How long does a Catalist listing take?

Typically several months from appointment of the sponsor to listing day, depending on how ready the company’s accounts, structure and governance are. Because SGX does not review Catalist offer documents itself, timing rests largely on the sponsor’s due diligence and the company’s preparation.

What does a company need before approaching a sponsor?

Audited financial statements, a clear group structure, a board with independent directors, and a business plan that explains why it wants public capital. The sponsor will look at management’s track record, related-party dealings, and whether the business can meet continuing disclosure obligations.

What is Catalist? SGX’s sponsor-supervised board explained

Catalist is the Singapore Exchange’s board for growth companies. It opened in December 2007 and today lists around 200 companies. What sets it apart from the Mainboard is who decides whether a company may list: on the Mainboard, SGX applies quantitative admission tests; on Catalist, an SGX-approved sponsor decides, and SGX does not review the offer document.

No minimum entry criteria

SGX sets no minimum profit, operating track record or market capitalisation for Catalist admission. The sponsor assesses whether the company is suitable: whether its business is real and sustainable, whether its directors and management are fit to run a public company, and whether it can meet its continuing obligations once listed.

A sponsor for the whole listed life

The sponsor relationship does not end on listing day. Every Catalist company must have a continuing sponsor at all times. The continuing sponsor reviews the company’s announcements, advises the board on the Catalist Rules and reports to SGX. A company that loses its sponsor must appoint a replacement; without one it faces suspension and, after three months, removal from the exchange.

Who lists on Catalist

Companies that are earlier in their growth than a Mainboard listing would allow: often profitable but small, sometimes pre-profit, typically raising between S$5 million and S$50 million. A Catalist company can later apply to transfer to the Mainboard once it meets the Mainboard tests.

What this means when choosing a sponsor

Because the sponsor’s judgement replaces SGX’s admission tests, the sponsor’s reputation with SGX and its experience with companies like yours matter more than on any other exchange. Ask any sponsor you are considering how many companies it has brought to Catalist, how many it currently sponsors, and how it handles a difficult announcement.

Draft explainer prepared from the public SGX Catalist Rules. To be reviewed by SAC Capital’s sponsorship team before publication.

Common questions

What is Catalist?

Catalist is the Singapore Exchange’s sponsor-supervised board for growth companies, launched in 2007. Unlike the Mainboard, SGX sets no minimum profit, operating track record or market capitalisation for admission. Instead, an SGX-approved sponsor assesses whether the company is suitable to list and supervises it after listing.