Yet somehow, despite all this, very few Singaporean startups choose to list on the Singapore Exchange (SGX) when they go public. A Shrinking IPO Market at HomeThe numbers don’t lie; Singapore’s IPO activity has been declining for years. If startups are going to IPO, they need deep, willing markets for their shares, and according to experts, this is where SGX falters. According to experts, that’s a recipe for excluding high-growth, pre-profit tech startups – the very kind that define modern innovation. And until they do, the answer to “Why don’t Singapore startups IPO at home?” remains as much about where the money wants to be as where the companies want to go.