SGX

SGX: said Thursday it is raising admission standards for listing on its mainboard, to help improve Spore’s primary stock market and draw larger IPOs here. Wef 10 Aug, companies seeking to list on the mainboard must satisfy one of three criteria. These firms should have market value of at least $150m at their IPO, if they have been profitable in the previous financial year and have an operating record of at least three years. If the companies have operating revenue only in the latest completed financial year, they ought to have at least $300m in market value upon listing. Otherwise, a company seeking a mainboard listing needs to show a minimum consolidated pretax profit of at least $30m for the latest financial year, and have an operating record of at least three years. SGX said it will also raise the proportion of IPO shares allocated to retail investors, and set a minimum price for IPO shares at $0.50 each. SGX says the enhanced admission standards will increase Spore's attractiveness for companies and investors.