IPO’ing a Singaporean company on ASX


Are you interested in listing in Australia? Ventnor Capital has significant experience advising Singaporean clients list their company on the ASX.

Ventnor Capital has listed more Singaporean headquartered small-cap companies than any other corporate advisor in Australia.

What is an IPO?

An Initial Public Offering (IPO or float) is a process whereby a company raises equity capital by offering shares to the public which will then be listed on a securities exchange.

What are the ASX listing rules and requirements?

The ASX has a comprehensive set of listing rules which all listed entities are required to comply with. The ASX listing rules can be found at https://www.asx.com.au/regulation/rules/asx-listing-rules.htm

What is the ASX listing process?

The listing process requires a detailed understanding of capital markets, listing rules and corporations act. Appointing an accredited compliance advisor or corporate advisor is an important first step.

For further information on the ASX please refer to https://www.asx.com.au/listings/index.htm#howtolist

For further information on the ASX listing process please refer to https://www.asx.com.au/listings/listing-with-asx/listing-process.htm

For ASX listing guides please contact us.

Who can subscribe for shares in an IPO?

Shares can be subscribed through a prospectus by an individual or corporate entity.

Does a company looking to list on the ASX need to be generating revenue?

No. The ASX does not have a minimum revenue requirement in order for a company to list on the ASX.

How long will it take to list a company on the ASX?

An IPO process will normally take between six (6) to eight (8) months. The exact timetable will depend on a number of company-specific elements including, inter alia, the availability of company information, provision of audited financial statements, director appointments and provision of expert reports.

What will an IPO on the ASX cost?

The total cost to list on the ASX will depend on the size and complexity of the company. The cost of preparing a prospectus is approximately S$200,000. This comprises legal, accounting and corporate advisory fees. Capital raising fees associated with the IPO raise itself and ASX fees will be additional.

Can foreign companies list on ASX without and Australian listco entity?

Yes. A foreign entity can list without an Australian listco entity via a CHESS Depository Interests (CDI). Listing a CDI is a financial product which is a unit of beneficial ownership in an underlying financial product which is quoted on the ASX market. A CDI confers a beneficial interest in the underlying financial product to which it relates.

Holders of the CDIs obtain beneficial ownership of those foreign shares instead of legal title. Legal title to the shares is held by a nominee company on behalf of CDI holders.

CDIs can trade on either a one-for-one basis with the overseas listed stock, or, as in many cases, on a broader basis such as ten-for-one.

CDI holders have the same rights as holders whose financial products are legally registered in their own name. This means that all economic benefits such as dividends, bonus issues, rights issues, interest payments and maturity payments or similar corporate actions flow through to CDI holder as if they were the legal owner of the corresponding financial product.

Voting is carried out by directing the depository nominee to cast proxy votes in accordance with the CDI holder’s written instructions.
CDIs are not required for companies incorporated in New Zealand, Israel, Bermuda or Papua New Guinea.

ASX Listing Fees

Total IPO Costs
Market Capitalisation% of capital
raised (median)
Median Capital
Raised
$10m to $50m10.1%$8,000,000
$50m to $100m8.9%$25,000,000
$100m to $500m6.6%$81,800,00
$500m to $1,000m4.6%$331,600,000
More than $1,000m3.9%$877,666,540
ASX Costs
Market
Capitalisation
Initial FeeAnnual Fee
$50m$120,755$35,347
$100m$159,177$49,701
$200m$205,832$50,167
$500m$345,799$62,964
$1,000m$554,376$84,292
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