SINGAPORE, April 14 (Xinhua) -- Singapore's initial public offering (IPO) market raised 967.1 million U.S. dollars in the first quarter of 2026 despite a global slowdown, marking a rebound from zero listings a year earlier, EY said Monday.

Photo taken on Aug. 10, 2022 shows the city skyline in Singapore. (Photo: Xinhua)

The country recorded three IPOs during the quarter, with overall performance bolstered by a major real estate investment trust (REIT) listing on the Singapore Exchange, which contributed significantly to total proceeds, the firm said in its "Global IPO Trends" report.

Across Southeast Asia, IPO volume fell sharply, with just 14 listings recorded, down 48 percent year on year. However, its proceeds jumped 174 percent to 1.8 billion U.S. dollars from 700 million U.S. dollars a year earlier.

According to EY ASEAN IPO Leader Chan Yew Kiang, geopolitical tensions have weighed on overall market activity.

"The conflict in the Middle East that started in February has created energy security risks across Southeast Asia, impacting the broader macroeconomic landscape and leading some IPO aspirants to take a more cautious approach with their listing plans," he said.

Still, he noted that Singapore remains among the top global locations for IPO proceeds, reflecting positive investor response to ongoing government initiatives to revitalize its capital market.

Looking ahead, he is still seeing appetite among ASEAN companies for capital to support growth.

"However, increased geopolitical and tariff uncertainties as well as the energy crisis will continue to impact issuer and investor interest," he added.