On August 16, 2024, reports emerged indicating that software firm AvePoint is contemplating a secondary listing in Singapore. This move could facilitate closer connections with some of its Southeast Asian backers, including Singapore’s 65 Equity Partners.

According to sources familiar with the situation, AvePoint is collaborating with advisers to explore the logistics of this potential listing, which may occur within the next year. However, the specifics regarding the size and timing of the listing remain under review and may evolve.

AvePoint did not provide any comments when approached for further details.

Singapore has been actively seeking to revitalize its stock market, which has faced challenges such as low liquidity and a scarcity of new listings. So far in 2024, there has been only one initial public offering in the city-state, made by Singapore Institute of Advanced Medicine Holdings, according to Bloomberg data.

Currently, there are 26 companies with secondary listings in Singapore, which include notable firms like Jardine Matheson Holdings, Nio, and Top Glove Corp.

Additionally, AvePoint’s shares have experienced a 34% increase in New York this year, resulting in a market capitalization exceeding US$2 billion.

Founded in 2001 in New Jersey, AvePoint now serves over 21,000 customers across more than 100 countries. The company went public on the Nasdaq in 2021 and subsequently invested S$100 million (approximately US$76 million) in a new international research and development hub in Singapore in the following year.

In 2023, AvePoint received significant backing from 65 Equity Partners, which is supported by Temasek Holdings Pte, alongside investments from Sixth Street.