The SGX has proposed replacing the above-mentioned current quantitative criteria with the following:
Criterion 1 – the issuer must be profitable in the latest financial year and have an operating track
record of three years and a market capitalisation of at least S$150m based on the issue price and
post-invitation issued share capital; or
Criterion 2 – issuer must have generated operating revenue in the latest financial year and have a
market capitalisation of at least S$300m based on the issue price and post-invitation issued share
capital.
Criterion 1 caters to issuers that have achieved profitability. Criterion 2 caters to issuers that have
yet to achieve profitability but have already generated operating revenue.