The launch of the SGX–Nasdaq Global Listing Board (GLB) creates a new opportunity for growth companies seeking access to capital in both Asia and the United States. By providing a coordinated pathway to dual listing, the framework has the potential to help issuers reach a broader investor base, enhance market visibility and support future capital-raising initiatives as their businesses grow.
For pre-IPO companies, however, a successful dual listing requires more than meeting listing requirements. Management teams must prepare for increased scrutiny from investors, regulators and stakeholders while coordinating complex workstreams across multiple jurisdictions. From due diligence and disclosure preparation to regulatory filings and post-listing reporting, careful planning remains essential.
What Is the SGX–Nasdaq Global Listing Board and What Are the Disclosure Requirements for GLB Issuers?
The SGX–Nasdaq Global Listing Board (GLB), which took effect on 28 June 2026, is a new framework designed to facilitate dual listings across Singapore and the United States. For companies with global growth ambitions, it creates a more streamlined and harmonised pathway to access capital and investors across both markets through a coordinated listing on the Singapore Exchange (SGX) and the Nasdaq Global Select Market.
The framework is intended for growth-oriented companies with an Asian nexus and global ambitions. To qualify, issuers must meet specific eligibility and listing requirements, including a minimum market capitalisation of S$2 billion. The GLB also introduces several Singapore-related fundraising and governance requirements, such as raising at least 15% of the global IPO proceeds (or S$75 million, whichever is higher) in Singapore, appointing an accredited Singapore issue manager, and maintaining an appropriate local interface to support timely engagement with SGX.
One of the most significant aspects of the Global Listing Board is its emphasis on harmonisation between Singapore and U.S. regulatory requirements. Under the new framework, issuers can benefit from:
- A single set of offering documents that incorporates U.S. disclosure requirements and allows certain information to be incorporated by reference where permitted under U.S. securities laws.
- A streamlined disclosure framework designed to support coordinated fundraising and listing activities across both markets.
- Prospectus requirements that incorporate U.S. disclosure standards while retaining important safeguards, including expert consent requirements.
- Ongoing disclosure obligations requiring issuers to announce relevant SEC EDGAR filings and other material disclosures required under U.S. securities laws and Nasdaq listing rules.
The framework also includes requirements relating to the Singapore offering tranche, including retail broker participation and local market access provisions designed to support investor participation within Singapore.
For companies evaluating a dual-listing strategy, understanding these requirements is an important first step. While the framework simplifies several aspects of a cross-border IPO, issuers must still be prepared to meet both Singapore and U.S. disclosure, governance and reporting obligations. Disclosure readiness, document control and scalable reporting processes remain critical components of a successful SGX–Nasdaq dual listing.
To learn more about the SGX–Nasdaq Global Listing Board, visit the SGX Global Listing Board webpage.
Preparing for a Global Market Debut
While the GLB simplifies elements of the listing process, issuers must still establish the foundations needed to operate successfully as a public company.
Companies considering the GLB pathway may be preparing for their first interaction with U.S. capital markets and SEC reporting requirements. This often requires firms to strengthen financial reporting processes, establish robust disclosure controls and coordinate multiple advisers within demanding transaction timelines.
Successful preparation often involves:
- Establishing robust disclosure and reporting processes.
- Coordinating legal counsel, auditors, underwriters and internal stakeholders.
- Managing extensive due diligence and documentation requirements.
- Preparing for ongoing SEC and public company reporting obligations after listing.
Supporting the Cross-Border Listing Process: How DFIN Can Help
For companies pursuing a dual listing under the Global Listing Board, the challenge extends beyond meeting listing requirements. Issuers must manage due diligence, prepare offering documents, coordinate legal and financial advisers, navigate U.S. disclosure requirements and establish reporting processes that can support ongoing obligations after listing.
DFIN's Global Capital Markets Solutions are designed to support issuers throughout the IPO journey, from readiness and transaction execution through SEC filing and ongoing reporting obligations. Companies can leverage DFIN's full-service IPO solution, where dedicated project managers and capital markets specialists provide end-to-end support for document preparation, formatting, SEC filing coordination and transaction execution. DFIN also offers Capital Markets Concierge, a flexible execution model powered by the ActiveDisclosure platform that enables issuers and advisers to retain greater control over the drafting, review and filing process while benefiting from DFIN's dedicated document and SEC filing expertise throughout the transaction.
DFIN ActiveDisclosure is a connected reporting platform designed to support companies from pre-IPO preparation through to life as a public company. Issuers can use ActiveDisclosure to draft and review offering documents, automate iXBRL tagging, establish digitised certification workflows, and manage ongoing SEC filing requirements, including annual reports (Form 20-F), material disclosures (Form 6-K), and beneficial ownership reporting (Section 16/Form 144/Schedule 13D & G), all within a single environment. By establishing scalable reporting processes early, companies can improve collaboration across internal and external stakeholders, reduce manual effort, enhance reporting accuracy and realise cost efficiencies throughout their life as a public company.
During the IPO process, DFIN's industry-leading Venue® virtual data room solutions also provide a secure platform for due diligence, document sharing and collaboration among issuers, underwriters, legal counsel, auditors and other stakeholders. As registration statements, prospectuses and supporting disclosure documents progress through multiple drafting and review cycles, issuers can maintain greater control, transparency and efficiency throughout the transaction process.
A Trusted Partner Across SGX and Nasdaq Listings
For companies considering the GLB pathway, experience across both markets can be an important factor when evaluating partners that understand the differing disclosure, filing and reporting requirements associated with SGX and Nasdaq listings.
With a longstanding track record supporting U.S. IPOs, cross-border transactions and international issuers accessing U.S. capital markets, DFIN has extensive experience helping companies navigate evolving regulatory frameworks and listing requirements across multiple jurisdictions.
Most recently, DFIN has supported notable transactions across the U.S. and Asia, including SK Hynix's US$26.5 billion Nasdaq listing, which was reported at the time of listing as the largest U.S. offering by a foreign issuer. DFIN also supported PayPay's Nasdaq IPO, reported as the largest U.S. listing by a Japanese company, as well as UltraGreen.ai's SGX listing, Singapore's largest IPO in eight years.*
Together, these reflect DFIN's experience supporting issuers across both U.S. and Singapore capital markets, spanning large-scale international listings, high-growth companies and complex cross-border transactions. As companies evaluate opportunities under the Global Listing Board framework, access to experience across both markets can help streamline transaction execution, confidently navigate multi-jurisdictional requirements, and support a smoother path from listing preparation through market debut.
*Based on DFIN research and publicly available market data reported at the time of listing.
Ready to Explore the SGX-Nasdaq Global Listing Board Pathway?
Whether your organisation is evaluating the Global Listing Board, preparing for a U.S. IPO or exploring new ways to strengthen disclosure and reporting processes ahead of a future listing, DFIN is ready to help.
Enquire now to discuss how DFIN can support your IPO, SEC reporting and public company reporting journey.
