Capital markets: equity and debt: local firms in Singapore

Allen & Gledhill LLP

Allen & Gledhill LLP is the dominant force in REIT offerings and has an exceptional record in retail bonds. The firm remains active in large listings and secondary market transactions. It continues to advise on new debt capital markets (DCM) programmes for top-tier issuers such as government-linked companies. It also advises all the major banks, Singapore listed companies and big regional corporates. Deputy managing partner Jerry Koh is a leader in the REITs and business trusts space, where Chua Bor Jern also has an outstanding reputation. Margaret Chin leads the DCM practice and Tan Tze Gay leads the ECM team. Leonard Ching and Yeo Wico are also highly reputed along with senior associate Delwin Singh and counsel Alvin Zhuang.

Practice head(s):

Jerry Koh; Margaret Chin; Tan Tze Gay


‘The team is one of the best we have worked with. It is professional, prompt, very commercially minded, solution oriented, and often thinks out of the box.’

‘The team is extremely responsive, professional and competent. It has always provided robust legal advice even when in very complex situations.’

‘Chua Bor Jern runs the team, gets the deal done, is technically sound and pleasant to work with.’

Work highlights

  • Advised Singapore Power and its subsidiary SP Group Treasury on the latter’s S$10bn billion global medium term note (MTN) programme.
  • Advised Temasek Financial (IV) and Temasek Holdings on the establishment of a S$5bn  guaranteed MTN programme and the issuance by Temasek Financial (IV) of S$500m guaranteed notes.
  • Advised CapitaLand Limited and CapitaLand Treasury on the establishment of a S$5bn Euro medium term note (EMTN) programme.

WongPartnership LLP

WongPartnership LLP has a healthy mix of equity and debt deals, including bond programmes, perpetual securities, IPOs, REIT offerings and Catalist listings. The firm has made significant headway in listings by Chinese issuers, along with achieving prime roles as international counsel on deals in Indonesia, Thailand and Malaysia. The wider capital markets team is especially active in real estate, healthcare and technology. Gail Ong heads the equity capital markets (ECM) team with Hui Choon Yuen leading the debt group. Trevor Chuan is another key DCM specialist, along with Chee Shan Long and Karen Yeoh on the ECM side.

Practice head(s):

Gail Ong; Hui Choon Yuen


‘The team is very professional, technically strong and dedicated in ensuring a successful outcome. They are very fast in understanding our business operations and perfect in the documentation required. The team is very responsive and addresses concerns rapidly. They also co-ordinated well with other professional teams.’

‘Hui Choon Yuen and Trevor Chuan are both veteran in the DCM markets. They are commercial and exhibit strength in their focused area and deliver quality services.’

‘Gail Ong is commercially minded and able to explain complicated legal/ regulatory matters to laymen in simple and understandable language. Whenever there are issues to be resolved, she will jump in to smoothen things out and to gain consensus among various professional parties.’

‘Karen Yeoh is a mentor to the younger team members, providing good guidance and overseeing the delivery of the project. She fronts meetings well and is able to ask the right questions to get the right answers.’

Key clients

City Developments

Credit Suisse (Singapore)

DBS Bank

Morgan Stanley

CapitaMall Group

Sasseur REIT

Work highlights

  • Advised First Sponsor Group on its S$162m renounceable and non-underwritten rights issue of perpetual convertible capital securities; it was the first retail perpetual convertible capital securities offering in Singapore since 2013.
  • Advised Sasseur Asset Management and Sasseur Cayman Holding on the S$944m IPO of Sasseur REIT on the main board of SGX; this was the first outlet mall REIT to be listed in Asia.
  • Advised Biolidic on its IPO on the Catalist Board of SGX.

Drew & Napier LLC

Drew & Napier LLC has successfully targeted foreign issuers, including Israeli corporates, for capital markets offerings in Singapore. The firm maintains a credible presence in debt and equity issuances and has a background in both Catalist and mainboard SGX listings. It is primarily known for mid-cap deals. Grace Lai leads the practice, which includes consultant Sin Boon AnnKenny Kwan has joined Baker McKenzie Wong & Leow.

Practice head(s):

Grace Lai


‘They are very knowledgeable and provide an excellent service, with the appropriate imagination to think out of the box when necessary.’

‘The team has a strong working knowledge, experience and resources.’

‘Grace Lai understands our business needs. She demonstrated an excellent understanding of laws and practice to help the client to plan its corporate goal by providing a specific and concise legal road map.’

‘Sin Boon Ann is friendly, quick thinking, and explores ways to seek a solution.’

‘In addition to strong professionalism and rich project experience, D&N firm especially Mr.Sin team always give us constructive advice and inspiration. In particular, they have a strong sense of responsibility for the project and a strong sense of social responsibility. Based on this, they often bring us more resources so we can succeed in almost every project and gain more. This is why we have chosen D&N firm for many years despite the many options we have.’

‘We have worked with Mr.Sin for many years and many projects. Therefore, I can objectively say that he is an ethical and learned expert who is better at transpositional consideration, listening and communication. Most of our projects are major and complex. When a project encounters difficulties, he often advances despite difficulties and proposes a solution that is bright and effective. More importantly, he often gives us more understanding and encouragement when encountering difficulties. He is a friend that I and our entire team respect very much.’

Key clients

China Mining International

Manhattan Resources

Sarine Technologies

Air Products and Chemicals

Guangzhou R&F Properties

Haidilao International

Work highlights

  • Advised Manhattan Resources on its S$13.7m renounceable non-underwritten rights issue.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC has an extensive record in big-ticket and mid-market capital markets offerings. It is a Continuing Sponsor for Catalist issuances (all issuers must have a Continuing Sponsor for as long as they are listed) and has a significant market share of offerings on the main board of SGX. Moreover, it has advised on a number of Hong Kong listings and has the resources and expertise to advise on Regulation S/144A offerings. Joo Khin Ng, Bernard Lui and Sin Teck Lim comprise a strong senior bench.


‘Joo Khin Ng is technically sound, experienced and commercially minded’.

Key clients


R&F Properties

Marco Polo Marine

PT Intiland Development

Tabula Rasa HealthCare

First Ship Lease Trust

Work highlights

  • Advisedn PropNex on its IPO on the mainboard of SGX; this was the first non-REIT IPO on the mainboard of SGX in 2018.  
  • Advised R&F Properties, Guangzhou R&F Properties and R&F Singapore on a series of note offerings with an aggregate value of $3.7bn.
  • Advised Ezion Holdings on its $2bn billion restructuring and refinancing plan involving both equity and debt capital markets.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP has a substantial capital markets team that has achieved deep penetration of the ECM and DCM segments. It has a significant market share of Singapore listings and Hong Kong IPOs by Singapore issuers. Moreover, it has advised on recent Nasdaq offerings and the first catastrophe bond in the market. Chia Kim Huat leads the corporate and transactional group and is an experienced capital markets practitioner. Evelyn Wee leads the capital markets team, while Danny Lim and Lee Xin Mei are also noteworthy practitioners. Eugene Lee has joined from Prolegis LLC to reinforce the firm's regional practice and standing in high-yield debt.

Practice head(s):

Chia Kim Huat; Evelyn Wee

Key clients

Insurance Australia Group

Koufu Group


Mizuho Securities

Hong Leong Asia

OUE Lippo Healthcare

Moya Holdings Asia

FSM Holdings

China Jinjiang Environment Holding Company

Work highlights

  • Advised Insurance Australia Group on the first catastrophe bond issuance in Singapore.
  • Advised Koufu Group on its S$350m main board SGX IPO.
  • Advised Hong Leong Asia on its S$202m renounceable non-underwritten rights issue.

Shook Lin & Bok LLP

Shook Lin & Bok LLP has demonstrated a full commitment to both debt and equity transactions through respective teams led by Marilyn See and Gwendolyn Gn. The equity team has a healthy market share of primary and dual Hong Kong listings, and is a frequent counsel to trustees on REIT offerings. The established DCM group is active from retail bond offerings to perpetuals, MTN programmes and securitisations; it has seen an uptick in Chinese clients issuing bonds through the Singapore market. Tan Woon Hum is recommended for trustee engagements, including REIT offerings.

Practice head(s):

Marilyn See; Gwendolyn Gn

Work highlights

  • Acted as Singapore listing counsel to Kakao on its $1bn listing of global depositary shares on SGX.
  • Acted as Singapore legal counsel on Kinergy Corporation’s HK$250m global offering and listing n the main board of HKSE.
  • Advised Yanlord Land (HK) on its $350m Regulation S offering and issuance of senior notes.

Bird & Bird ATMD LLP

Bird & Bird ATMD LLP has close connections to key sponsors and a range of SMEs and startups around the region. Life sciences, technology and energy are key industry sectors. It has a fine record in SGX mainboard and Catalist listings, along with Hong Kong offerings. Marcus Chow leads the Singapore corporate group and has an excellent standing in ECM. Counsel Jolie Giouw joined in June 2019 from China International Capital Corporation Singapore.

Practice head(s):

Marcus Chow


‘It differs from other international firms with its strong local contents and access to Singapore corporations, including SMEs.’

‘The team is dynamic and very responsive to client timelines. They have depth in the team and have ample resources.’

‘Marcus Chow is a strong individual with great common sense and skills as a corporate lawyer. He is great with clients who often trust his judgment and knowledge.’

‘Marcus Chow is very commercial and provides practical solutions.’

Key clients

UOB Kay Hian Private

RHB Securities Singapore

SBI Offshore

Snack Empire Holdings

Wonderscape Holdings

Ocean Sky International

Gazelle Ventures

Work highlights

  • Advised RHB Securities Singapore and UOB Kay Hian Private on the IPO of Sim Leisure Group, the theme park developer and operator of theme parks based in Penang, Malaysia.
  • Advised Snack Empire Holdings on its listing on the Hong Kong Stock Exchange’s mainboard.
  • Advised Wonderscape Holdings on its listing on the the Hong Kong Stock Exchange’s mainboard.


CNPLaw LLP is a strong mid-market player in Hong Kong and Singapore listings, including on Hong Kong's GEM board and Singapore's Catalist exchange. The team has a broad geographic outlook, reaching issuers in mainland China, Hong Kong and across Asia. Min-Li Tan and Stephen Soh co-head the practice, the latter an especially experienced figure in TMT sector issuances.

Practice head(s):

Tan Min-Li; Stephen Soh

Key clients

Synagie Corporation

Eggriculture Foods

International Press Softcom

Sunday Ins Holdings

Work highlights

  • Advised Synagie Corporation on its Catalist Board listing.
  • Advised Eggriculture Foods on its Hong Kong GEM Board listing.
  • Advised International Press Softcom on its non-renounceable non-underwritten rights issue.

Dentons Rodyk & Davidson LLP

Dentons Rodyk & Davidson LLP has an impressive market share of SGX-listing engagements, both for issuers and for managers, underwriters and placement agents. The firm primarily operates in the small to mid-cap space and has an outstanding position in the initial coin offering (ICO) segment. Moreover, the team is active in bond offerings and bond restructurings, along with advising corporate trustees in REIT offerings. Nicholas Chong is focused on REIT issuances, DCM and structured products. Kenneth Oh is noted for IPOs and reverse-takeovers involving Singapore, China, Taiwan and Indonesia companies. Valerie Ong leads the capital markets practice.

Practice head(s):

Nicholas Chong; Kenneth Oh; Valerie Ong


‘It has excellent knowledge and understanding of the market. It has great experience and depth of resources.’

‘Nicholas Chong has considerable experience and an understanding of the commercial requirements of many transactions.’

Key clients

Perpetual (Asia)

Keppel-KBS US REIT Management

RBC Investor Services Trust Singapore

Pacific Radiance

Nickel Mines



Mapletree Logistics Trust Management

Blue Ocean Resources

Work highlights

  • Advised the trustee of Keppel-KBS US REIT on a renounceable rights issue of some 186.2m new units.
  • Advised HSBC and DBS Bank on the update and upsize of a $16bn certificate of deposit programme of a PRC bank’s Singapore branch.
  • Advised Civmec on its application for dual primary listing on the Australian Securities Exchange.

Loo & Partners LLP

Loo & Partners LLP has an established record in Hong Kong and Singapore listings, along with public takeovers. The firm is also at the forefront of fintech and cryptocurrency exchange offerings. It advises a number of Singapore and mainland Chinese issuers. Loo Choon Chiaw is an experienced practitioner with an increasing profile in the fintech sector.

Practice head(s):

Loo Choon Chiaw


‘They are personalised in their treatment of clients and are detailed and helpful.’

‘Loo Choon Chiaw and his team always go the extra mile for my clients and always exemplify the can-do attitude.’

Key clients

Advanced Holdings

Tee Land

Zhongmin Baihui Retail Group

Challenger Technologies

Ouhua Energy Holdings

RHTLaw Taylor Wessing LLP

RHTLaw Taylor Wessing LLP has an established record in Catalist offerings and reverse takeovers. The firm has close connections to small and medium-sized enterprises (SMEs) and is building its presence amongst Chinese issuers thanks to the efforts of Amanda Chen. The firm also benefits from its association to RHT Capital Pte, the approved Catalist sponsor. Consumer brands, food and beverages, and technology are key sectors.  Ch’ng Li-Ling and Yang Eu Jin co-head the capital markets team that includes Kok Liang Chew, managing partner Chong Huat Tan , and newly elected partner and fluent Mandarin speaker Jeremiah Huang.

Practice head(s):

Ch’ng Li-Ling; Yang Eu Jin


‘Jeremiah Huang stands out for us. He is very swift and decisive.’

Key clients

BreakTalk Group


Grand Venture Technology

AsiaVets Holdings

Work highlights

  • Advised Sinwa on the S$84m disposal of its entire core business to a private equity and investment firm.
  • Advised Grand Venture Technology on its Singapore IPO, which was the first IPO and listing on the SGX in 2019.
  • Advised Asia Vets Holdings on the acquisition of the entire issued share capital of Asia Vets Holdings Pte Ltd by Asia Vets Holdings Ltd (formerly Smartflex Holdings) from Hu Zhi Investments.

TSMP Law Corporation

TSMP Law Corporation is a recognised force in equity and debt issuances, including IPOs on the Singapore and Hong Kong exchanges. Despite a slump in capital markets issuances, the firm has remained active in Catalist deals, rights issues and MTN programmes. Stefanie Yuen Thio heads the transactional group and has extensive capital markets experience.

Practice head(s):

Stefanie Yuen Thio

Key clients

mm2 Asia


Kerala Infrastructure Investment Fund Board

Singapore Medical Group

Work highlights

  • Advised mm2 Asia on the establishment of its maiden $300m guaranteed multicurrency MTN programme.
  • Advised MeGroup, the Malaysian car manufacturer and dealership operator,  on its IPO and listing on the Catalist board.
  • Acted as Singapore listing agent in Kerala Infrastructure Investment Fund Board’s guaranteed MTN programme.

Virtus Law LLP - Stephenson Harwood (Singapore) Alliance

Virtus Law LLP - Stephenson Harwood (Singapore) Alliance has maintained a buoyant capital markets practice with the Singapore team working alongside Hong Kong colleagues on Hong Kong listings, advising on the Singapore law aspects of Malaysia offerings, and continuing engagements on a pipeline of Singapore IPOs. It has cemented connections to key sponsors. Elaine Beh and Parikhit Sarma are the key names, while Sheetal Sandhu was promoted to partner in February 2019.

Practice head(s):

Elaine Beh


‘Elaine Beh is great to work with: very smart, reasonable and commercial.’

Key clients

Nexion Technologies

Sunlight (1977) Holdings

Aztech Group

Q&M Dental Group (Singapore)

Top Global


Danske Bank

Work highlights

  • Singapore counsel to the sole sponsor and underwriters of the proposed IPO of HPC Holdings on the main board of HKSE.
  • Advised Design Capital on its proposed IPO and listing in Hong Kong.
  • Advised Progen Holdings on its renounceable non-underwritten rights issue.

Withers KhattarWong LLP

Withers KhattarWong LLP impresses in Catalist listings and transactions involving Catalist listed companies. The Singapore office is also able to tap into the resources and expertise of the global firm for deals involving overseas stock exchanges and foreign listed companies. Winston Seow and Leong Chuo Ming are the key partners.


‘The team worked very well together. Everyone in the team shares the same information. There is a very good synergy.’

Key clients

Silkroad Nickel

Work highlights

  • Advised Silkroad Nickel on its reverse takeover by mining company FE Resources and successful listing on the Catalist Board.
  • Advised Goldhill Trust on its offer for all the ordinary shares of SGX-listed Chew’s Group.

Wong Tan & Molly Lim LLC

Wong Tan & Molly Lim LLC has a strong domestic and international profile; it has an FLA with Watson Farley & Williams LLP. It has an established record in capital markets offerings, especially equity issuances. Ong Beng HongLow Wee Siong and Tan Swee Gek are key figures.

Practice head(s):

Ong Beng Hong; Low Wee Siong; Tan Swee Gek

Key clients

UOB Kay Hian

New Silkroutes Group

Anchor Resources

Work highlights

  • Advised New Silkroutes Group on the private placement of shares to PRC investors.  
  • Advised Anchor Resources on the issue of a series of guaranteed bonds with free detachable warrants to private accredited investors.  
  • Acted as Singapore counsel to Grindod Shipping on the proposed disposal and separate listing of Grindrod Shipping Holdings’ shipping business on NASDAQ and the Johannesburg Stock Exchange.