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Large Cap
Market Cap £6.71bn
Enterprise Value £6.49bn
Revenue £583.5m
Position in Universe 241st / 6116

BREAKINGVIEWS-Singapore can wield stick to win tech IPOs

Tue 15th June, 2021 9:33am
(The author is a Reuters Breakingviews columnist. The opinions
expressed are their own.)
    HONG KONG, June 15 (Reuters Breakingviews) - Technology
companies based in the city-state are feeling the heat. New
York-listed conglomerate Sea  SE.N , ride-hailing-to-payments
app Grab - a target of a U.S. special-purpose acquisition
vehicle*:nL4N2M706C - and Hong Kong-listed gaming company Razer
 1337.HK  have considered or been approached to trade their
shares at home, per
 the FT citing sources.
    It’s a tough sell given Singapore Exchange’s limited
liquidity pool. With a market capitalisation of $145 billion,
Sea is already more than twice as large as the FTSE Straits
Times Index's top constituent, lending group DBS  DBSM.SI . Nor
does the staid market popular with real-estate trusts offer the
kind of hot valuations startups and tech giants crave. That
dynamic will be hard to change even if blank-cheque*:nL1N2LT1D4
companies are allowed to list. 
    Singapore might persuade heavily regulated companies,
especially those dabbling in payments, that they ought to plant
a flag at home. It’s less attractive though than for the likes
of Alibaba  BABA.N   9988.HK  whose partial homecoming to Hong
Kong benefitted from access to giant pools of liquidity. (By
Sharon Lam)
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 | Editing by Una Galani and Katrina Hamlin)
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