Next Generation Partners

Capital markets: equity and debt: local firms in Singapore

Allen & Gledhill LLP

Allen & Gledhill LLP is able to advise on the spectrum of capital markets transactions, utilising specialist teams dedicated to equity and debt capital markets and real estate investment trusts. The ECM group, led by Tze Gay Tan is known for first-of-kind IPOs, which often involve multiple jurisdictions and stock exchanges. On the debt side, the group, chaired by Margaret Chin, has experience across bond issuances and restructurings. Managing partner Jerry Koh leads the REITs team, which includes Bor Jern Chua and is prolific in the Singapore real estate market. Wico Yeo is noted for his expertise in infrastructure business trusts. Leonard Ching supports the team in relation to regulatory and compliance issues and Alvin Zhuang is also a key member of the team.


‘Expertise of the team’

‘Tan Tze Gay has in depth knowledge and excellent communication skills. Bernie Lee is in depth knowledge and approachable.’

Tan Tze Gay – one of the best in this practice area. Very commercially attuned.’

A&G has provided advice across a wide range of activities from IPO, debt financing, to competition. Solid advice from a very committed team.’

Deep understanding of regulatory framework, regulators’ evaluation considerations and decision making process. Quality advice to identify and address transaction issues and execution risks to help achieve client objectives. Team has sufficient depth and breadth of expertise, sufficiently staff with timely and optimal response to client’s needs.’

Work highlights

  • Advised Ascendas Reit Manager on the establishment of a S$7 billion Euro medium term securities programme (“Programme”) and issue of S$100m 2.65%. notes due 2030 under the Programme (“Notes”) by HSBC Institutional Trust Services (Singapore) Limited in (its capacity as trustee of Ascendas Reit).
  • Advised the FCT Manager, as transaction counsel, on the equity fund raising to raise gross proceeds of approximately S$1.33bn in relation to the acquisition of approximately 63.1%. of the total issued share capital of AsiaRetail Fund Limited.
  • Acted as transaction counsel for the initial public offering (“IPO”) and listing, and advised Nanofilm, the three selling shareholders, as well as the holders of convertible notes issued by Nanofilm.

WongPartnership LLP

WongPartnership LLP‘s lawyers are lauded as ‘pioneers in the field in Singapore with a textbook like knowledge of ECM and DCM rules‘. Headed by Gail Ong, the equity team advises issuers and underwriters on the spectrum of transactions, both domestically and throughout south east Asia; with notable expertise in business trusts and REITs. Chee Shan Long is a key practitioner, often leading on foreign IPOs and secondary offerings. Clients of the debt capital markets group, led by Choon Yuen Hui, include Singapore-based and international banks, which it assists with domestic and cross-border securities and bond offerings. Karen Yeoh focuses on securities transactions.

Practice head(s):

Choon Yuen Hui; Gail Ong


‘Pioneers in the field in Singapore with a textbook like knowledge of ECM and DCM rules, which the leverage to tailor bespoke solutions to meet our objectives.’

‘Karen Yeoh, is a partner we work with in ECM. I have known her for several years and am amazed that her tenacity and passion to deliver has not diminished. If anything, her business acumen has sharpened over the years and her instincts in knowing what we need is keener than ever. Hui Choon Yuen, is the partner we work with in DCM. Vast amount of experience and deep knowledge of regulations make him a powerhouse, and our go to partner for DCM transactions.

Resourceful and diligent. Was extremely quick to come up with solutions.’

Jen Vern – responsive, diligent and knows her stuff.’

Key clients

Oversea-Chinese Banking Corporation Limited

CGS-CIMB Securities (Singapore) Pte. Ltd.

China International Capital Corporation (Singapore) Pte. Limited

DBS Bank Ltd.

Citigroup Global Markets Singapore Pte. Ltd.

ESR Funds Management (S) Limited

Merrill Lynch (Singapore) Pte. Ltd.

Wave Life Sciences Ltd.

Alliance Healthcare Group Limited

First Sponsor Group Limited

Frasers Property AHL Limited  and Frasers Property Limited

Lendlease Retail Investments 3 Pte. Ltd.

Allgreen Treasury Pte. Ltd. / Allgreen Properties Limited

Sembcorp Marine

Cathay Pacific Airways

Work highlights

  • Acted for Oversea-Chinese Banking Corporation Limited, UBS AG, Singapore Branch, CGS-CIMB Securities (Singapore) Pte. Ltd. and China International Capital Corporation (Singapore) Pte. Limited as the joint bookrunners and underwriters in the initial public offering of Elite Commercial REIT on the Main Board of the Singapore Exchange Securities Trading Limited
  • Acted as Singapore counsel to Wave Life Sciences Ltd., a NASDAQ-listed genetic medicines company, in connection with an underwritten public offering of its ordinary shares, which raised gross proceeds of approximately US$100m.
  • Acted for Singapore Airlines Limited’s S$15bn fund raising exercise.

Drew & Napier LLC

Drew & Napier LLC‘s practice is divided into three sub-groups, handing equity, debt and REIT transactions respectively. The group specialises in cross-border work, both for foreign companies listing in Singapore and domestic firms listing abroad. The department is co-headed by Steven Lo and Gary Wan. The group is able to draw on the assistance of consultant Boon Ann Sin, who has long-standing experience in secondary equity and debt offerings. Director Petrus Huang takes the lead on REIT deals.

Practice head(s):

Steven Lo; Gary Wan


Drew & Napier LLC possess a team of committed lawyers with sound business acumen and industry knowledge that offers great client service and quick turnaround times. They know the area very well and they know the other players – this really facilitates the successful restructuring, expeditious and highly effective process. The team works as a whole, from a multi-facet angle and provide its clients a holistic total solution. This is essentially critical in the financial restructuring, and working out viable resolutions between creditors and debtors.’

The team is quite responsive to clients’ needs and makes time for clients no matter how late it is. The team is very collaborative and pulls in different teams of expertise to work together with the client and ensures constant communication and monitoring of the progress of the projects.’

They are always attentive and committed to assist clients 24/7. They are creative, productive and always come up with solution for clients’ problems.

Key clients

China Mining International Limited

The Trendlines Group Ltd

Manhattan Resources Limited

OSIM International Ltd

Sarine Technologies Limited

Achieva Limited (now known as SUTL Enterprise Limited)

Lonza Group Ltd

Air Products and Chemicals, Inc

Summit Power International Pte Ltd

Ocean International Capital Limited

Guangzhou R&F Properties Co., Ltd

Sea Cove Limited

Haidilao International Holding Ltd.


CSE Global Ltd

Guocoland Limited

Don Agro International Limited

Astaka Holdings Limited

Broadway Industrial Group Limited

Tuan Sing Holdings Limited

Work highlights

  • Acted for Don Agro International in its Initial Public Offering on the Catalist Board of the Singapore Exchange. This is the first Russian business IPO, which the SGX-ST has to assess whether an issuer which has principal operations, business activities, customers and suppliers in a sanctioned nation is suitable for listing on the SGX-ST.
  • Acted for mainboard-listed property developer Tuan Sing Holdings Limited in relation to the update of its S$900m Multicurrency Medium Term Note Programme which was established in 2013, and the subsequent issuance of S$65m notes due 2022 (Series 003 Notes) under the newly updated MTN Programme.
  • Acted for Manhattan Resources Limited in its US$27.2m debt-to-equity conversion exercise, which also constitutes an interested person transaction.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP‘s capital markets group is known for its expertise across the waterfront of equity and debt transactions, and hybrid instruments. The group has significant experience in cross-border transactions, utilising the firm’s regional office network, with recent deals including listings on the Hong Kong stock exchange main board. In 2020, debt-side specialists acted in a number of ground-breaking catastrophe bond transactions arising from the Covid-19 pandemic. In February 2021, the team benefitted from the arrival of Raymond Tong from Clifford Chance, who is a veteran of equity deals across south east Asia. Kim Huat Chia  is the corporate and transactional group regional head and has experience in Singapore listings and take-private transactions. Evelyn Wee  coordinates the capital markets group, known for advising listed companies on compliance issues and their transactions.

Practice head(s):

Evelyn Wee

Other key lawyers:

Kim Huat Chia; Raymond Tong; Danny Lim; Sandy Foo; Lee Xin Mei


The team is experienced and well-versed in the pitfalls of the sector. Delivery and turnaround time is excellent, feedback is good. Always available for discussions and open communication.’

Key clients

Credit Suisse (Singapore) Limited

G.H.Y Culture & Media Holding Co., Limited

Hannover Ruck SE

Japfa Ltd

Maybank Kim Eng Securities Pte. Ltd.

Mitsui Sumitomo Insurance Co. Ltd.

OUE Commercial Real Estate Investment Trust

Singapore Press Holdings Limited

SMRT Capital Pte. Ltd. and SMRT Corporation Ltd

TML Holdings Pte. Ltd.

Work highlights

  • Acted as Singapore counsel to Lufax Holding Ltd in connection with its US$2.36bn initial public offering on the New York Stock Exchange, with an over-allotment option for the underwriters to purchase an additional 26,250,000 American depository shares.
  • Acted for DBS Trustee Limited (in its capacity as trustee of OUE Commercial Real Estate Investment Trust) and OUE CT Treasury Pte. Ltd. in the establishment of a S$2bn multicurrency debt issuance programme.
  • Acted for G.H.Y Culture & Media Holding Co., Limited in relation to its initial public offering listing on the Main Board of the Singapore Exchange Securities Trading Limited.

Shook Lin & Bok LLP

Capital markets work at Shook Lin & Bok LLP is located in the banking and finance department and split between experts in equity and debt transactions. For DCM, the group has experience in matters including bond issuances and offerings, global depositary receipts and private placements. Key figures on the debt side are Marilyn See  and Eu Jin Pok. The ECM team is well-versed in IPOs and the gamut of share transactions. Gwendolyn Gn has a strong track-record in equity work, with experience in domestic and cross-border listings, including in the US, Australia and Hong Kong.

Other key lawyers:

Marilyn See; Gwendolyn Gn; Eu Jin Pok; Gang Wong

Work highlights

  • Acting as Singapore counsel for CTR Holdings Limited, a Singapore based construction company, in relation to its initial public offering on the Main Board of the Stock Exchange of Hong Kong.  This was one of the few Singapore companies successfully listed on the Main Board of Hong Kong during 2019/2020.
  • Acted as legal counsel to Centurion Corporation Limited in respect to an update of the information memorandum in relation to its S$750 million Multicurrency Debt Issuance Programme (“Debt Programme”), and exchange and conditional tender offer to holders of its oustanding S$60 million Fixed Rate Notes due 2022 comprised in Series 004
  • Acted as legal advisers advising on Singapore Laws in relation to Compass Venture Inc.’s initial public offering and listing on the TSX Venture Exchange.

Bird & Bird ATMD LLP

At Bird & Bird ATMD LLP, corporate lawyers have particular expertise in the technology sector, backed up with significant regulatory expertise. The group is well versed in Singapore IPOs and secondary offerings, as well as bond issuances of all types. Another area of expertise is the privatisation of listed companies. The department is led by Marcus Chow, a transactional lawyer with vast experience in equity capital markets. Managing counsel Lawrence Wong joined in July 2020, having built up significant capital markets experience at his own firm, Equity Law. Counsel Jolie Giouw is often seen in cross-border deals.

Practice head(s):

Marcus Chow

Other key lawyers:

Lawrence Wong; Jolie Giouw


‘The team is responsive and provides high quality work on a timely basis, which we highly value in ECM transactions.’

‘We have worked with Jolie Giouw on ECM transactions. Her strong knowledge of the law and remarkable memory and tenacity in getting high quality solutions out to us quickly, is highly valued in ECM transactions which have tight timelines. Her ability to propose unique structures to fit our complex requirements has been instrumental in meeting our corporate objectives.’


Key clients

Aedge Group Limited

Southern Alliance Mining Ltd

Memiontec Holdings

Viu International

Leader Environmental Technologies Ltd.

Y Ventures Group Ltd.

Kinderworld International Group Ltd


SBI Offshore Limited

Gazelle Capital

Work highlights

  • Advising as Singapore counsel to the over-the-top (OTT) service arm of PCCW Limited, in the proposed listing in the United States with the aim of raising US$200 million (approx. SGD 267.9m), in the proposed spin-off of Viu International by PCCW Limited.
  • Advised Leader Environmental Technologies Ltd in relation to its rights issue which raised net proceeds of approximately S$8.7m.
  • Advised Singapore-based data driven e-commerce company Y Ventures Group Ltd in its placement of 12 million new ordinary shares at S$0.71 apiece to raise S$840k.


CNPLaw LLP‘s corporate finance group, valued for its ‘knowledge and integrity‘, is highly involved in domestic capital markets, advising issuers and underwriters on their debt and equity transactions. The group is able to draw on other strong practices within the firm, that regularly assist with dispute resolution, intellectual property and real estate issues arising from capital markets work. In January 2021, the group was boosted by the arrival of Wee Siong Low  from Wong Tan & Molly Lim LLC, who brought with him expertise in transactions involving Hong Kong-listed companies. Pradeep Kumar Singh is a veteran of the space, often handling IPOs and debt securities issuances. The team is led by Min-Li Tan, praised by clients as  ‘an extremely reliable, attentive, innovative and solution driven lawyer‘.

Practice head(s):

Min-Li Tan

Other key lawyers:

Pradeep Kumar Singh; Wee Siong Low; Pei-Ling Wong


Knowledge, integrity, solution-driven, multi-faceted, commercial, reasonableness, win-win situation .’

I’ve been working with Min-Li on a number of transactions over the past few years. She is extremely reliable, attentive, innovative and solution driven lawyer. She has demonstrated a unique ability to understand the capital markets deeply and provide thoughtful legal, risk, strategic and structural analysis and advice for a transaction. Her values run deeper than a transaction and the fees. She is respected by the bankers and the other party and its counsel. Her ability to lead and steer the discussion in her client’s favour and yet leave a win-win position on the table is well appreciated.

Key clients

Axington Inc.

International Press Softcom Limited

Channel Micron Holdings Company Limited

Blumont Group Ltd.

Transit-Mixed Concrete Ltd

Silverlake Axis Ltd

Braskem Netherlands Finance B.V.

Nexa Resources S.A.

Banco Mercantil Del Norte, S.A., Institución De Banca Múltiple, Grupo Financiero Banorte, acting through its Cayman Islands Branch

Tupy Overseas S.A.

Tanner Servicios Financieros S.A.

Minerva Luxembourg S.A.

ISOTeam Ltd

Yongnam Holdings Limited

Work highlights

  • Advised Axington in relation to a mandatory unconditional cash offer made by a third-party offeror, Dorr Global Healthcare Pte. Ltd.
  • Conducted a detailed review of Channel Micron Holdings’ operations in Singapore, and advised it as to its compliance with the relevant laws and regulations in Singapore.
  • Acted as the Singapore listing agent to the issuer, Minerva Luxembourg S.A., in relation to the listing and quotation of its USD1bn of 4.375% Senior Notes due 2031 on the Singapore Exchange.

Dentons Rodyk

Lawyers at Dentons Rodyk advise the spectrum of market participants on domestic and cross-border public offerings of equity. The group has particular experience assisting clients with operations in China, India, Indonesia and Taiwan. On the debt side, the group has experience in convertible, exchangeable and asset-backed debt securities, as well as standalone debt issues. Nicholas Chong  focuses on real estate investment trusts and debt capital markets transactions and jointly leads the group with Valerie Ong , an expert in bond issuances. Li Chuan Hsu, bilingual in English and Chinese, is a co-leader of the China desk, advising numerous Chinese companies on their capital markets transactions.

Practice head(s):

Nicholas Chong; Valerie Ong

Other key lawyers:

Li Chuan Hsu; Kenneth Oh

Key clients

Pacific Radiance Ltd

Perpetual (Asia) Limited (as trustee of Elite Commercial REIT)

UOB Venture Management Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited (as trustee of Ascendas REIT)

RBC Investor Services Trust Singapore Limited (as trustee of Lendlease Global Commercial REIT)

HSBC Institutional Trust Services (Singapore) Limited as trustee of Starhill Global Real Estate Investment Trust

Work highlights

  • Advising issuer/borrower Pacific Radiance Ltd. on its bonds and debt restructuring, including undertaking a consent solicitation to provide for the redemption of, and waive defaults under, the company’s listed S$100 million 4.30% notes due 2020 comprised in Series 001 (ISIN: SG6SF2000004) (Notes).
  • Acted for Perpetual (Asia) Limited, as REIT trustee, in the initial public offering of Elite Commercial REIT raising gross proceeds of approximately GBP130m.
  • Acted for the REIT trustee, as issuer, in the establishment of Lendlease Global Commercial REIT’s S$1bn multicurrency debt issuance programme.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC is most noted for handling domestic equity capital markets transactions, with ample experience in IPOs on the Singapore stock exchange. The group is also able to draw on expertise in debt transactions under English and New York law, with a specialism in bond issuances. The department is jointly led by Joo Khin Ng, whose practice includes private equity pre-listings, and seasoned equity deal lawyer Bernard Lui . Senior associate Chrystle Kuek is another name to note.

Practice head(s):

Joo Khin Ng; Bernard Lui

Other key lawyers:

Sin Teck Lim; Vanessa Ng; Chrystle Kuek


‘Smooth transition and handling over after originating the deal – all aspects of the equity deal was handled well. ’

‘Joo Khin is key to putting together the team and processing the deal according to the timeline required. He makes it looked easy.’

The most outstanding feature of the team is not in the hardware but the software, i.e. the people. Their attention to the clients is personal. They listen to the client; understand our requirements; know the circumstances of each deal; and work with us on a way forward while at the same time highlighting the risks and legal implications. The integrity of their advice is also of the highest order. That is the distinguishing feature and X factor of this team.’

Joo Khin Ng is an outstanding lawyer. Despite his seniority, he provides personal attention and service to us; and is literally available to us anytime of the day. He is very detailed in his analysis and advice – very crisp and cuts to the chase. At the same time, he is mindful of the commercial considerations and his advice is always couched in those context. His approach is to solve the issues and overcome the challenges. This may sound simple but unfortunately not many lawyers can and do take this approach. More importantly – Joo Khin is of high integrity. That itself makes him standout.’


Key clients

Aqua Munda Pte Ltd

ImmunoScape Pte. Ltd.

Grand Venture Technology Limited

Charisma Energy Services Limited

UG Healthcare Corporation

Alpha Energy Holdings Ltd.

Citicode Ltd.

AsiaPhos Limited

Hygieia Group Ltd

Sinopipe Holdings Ltd / Ten-League Engineering & Technology Pte Ltd

Addvalue Technologies Ltd.

Axis Capital Limited / IIFL Holdings Limited

Work highlights

  • Advising on the consensual debt restructuring of approximately US$145.1 million owing by the Vallianz group to two banks.
  • Advising Singapore Exchange-listed Citicode Ltd. in its S$72m proposed reverse takeover of Livingstone Health Ltd.
  • Instructed as company counsel in Singapore to the Listing/Initial Public Offering of the Hygieia Group on the Hong Kong Stock Exchange. Together with our Hong Kong office, we are supporting the Hygieia Group with its listing/initial public offering.

TSMP Law Corporation

TSMP Law Corporation is known for advising domestic and international corporates on IPOs and secondary listings, with a strong focus on Singapore regulatory issues. Heading the firm's corporate transactional team, Stefanie Yuen Thio is often instructed on equity capital markets transactions.

Practice head(s):

Stefanie Yuen Thio

Key clients

INEOS Styrolution APAC Pte. Ltd.

Ashurst ADTLaw

AnnAik Limited

Credit Suisse



Work highlights

  • Advised Credit Suisse (Singapore) Limited, the financial advisor to Temasek Holdings, on the S$2.1bn recapitalisation of Sembcorp Marine through a rights issue, and the demerger of Sembcorp Industries and Sembcorp Marine.
  • Advising OUE Limited and its subsidiaries in OUELH’s S$190m recapitalisation to repay loans to OUE.
  • Advised Halcyon Agri on its proposed S$174.7m rights issue.

Virtus Law LLP

Virtus Law LLP – Stephenson Harwood (Singapore) Alliance benefits from its alliance with an international firm to advise on Singapore and London stock exchange listings, takeovers and corporate governance issues, with a niche in reverse takeover transactions and secondary fundraisings. The group is led by Elaine Beh, an expert in Singapore regulatory compliance and corporate governance. Parikhit Sarma has an active transactional equity capital markets practice. Registered foreign lawyer Vivi Tan specialises in IPOs and equity capital market transactions, and became a registered foreign lawyer in June 2013.

Practice head(s):

Elaine Beh

Other key lawyers:

Parikhit Sarma; Vivi Tan; Peiguan Cai


‘Precise, efficient and cost effective advice. Same result as the big firms ’

‘Elaine Beh delivers her advice with expertise but in a friendly, non-jargonistic manner ’

Key clients

Q & M Dental Group (Singapore) Limited

Anchor Resources Limited

Aoxin Q & M Dental Group Limited

LifeBrandz Ltd.

KLW Holdings Limited

IEV Holdings Limited (n.k.a. Medi Lifestyle Limited)

Medi Lifestyle Limited

Rich Glory International Investment Limited

United Global Limited

Acromec Limited

PropNex Limited

Aztech Global Ltd

Work highlights

  • Advising Aztech Global on its S$297 million initial public offering on the Singapore Exchange’s (SGX) mainboard.
  • Advising Q & M Dental Group (Singapore) Limited on its RMB122 million disposal of its remaining 12.246% of the registered capital of Aidite (Qinhuangdao) Technology Co., Ltd.
  • Advising Medi Lifestyle Limited on its fund-raising exercise via a convertible loan agreement entered into with several Lenders. The fund-raising exercise is conducted for the purposes of raising funds for the development and expansion of the Company’s healthcare, postpartum and wellness business in Singapore and Malaysia.

ZICO|law Singapore Pte Ltd

ZICO|law Singapore Pte Ltd is predominantly focused on equity capital markets transactions, with expertise in IPOs and secondary offerings as well as share acquisitions and disposals. The group also handles dual listings, restructurings and takeovers. Director Jeremiah Huang, who joined from RHTLaw Asia LLP in March 2021, adds significant capital markets experience and is regularly instructed on IPOs. Heading the group is Chun Bin Soh.

Practice head(s):

Chun Bin Soh

Other key lawyers:

Jeremiah Huang; Ee Vin Wong; Katherine Tan


Service-oriented, quick turnaround on requests, provides sound advice.’

Jeremiah Huang provides sound advice, is service-oriented and is quick to respond to requests.’

Team has in depth experience and competence.’

Partners are experienced and provides good advice.’

Jeremiah Huang is thorough in his review and has a willingness to speak up.’