The Singapore Exchange reported net revenue of approximately S$1.5 billion, roughly $1.17 billion, marking a 14% jump from the prior year. And the IPO market, the part of the business that had been flatlined for years, came roaring back with 21 new listings that collectively raised S$4.1 billion, or about $3.2 billion. Going from six listings raising S$25 million to 21 listings raising S$4.1 billion is not incremental improvement. That is a 164x increase in capital raised through IPOs. If the S$1.5 billion injection dries up without being replaced by genuine institutional and retail capital flows, the IPO boom could prove temporary.