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Financial advisory
RES5Financial Advisory Services✓An entity applying to the SGX-ST Mainboard via an IPO must satisfy one of the quantitative tests: (a) minimum consolidated pre-tax profit of at least S$10 million for the latest financial year with an operating track record of at least 3 years. (b) profitable in the latest financial year with a market capitalisation of not less than S$150 million and a 3-year operating track record. (c) operating revenue in the latest completed financial year with a market capitalisation of not less than S$300 million. (d) at least 500 shareholders regardless of profit or revenue. Which of the following are CORRECT?
Mainboard Rule 210(2): the three alternative quantitative tests are the S$10 million profit test with a 3-year track record, the S$150 million market-cap-plus-profit test and the S$300 million market-cap-plus-revenue test. SGX lowered the profit test from S$30 million on 29 October 2025; the RES 1B study guide (Nov 2024, Table 1.4.5) still shows S$30 million. Shareholder spread is a separate requirement, not a substitute for the financial tests.
Three tests, any one of them; spread is on top. The profit test is S$10m since 29 Oct 2025 (S$30m before).
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