Allen & Gledhill LLP has one of the leading capital markets practices in the market. Testament to its standing is the impressive track record in innovative and first-of-their-kind equity and debt deals in Singapore. On the equity capital markets (ECM) front, the team showcases strong capabilities in initial public offerings (IPOs) and listings on the Singapore Exchange, and is also well placed to guide clients in dual listings on securities exchanges in other jurisdictions. Medium term note programmes, convertible bonds and Islamic finance matters on behalf of issuers, arrangers, and investors are among the key areas of focus for the department in the debt capital markets space (DCM). Recent highlights have included advising on the first trio of SPAC listings in the market, the introduction of real estate investment trusts (REITs) and business trusts – an area in which the team has ‘strong industry knowledge and experience‘ – and issuance of green bonds and sustainability-linked notes. Managing partner Jerry Koh heads up the REITs practice, while Tan Tze Gay oversees ECM work, focusing on IPOs in Singapore, regional and international exchanges. Leading the DCM group, Margaret Chin  acts for financial institutions, statutory boards, local and foreign corporations. Corporate finance specialist Yeo Wico has a wealth of experience in IPOs, bond offerings and business trusts-related mandates. Long Pee Hua maintains a broad practice spanning REITs, business trusts and capital markets.

A first choice for capital markets matters in Singapore, WongPartnership LLP has the experience and resources to handle complex debt and equity transactions, including innovative deals in this space. The firm, which draws on the expertise of lawyers based across the Asia Pacific region, is seasoned at acting as international counsel for issuers in South East Asia, including Thailand, Indonesia and Malaysia. Advising underwriters and issuers on public and private placements, including primary and secondary listings on the Singapore Exchange, is a core area of focus for the team, which is also regularly engaged in IPOs of REITs and Business Trusts. The group stands out for its extensive experience in DCM transactions, covering retail structured notes, sustainability-linked products and convertible and exchangeable bonds. Choon Yuen Hui, who focuses on debt offerings, securitisations and financial services regulatory compliance, jointly leads the team with Gail Ong, who is proficient in U.S. registered and Rule 144A/Reg S equity and debt offerings by issuers throughout Southeast Asia. Chee Shan Long is sought by corporates and financial institutions on a range of equity mandates, while Karen Yeoh is recommended for cross-border capital markets transactions. Trevor Chuan is another key practitioner in the DCM market.

Dedicated to debt and equity capital markets, as well as REITs-related transactions, the team at Drew & Napier LLC provides well-rounded advice to clients, which range from issuers, underwriters and selling shareholders, in a variety of domestic and international deals. Benefitting from solid working relationships with regulators, the firm attracts instructions from foreign companies looking to list in Singapore, and is also a popular destination for domestic corporates listing abroad given its cross-border capabilities. IPOs, reverse takeovers, rights issues and other equity-linked deals feature heavily in the team’s workload, which is also populated by an array of DCM mandates. The practice is under the joint leadership of Steven Lo and Gary Wan, both of whom undertake capital markets and M&A work. Debt capital markets specialist Renu Menon  advises on transactional and regulatory matters. Pei Tong Ng  is another name to note for debt and equity offerings.

At Rajah & Tann Singapore LLP, the capital markets team’s ‘strength comes from its well-rounded team of professionals‘ who handle the entire spectrum of debt, equity and hybrid instruments. Its diverse client roster is comprised of issuers, issue managers, underwriters and originators seeking advice on initial offerings, listing of companies, REITs and business trusts on the Mainboard and Catalist of the Singapore Exchange. Other areas of expertise for the group include first-of-their-kind catastrophe bond transactions in Singapore, cross-border deals covering the APAC region and beyond, as well as sustainability-linked bonds. An uptick in demands related to SPACs listings resulted in the creation of a SPACs multidisciplinary group, providing assistance in relation to SPAC structuring, financing arrangements for SPAC mergers and reporting requirements. Chia Kim Huat is a name to note for secondary and dual listings, while Evelyn Wee stands out for her wealth of experience in IPOs. Lee Xin Mei leads on debt transactions, while Tan Mui Hui is well versed in secondary and pre-IPO fund raising exercises. Chi Tern Hoon is regularly retained by SGX-ST listed issuers on continuing obligations and compliance issues. Raymond Tong ‘provides deep practical experience and know-how in ECM transactions‘.

Providing legal support in the full range of capital markets matters in Singapore and across the region, Shook Lin & Bok LLP houses two distinct subgroups focused on debt and equity transactions respectively. Bringing together practitioners with extensive experience in cross-border deals, the firm is retained by a range of companies, financial advisors and boards of directors on the equity side, and is also well placed to assist in REITs matters, having been involved in the majority of related IPOs in Singapore and follow-up transactions. On the DCM front, the team stands out for its track record in retail structured note programmes, securitisations and structured finance. With over two decades of experience in DCM work, Marilyn See advises on debt issuance programmes and securitisation involving a range of asset classes. Gwendolyn Gn is a key contact for equity transactions; her areas of expertise cover domestic IPOs and dual listings on the Singapore and Hong Kong stock exchange.

Combining global capabilities with in-depth local expertise, Bird & Bird ATMD LLP offers ‘customised solutions to address issues identified during the course of capital markets transactions‘. The firm stands out for its wealth of experience in sectors where technology and regulation drive change, including TMT, energy, aerospace, and life sciences. The Singapore-based team is well positioned to advise on the entire host of fundraising deals, ranging from IPOs and listings on the Singapore Exchange, to rights issues, convertible bonds, reverse takeovers and private placements. Rated for his ability to ‘provide constructive advice and solutions‘, department head Marcus Chow is the key point of contact in the capital markets team for start-ups and domestic companies. Jolie Giouw is another name to note for fundraising exercises.

At CNPLaw LLP, the corporate finance team acts for mid-market listed companies, high-net-worth individuals and corporate finance houses in a variety of capital markets deals, including equity, debt, equity-linked and structured securities. The fintech and wider technology sector are at the core of the practice, which often leads advice on placements, share buybacks, capital reductions and restructurings. Leading the department is Min-Li Tan, who focuses on corporate and financial services, with a special emphasis on capital markets transactions in Singapore and throughout the region. Pei-Ling Wong is a key contact for cross-border deals. Capital markets and takeovers are some of Wee Siong Low‘s areas of expertise.

Sponsors, issuers, underwriters and shareholders recurrently turn to Dentons Rodyk for legal support in relation to the full spectrum of equity and debt capital markets transactions. Domestic and cross-border public offerings of equity, including IPOs and secondary offerings, are a key area of activity for the outfit, which is also an ‘experienced and reputable firm in the real estate and REITs industry‘. DCM work also features on the workload, which is further populated by convertible, exchangeable and asset backed debt securities, standalone debt issues and medium term note programmes. Senior partner Nicholas Chong has comprehensive knowledge of REITs, DCM and structured products. He jointly oversees the team with Valerie Ong, whose experience covers bond issues and medium term notes programmes. Li Chuan Hsu is the key individual focusing on ECM work, where he acts as issuer and underwriter’s counsel.

With domestic and international corporates at the core of its client base, TSMP Law Corporation is noted for its experience in advising on the launching of IPOs on the Main and Catalist boards of the Singapore Exchange. Founding partner Stefanie Yuen Thio heads up the firm’s transactional team, and advises on a range of equity and debt listings in Singapore. Typical instructions range from IPOs to secondary fundraisings and reverse takeovers.

Noted for its ‘very pragmatic and solution-orientated approach‘, Virtus Law LLP attracts instructions from across the APAC region. Focusing on mid-sized capital market transactions, the team has the ability to advise on Singapore Exchange and London Stock Exchange listings, and continues to be active in rights issues and reverse takeovers. Consumer, healthcare and financial services-related transactions are recent areas of growth for the department, which has reported an uptick in interest from Chinese companies seeking to list on the SGX. Investment funds, private and listed companies seek Parikhit Sarma‘s assistance in fundraising exercises and delisting matters in Singapore. Equity capital markets transactions are among Douglas Koh and Vivi Tan‘s areas of expertise. Elaine Beh left the firm in August 2022.