Ltd (VTAC)
Date Listed: 20 January 2022
The first listing of 2022 was Vertex Technology Acquisition Corporation, a Special Purpose Acquisition Company (SPAC). As a SPAC, VTAC’s goal is to identify, acquire and manage a business that has a core technology focus with highly differentiated products and scalable business models that aims to improve people’s lives by transforming businesses, markets and economies.
Every unit of VTAC SPAC share entitles the shareholders to 0.3 warrant per share with an exercise price of $5.75. There will also be an additional right of 0.2 of one warrant per share issued later (at or around the completion of initial business combination) to shareholders who have not tendered for share redemption, for up to 0.5 warrant per share.
Read Also: 5 Things To Know About Vertex Technology Acquisition Corp (VTAC) (SGX: VTA)
#2 Pegasus Asia (PGU)
Date Listed: 21 January 2022
Pegasus Asia is the second Special Purpose Acquisition Company (SPAC) listed on the SGX. Pegasus’s focus is on businesses in technology-enabled sectors, including but not limited to consumer-technology, financial technology, property-technology, insurance-technology, medical technology, and digital services, primarily, but not exclusively, in Asia Pacific.
Each unit consists of 1 SPAC share and 0.5 warrant, with the warrant having an exercise price of $5.75.
#3 Novo Tellus Alpha Acquisition (NTAA)
Date Listed: 27 January 2022
Novo Tellus Alpha Acquisition is the third SPAC listed on the SGX. Novo’s area of investment focus is in private equity investments in the technology and industrials sector in the Indo-Pacific region.
Each of the IPO unit consists of 1 Class A share of NTAA, and half a public warrant, with the warrant having an exercise price of $5.75.
Read Also: 8 Things You Need To Know Before Investing In A SPAC Listing On The Singapore Exchange (SGX)
#4 Alpina Holdings Limited (ZXY)
Date Listed: 28 January 2022
Alpina is an established Singapore-based contractor that specialises in providing integrated building services (IBS), mechanical and electrical (M&E) engineering services, and addition and alteration (A&A) works to public and private sector projects, with a long operating history of over 17 years.
#5 LS 2 Holdings Limited (ENV)
Date Listed: 24 February 2022
LS 2 Holdings Limited is a one-stop integrated environmental services provider, offering a comprehensive suite of cleaning services to a diverse and growing base of customers from the private and public sectors.
#6 Oiltek International Limited (HQU)
Date Listed: 3 March 2022
Oiltek International Limited is an established integrated process technology and renewable energy solutions provider, specialises in the provision of reliable, innovative, diversified and comprehensive range of refinery processes and engineering solutions for use across all different sectors of the vegetable oils industry value chain globally.
#7 iWOW Technology Limited (NXR)
Date Listed: 14 April 2022
iWOW Technology Limited is a Singapore technology provider specialising in integrated wireless IoT solutions for an increasingly urbanised, aging and resource constrained world. Its extensive portfolio of products includes the TraceTogether Token that supported Singapore’s contact tracing efforts during the Covid-19 pandemic and the Smart Metering Solution that aids environmentally-conscious companies detect unconscious waste in their utility consumption.
#8 Yangzijiang Financial Holding Ltd (YF8)
Date Listed: 28 April 2022
Yangzijiang Financial Holding Ltd is a spin-off from Yangzijiang Shipbuilding (Holdings). Its principal business comprise the (i) investment management business, which seeks capital appreciation and investment income from investments in both public and private companies as funds, as well as deploying funds into various situations; and the (ii) debt investment business, which is primarily made up of debt investments (at amortised costs).
#9 LHN Logistics Limited (GIH)
Date Listed: 29 April 2022
LHN Logistics Limited, is a spin-off from LHN Limited. It is a Singapore-based logistics services group with two principal business segments: Transportation Business and Container Depot Services Business. The company transports mainly ISO tank, containers, bulk cargo, petrochemical products, base oils and bitumen; and provides a wide range of container depot related services which include container storage, container surveying, container cleaning, container repair and maintenance services for general purpose and refrigerated containers (reefer).
#10 5E Resources Limited (NLC)
Date Listed: 29 April 2022
5E Resources Limited is a leading provider of scheduled waste management services in Malaysia. It also runs other complementary business segments include the sale of recovered and recycled products, and the sale of products and by-products generated from provision of scheduled waste treatment services and chemical trading.
#11 NIO (NIO)
Date Listed: 20 May 2022
NIO is a global smart electric vehicle company, and the first Chinese company in the world to be listed on three exchanges – US, HK and SG. NIO offers six high-performance smart electric vehicles: the flagship SUV ES8, the all-round SUV ES6, the coupe SUV EC6 and the smart electric flagship sedan ET7 with autonomous driving capabilities, the mid-size smart electric sedan ET5, and the smart electric mid-large SUV ES7.
Read Also: 4 EV Stocks To Consider Investing In Beyond Tesla: Nio; XPeng; Lucid; Volkswagen
#12 Emperador Inc. (EMI)
Date Listed: 14 July 2022
Emperador is a leading high-growth international spirits company with a deep portfolio of globally recognised, market-leading whisky and brandy brands distributed in over 100+ countries. Its portfolio includes Whyte & Mackay, 5th biggest scotch whisky maker in Scotland, and the biggest and oldest brandy maker in Spain, Bodegas Fundador. It is also listed on the Philippine Stock Exchange.
#13 NoonTalk Media Limited (SEJ)
Date Listed: 22 November 2022
NoonTalk is a Singapore-based media entertainment company that specialises in artiste and talent management, multimedia production and event conceptualisation. The two main business segments are its management and event arm, and its production arm. It aims to a one-stop provider of high-quality, bespoke events and entertainment solutions that can be adapted to suit the particular demands of its clients for any project
#14 LMS Compliance Ltd (LMS)
Date Listed: 1 December 2022
LMS Compliance is a laboratory testing and certification services provider based in Malaysia. The Group’s operations comprise four segments: Testing and Assessment; Certification, Trading, and Distribution of Conformity Assessment Technology
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