A new listing admissions framework introduced by the Singapore Exchange Securities Trading Limited (the “SGX”) took effect on 20 July 2015. A key document in this framework is a Listing Admissions Pack which sets out the requirements and procedures for an application seeking admission to the SGX Mainboard. The Listing Admissions Pack is intended to provide an understanding of the materials and issues reviewed by the SGX and the SGX’s expectations on the resolution of key issues, thus facilitating the preparation of the listing application and expediting the listing process.
Two-stage submission process
The new listing admissions framework entails a two-stage submission process which is expected to shorten the overall listing timeline:
- Stage 1 requires the issue manager to complete, sign and submit Section (A) of the Listing Admissions Pack to the SGX. Section (A) sets out general information of the listing applicant and highlights key issues for the SGX’s attention. The SGX may have queries on the information submitted. If the issue manager is unable to adequately respond to these queries within a reasonable period, the application will be rejected. This stage of the framework replaces the pre-clearance process that was previously in place.
Upon the completion of the SGX’s review of the matters set out in Section (A), the SGX will then inform the issue manager whether it can proceed with Stage 2.
- Stage 2 requires the issue manager to complete, sign and submit to the SGX Section (B) of the Listing Admissions Pack, together with the full listing application and supporting undertakings, confirmations and other documents, and the prospectus. Section (B) sets out additional information on the listing applicant and the invitation structure and replaces the IPO Form previously required.
Upon receipt of Section (B), the SGX will review the documents submitted and may liaise with the issue manager on any queries concerning the same. The complete application will then be tabled before the listings committee which will consider the eligibility of the listing applicant to list.
The SGX has committed to provide comments or queries on the prospectus after one week of the SGX’s receipt of the documents submitted together with Section (B). The SGX expects issue managers to respond to any queries within three calendar days. On this basis, the SGX has informally committed to a four-week review period after receipt of Section (B) before granting eligibility to list.