Objectives:
- Support listings and strengthen the equity research ecosystem in Singapore.
- Encourage companies to list on Singapore Exchange (SGX) by defraying listing-related expenses.
- Enhance research coverage of companies in Singapore’s equity market.
Target Beneficiaries:
- Issuers conducting Initial Public Offerings (IPOs), Exchange Traded Funds (ETFs), and Depository Receipts (DRs) listings on SGX.
- Financial institutions including brokers, fund managers, venture capital firms, private equity firms, private banks, credit rating agencies, and independent research providers based in Singapore with equity research capabilities.
Key Features:
- Listing Grant:
- Supports IPOs (including SPACs, REITs, Business Trusts), secondary listings, Reverse Takeovers, ETFs, and DRs.
- Funding levels vary by market capitalization and type of listing, with co-funding up to 70% of eligible expenses capped at S$2 million for large IPOs.
- Eligible expenses include underwriting, placement, issue manager, sponsor, audit, legal fees, intangible asset valuation, independent market research, SGX listing fees, and sustainability report fees.
- Specific funding amounts for ETFs (S$250,000 for primary-listed, S$180,000 for cross-listed/feeder ETFs) and DRs (S$40,000 per DR, capped at 5 DRs per jurisdiction).
- Research Development Grant:
- Incentivizes production of pre-IPO, IPO, and post-IPO equity research reports authored/co-authored by Singapore Citizens or Permanent Residents.
- Funding on a per-report basis with tiers: Basic (S$4,000/report for 20-39 reports) and Enhanced (S$5,000/report from 40th to 80th report).
- Additional funding for initiation reports and IPO/pre-IPO company reports.
- Supports dissemination of research via digital formats with funding capped at 12 disseminations annually.
- Encourages research on private companies with strong local presence through proposal submissions.
Application Process:
- Listing Grant applications must be submitted within three months after issuance or listing date.
- Research Development Grant applicants express interest and submit claims within three months after the application anniversary.
- Applications must be complete and meet eligibility criteria; incomplete applications may delay processing.
- Interested parties can contact fsdf_ext@mas.gov.sg for more information and submit applications accordingly.
Validity:
The GEMS scheme is valid from 21 July 2025 to 31 December 2028.
This scheme aims to bolster Singapore’s equity market by reducing listing costs and promoting comprehensive equity research, thereby enhancing market vibrancy and investor confidence.
