Next Generation Partners

Firms To Watch: Capital markets: equity and debt: local firms

Counting reverse takeovers and privatisations in its workload, the capital markets team at Kennedys Legal Solutions is led by Robson Lee, who joined from Gibson Dunn in January 2023 and is noted for his expertise in securities regulation.

Capital markets: equity and debt: local firms in Singapore

Allen & Gledhill LLP

Recognised as ‘market leaders’ by corporates and investment banks, the capital markets practice at Allen & Gledhill LLP stands out for its expertise in first-of-its-kind equity and debt transactions in Singapore, while also boasting impressive capability in the REITs and business trust arenas. Tan Tze Gay spearheads the equity capital markets group and advises on high-value IPOs and listings on the Singapore Exchange (SGX), in addition to regional and international exchanges to global debt offerings. Head of the debt capital markets practice, Margaret Chin has experience across a range of debt offerings, including vanilla bond issuance, medium-term note programmes, hybrid instruments, and liability management exercises, while managing partner Jerry Koh leads the REITs group. Other key contacts in the team include corporate finance expert Yeo Wico, who is noted for his expertise in IPOs and bond offerings, and Kern Wong, who was promoted to partner in January 2023.

Responsables de la pratique:

Jerry Koh; Tan Tze Gay; Margaret Chin


Autres avocats clés:

Yeo Wico; Chua Bor Jern; Jeanne Ong; Kern Wong; Rhys Goh


Les références

‘Technically competent, resourceful, strong and efficient turnaround.’

‘Market leaders. Very reliable and detailed.’

‘Rhys Goh and Kern Wong are our go-to partners for transactions. Very technically sound and able to provide commercially balanced solutions. Always responsive and reliable.’

Principaux dossiers


  • Advised Mercatus Co-operative Limited, as issuer’s counsel, on the consent solicitation exercise in connection with the $2.16bn divestment of Jurong Point and Swing By @ Thomson Plaza, together with their related companies to Hong Kong-listed Link Real Estate Investment Trust.
  • Advised J.P. Morgan (S.E.A.) Limited and UBS AG, Singapore Branch, the joint issue managers, on the secondary listing of Emperador Inc. on the main board of Singapore Exchange Securities Trading Limited.
  • Advised CapitaLand Ascendas REIT Management Limited (as manager of CapitaLand Ascendas REIT), as transaction counsel, on the private placement which raised gross proceeds of approximately S$500 million.

WongPartnership LLP

The ‘collaborative and knowledgeable’ team at WongPartnership LLP handles the full spectrum of equity and debt mandates and is well-placed to act as international counsel for issuers across Southeast Asia, including in Thailand, Indonesia and Malaysia. The team has demonstrable experience advising on a broad range of debt capital markets transactions, while its equity offering covers public and private placements, including primary and secondary listings on the SGX, Bursa Malaysia, Indonesian Stock Exchange and Stock Exchange of Thailand. IPOs of REITs and business trusts continue to take up a significant portion of the team’s workload. Choon Yuen Hui spearheads the DCM practice and head of the ECM group Gail Ong is noted for her expertise in US registered and Rule 144A/Reg S equity and debt offerings by issuers in Southeast and South Asia. Other key contacts in the group include Karen YeohJames Choo and Trevor Chuan.

Responsables de la pratique:

Choon Yuen Hui; Gail Ong


Autres avocats clés:

Karen Yeoh; James Choo; Trevor Chua; Jen Vern Loh; Alvin Chua


Les références

‘Ability to advise and structure complex transactions and provide clear and practical advice to clients.’

‘They have a collaborative and knowledgeable team.’

‘Trevor Chuan is committed and resourceful. Whenever we have questions on a specific topic, he will always provide a solution or connect us with the relevant parties who are experts in the topic. ’

Principaux clients

DBS Bank Ltd


Ascott Residence Trust Management Limited


United Overseas Bank Limited


Citigroup Global Markets Singapore Pte. Ltd.


Cerberus European Investments, LLC


Comba Telecom Systems Holdings Ltd


NIO Inc.


Ever Glory United Holdings Pte. Ltd


Heeton Holdings Limited


Parkway Trust Management Limited


Oversea Banking Corporation Limited


Principaux dossiers


  • Acted for Frasers Property Limited in the update of the S$5 billion multi-currency debt issuance programme of its wholly owned subsidiary, Frasers Property Treasury Pte. Ltd. and the issuance of S$500 million 4.49 per cent green retail notes due 2027 by the Issuer under the Programme.
  • Acted for CapitaLand Integrated Commercial Trust Management Limited, as manager of CapitaLand Integrated Commercial Trust in the establishment of the S$500m Euro-Commercial Paper Programme of HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CICT.
  • Acted for Neon Group Limited in 65 Equity Partners’ S$150 million investment in the Company in its issue of redeemable preference shares and warrants.

Rajah & Tann Singapore LLP

Praised for its ‘excellent technical knowledge’, Rajah & Tann Singapore LLP acts for issuers, issue managers, underwriters and originators on IPOs, listing of companies, REITs and business trusts on the Mainboard and Catalist of the SGX. With demonstrable experience across the energy and resources, healthcare, lifestyle, real estate and manufacturing sectors, the firm houses a SPACs multidisciplinary practice and maintains a strong track record in domestic and cross-border equity, debt, and hybrid transactions. Hoon Chi Tern, who handles local and international IPOs, secondary listings and fund-raising mandates, jointly leads the team alongside Tan Mui Hui, who advises on primary and secondary listings in Singapore, as well as overseas exchanges, including, HKEx and NYSE. Evelyn Wee is noted for her expertise in SGX Mainboard listings, as well as REITs and business trusts listings, while Lee Xin Mei frequently advises on domestic and multi-jurisdictional debt restructuring transactions. Other key contacts in the group include Raymond Tong, who focuses on high-profile equity capital markets deals, and regional head of the firm’s corporate and transactional group, Chia Kim Huat.

Responsables de la pratique:

Chia Kim Huat; Evelyn Wee; Hoon Chi Tern; Tan Mui Hui


Autres avocats clés:

Lee Xin Mei; Raymond Tong; Danny Lim; Cynthia Wu


Les références

‘Excellent technical knowledge and client service. Never fail to deliver and always going the extra mile for the client.’

Principaux clients

CLSA Singapore Pte Ltd.


GLL IHT Pte. Ltd., GuocoLand Limited


Bridgetown 2 Holdings Limited


DBS Bank Ltd.


Merrill Lynch (Singapore) Pte. Ltd.


Citigroup Global Markets Singapore Pte. Ltd.


Oversea-Chinese Banking Corporation Limited


United Overseas Bank Limited


Japfa Ltd.


AustAsia Group Ltd.


Lion City Rentals Pte. Ltd.


M&T Investments Pte. Ltd.


Vingroup Joint Stock Company


Swiber Holdings Limited


Swiber Offshore Construction Pte. Ltd.


DBS Bank Ltd.


CGS-CIMB Securities (Singapore) Pte Ltd


OUE CT Treasury Pte. Ltd.,


OUE Commercial REIT


Silverlake Axis Ltd.


Viking Offshore and Marine Limited


Leader Environmental Technologies Limited


Sen Yue Holdings Limited


iWOW Technology Limited


NoonTalk Media Limited


Soochow Securities CSSD(Singapore)Pte Ltd


PrimePartners Corporate Finance Pte. Ltd.


SAC Capital Private Limited


RHT Capital Pte. Ltd.


G.H.Y Culture & Media (Singapore) Pte Ltd


Principaux dossiers


  • Advised CLSA Singapore Pte Ltd. on the S$4.25 billion spin-off and introductory listing of Yangzijiang Financial Holding Ltd. (based on its book value and net tangible assets) on the SGX-ST Main Board.
  • Acted for GLL IHT Pte. Ltd., a wholly owned subsidiary of GuocoLand Limited, in its update of its S$3 billion multi-currency Medium Term Note Programme.
  • Advised Bridgetown 2 Holdings Limited on its US$1.78 billion de-SPAC and merger with PropertyGuru Pte. Ltd., and listing of the combined company on NYSE.

Bird & Bird ATMD LLP

Praised for its ‘excellent knowledge and quality of services’, Bird & Bird ATMD LLP is well-placed to advise on listings on the SGX and IPOs, in addition to secondary offerings, privitisations and exempted offerings of fixed income products. Noted for its experience in sectors where technology and regulation are driving change, the team is led by Marcus Chow, who assists domestic and international corporates in raising capital by way of IPOs, private placements, and rights and warrants issues, in addition to acting as Singapore counsel in outbound IPOs. Clients praise both Chow and counsel Jolie Giouw for the ‘exceptional services’ they provide.

Responsables de la pratique:

Marcus Chow


Autres avocats clés:

Lawrence Wong; Jolie Giouw


Les références

‘The team is extremely responsive.’

‘Jolie Giouw has broad knowledge and deep expertise.’

‘Boutique style law firm with dynamic professionals.’

Principaux clients

KludeIn I Acquisition Corp


Sensetime Group Inc


Hyphen Group


Starburst Holdings Limited


United Overseas Bank Limited


V2Y Corporation Ltd


Clearbridge Health Limited


ValueMax Group Limited


Datapulse Technology Limited


YKGI Limited


Southern Alliance Mining Ltd.


Univest Securities LLC


Taimei (Singapore) Medical Technology Pte. Ltd.


Principaux dossiers


  • Acting as Singapore, French and Australian counsel for KludeIn I Acquisition Corp. in its merger with Near Intelligence Holdings which will generate US$268 million in gross proceeds and peg Near at a Pro-forma market capitalisation of nearly US$1 billion.
  • Advised Sensetime Group Inc., an artificial intelligence company, on matters of Singapore laws in its initial public offering on the Hong Kong Stock Exchange that raised more than US$700 million.
  • Acting as Singapore and SE Asia coordinating counsel for Hyphen’s proposed listing via an acquisition by special purpose acquisition vehicle Provident Acquisition Corp.

CNPLaw LLP

Counting mid-market listed companies, corporate finance houses and high-net-worth individuals among its key roster of clients, CNPLaw LLP advises on equity, debt and structured securities mandates, with demonstrable experience in the technology and fintech arenas. The practice also assists listed companies on continuing listing obligations and corporate actions, such as restructurings, capital reductions, placements and share buybacks. Min-Li Tan leads the team and advises on capital markets deals throughout the Asia Pacific region, while Pradeep Kumar Singh acts for companies listed on the SGX on issuance and transactions.

Responsables de la pratique:

Min-Li Tan


Autres avocats clés:

Pei-Ling Wong; Xiaomeng Ge; Pradeep Kumar Singh


Principaux clients

Global Palm Resources Holdings Limited


GYP Properties Limited


Singapore O&G Ltd.


Raffles Education Limited (formerly known as Raffles Education Corporation Limited)


Colombia Telecomunicaciones S.A. E.S.P.


Grupo Aeroméxico, S.A.B. de C.V.


Braskem Netherlands Finance B.V.


Dentons Rodyk

Dentons Rodyk handles domestic and cross-border public offerings of equity securities, including IPOs, secondary offerings such as placements, rights issues and bonus issues, in addition to spin-off transactions and REITs. The team, which ‘delivers excellent client services’, also has demonstrable experience assisting arrangers, dealers and issuers on convertible, exchangeable and asset-backed debt securities, standalone debt issues and medium-term note programmes. Nicholas Chong, who focuses on REITs, debt capital markets and structured products, jointly leads the team alongside Valerie Ong, who has considerable experience in cross-border capital markets transactions. Li Chuan Hsu’s ‘prompt availability, responsiveness, and sound advice are commendable’.

Responsables de la pratique:

Nicholas Chong; Valerie Ong


Autres avocats clés:

Li Chuan Hsu


Les références

‘The team at Dentons is accessible, has competitive fees, and delivers excellent services.’

‘Li Chuan Hsu’s prompt availability, responsiveness, and sound advice are commendable.’

Principaux clients

Pacific Radiance Ltd


HSBC Institutional Trust Services (Singapore) Limited


Validus Capital


Onstar Express Pte. Ltd.


Boustead Projects Limited


RBC Investor Services Trust Singapore Limited


Digo Corporation Pte. Ltd.


LMS Compliance Limited


Prometheus (S) Pte. Ltd.


Boustead Industrial Fund


Vertex Venture Holdings Ltd


SeaTown Private Capital Master Fund, Pavilion Capital Fund Holdings Pte. Ltd. and EDB Investments Pte. Ltd.


UOB Venture Management Pte Ltd


Principaux dossiers


  • Acted for SGX-listed Pacific Radiance Ltd in its consensual debt restructuring with the ENAV Offshore Mexico S de RL de CV group (ENAV).
  • Acted for HSBC Institutional Trust Services (Singapore) Limited (as trustee of CapitaLand Ascendas REIT), as issue, in the issue of S$208 million 3.468% green fixed rate notes due 2029 under the S$7 billion Euro Medium Term Securities Programme established by the issuer.

Drew & Napier LLC

On account of its longstanding relationships with regulators, Drew & Napier LLC frequently assists foreign clients looking to list in Singapore, with demonstrable experience advising on reverse takeovers, rights issues and other equity-linked transactions, as well as debt capital markets mandates. Steven Lo, who represents issuers, underwriters and selling shareholders in a range of domestic and cross-border capital markets transactions, jointly leads the team alongside Gary Wan, who handles capital markets deals across the region, namely Hong Kong, Thailand and Vietnam. Renu Menon advises on transactional and regulatory debt capital markets matters, and Pei Tong Ng is another key contact in the group.

Responsables de la pratique:

Steven Lo; Gary Wan


Autres avocats clés:

Renu Menon; Pei Tong Ng


Principaux clients

Tuan Sing Limited


Tam Jai International Co. Limited


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.


OCBC Bank


CSE Global Ltd


Guocoland Limited


Don Agro International Limited


Astaka Holdings Limited


Broadway Industrial Group Limited


Aspial Lifestyle Limited


Principaux dossiers


  • Acted for Super Hi International Holding Limited in its listing by way of introduction on the Main Board of the Hong Kong Stock Exchange.
  • Acted as counsel to Pfizer Inc. and Pfizer Investment Enterprises Pte. Ltd. to issue a debt offering in the US aggregating US$31 billion.
  • Acted for CSE Global Limited in relation to its proposed renounceable non-underwritten rights issue of up to 102,480,337 Rights Shares, raising gross proceeds of up to approximately S$33.8 million.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC handles a broad range of capital markets transactions under Singapore law, with notable expertise in the equity arena, as demonstrated by its track record advising on multiple IPOs on the main board of the SGX. The team also advises on matters concerning Rule 144A offerings, US-style high-yield bonds and Regulation S offerings, in addition to Hong Kong and Singapore dual listings. Bernard Lui, who has experience in IPOs, placements and compliance mandates, jointly leads the team alongside Joo Khin Ng, whose practice covers a range of equity and debt capital-raising transactions. Associate director Chrystle Kuek is another key contact in the group.

Responsables de la pratique:

Bernard Lui; Joo Khin Ng


Autres avocats clés:

Chrystle Kuek; Mei Sum Chan


Principaux clients

Addvalue Technologies Ltd.


ImmunoScape Pte. Ltd.


Grand Venture Technology Limited


Charisma Energy Services Limited


Oiltek International Limited


Alpha DX Group Limited (fka Alpha Energy Holdings Ltd.)


Citicode Ltd.


LHN Logistics Limited


Totm Technologies Limited


Hiap Seng Engineering Limited


Shook Lin & Bok LLP

Shook Lin & Bok LLP continues to showcase its strong track record in debt capital markets transactions, including medium-term note programmes, certificates of deposit, and debt issuance programmes, in addition to liability management and debt restructuring exercises. Counting Singapore-listed companies, financial institutions, sponsors, and investors among its key roster of clients, the team handles IPOs, dual listings, and secondary listings, with demonstrable experience advising on REITs transactions. Marilyn See is noted for her expertise in debt capital markets transactions, while Gwendolyn Gn, who is praised as ‘attentive to client’s requests’, focuses on domestic IPOs and cross-border dual listings.

Autres avocats clés:

Marilyn See; Gwendolyn Gn; Wong Gang


Les références

‘Deep knowledge of capital markets and high quality of work.’

‘ Gwendolyn Gn is attentive to client’s requests.’

‘Efficient and collaborative.’

Principaux dossiers


  • Advised Alset International Limited in its sale of HWH International Inc to NASDAQ listed SPAC Alset Capital Acquisition Corp and HWH Merger Sub, Inc. for a consideration of S$174.9million.
  • Acted for Yangzijiang Shipbuilding on its $4.25 billion spin off and introductory listing of its investment arm, Yangzijiang Financial Holdings, on the SGX.
  • Acted as legal counsel to DBS Trustee Limited / DBS Bank Ltd. as trustee and agents to the S$$2 billion multicurrency debt issuance programme of Starhub Ltd, to include RFRs and SORA provisions in the Programme documents.

Altum Law Corporation

Counting private placements, secondary fundraisings and reverse takeovers in its workload, Altum Law Corporation advises listed issuers on regulatory compliance with the listing rules of the Singapore Exchange, in addition to governance matters under the Code of Corporate Governance. Praised as ‘an experienced professional with deep market insight’, Lee Pih Peng leads the team and handles IPOs, dual and secondary listings and regulatory compliance issues, while Gregory Chanhas answers at the tip of his fingers given his experience‘ in capital markets and securities transactions.

Responsables de la pratique:

Lee Pih Peng


Autres avocats clés:

Gregory Chan


Les références

‘They are quick in rendering their advice and commercially sensible in their solutions.’

‘Lee Pih Peng is very experienced and is hands-on in our transactions.’

‘Gregory Chan is easy to understand and has answers at the tip of his fingers given his experience.’

Principaux clients

Lincotrade & Associates Holdings Limited


Tritech Group Limited


Memories Group Limited


PrimePartners Corporate Finance Pte. Ltd.


SMI Vantage Limited


Metech International Limited


The Lo and Behold Group Pte Ltd


Aris PrimePartners Asset Management Pte. Ltd.


Disa Limited


Octopus Asia Holdings Pte. Ltd.


Taka Jewellery Pte. Ltd.


Shen Yao Holdings Ltd


Quantum Healthcare Limited


Principaux dossiers


  • Advised Fabchem China Limited on the S$25.0m acquisition of Lincotrade & Associates Pte Ltd in consideration for the issue of 113,636,363 new shares in Fabchem China Limited to the shareholders of Lincotrade & Associates Pte Ltd.
  • Advised SGX Catalist listed Tritech Group Limited on its collaboration and secondary fund raising exercise with a Qatari investment firm as the anchor investor.
  • Advised Memories Group Limited on its voluntary delisting from Catalist under Rules 1307 and 1308 of the Catalist Rules pursuant to a S$0.047 per share exit offer in cash or consideration shares by SAC Capital Private Limited for and on behalf of the offeror, Memories (2022) Pte. Limited, completed on 17 January 2023.

AQUINAS LAW ALLIANCE LLP

AQUINAS LAW ALLIANCE LLP is noted for its capability in handling primary listings, including reverse takeovers, de-listings, privatisations, and secondary offerings, such as rights issues and placements, in addition to acting for clients listed on the Mainboard and Catalist board of the SGX on compliance issues. Praised for his ‘strong commercial knowledge and business sense’, joint managing partner Lim Kok Meng leads the team and advises on securities and debt offerings, securities regulations and structured finance matters. Sean Lee is another key contact in the group.

Responsables de la pratique:

Lim Kok Meng


Autres avocats clés:

Sean Lee; Nichola Koh; Titus Yeo


Les références

‘Quick in understanding any commercial problems and needs of the client.’

‘Lim Kok Meng has strong commercial knowledge and business sense. A street fighter who listens and offers clear advice.’

‘Sean Lee offers sound advice.’

Principaux clients

THC Venture Pte. Ltd.


Camsing Healthcare Limited


Taka Jewellery Holdings Limited


Green Build Technology Limited


Principaux dossiers


  • Advising Camsing Healthcare Limited, whose shares have been suspended from trading, in respect of the structuring of the proposed investment and regularising compliance breaches towards the submission of resumption of trading proposal.
  • Advised THC Venture Pte Ltd on the privatisation of T T J Group Limited and subsequently the compulsory acquisition of the shares held by minority shareholders.
  • Advised Green Build Technology Limited for its private placement exercise that was announced on 26 August 2022 and completed on 19 September 2022.

TSMP Law Corporation

TSMP Law Corporation has demonstrable capability in launching IPOs on the Main and Catalyst boards of the SGX, with additional experience advising on reverse takeovers, foreign IPOs and secondary fundraisings. Stefanie Yuen Thio spearheads the practice and advises on a broad range of equity and debt listings in Singapore and across the region. Leon Lim V-King, who assists with IPOs and secondary fundraisings, is another key contact in the team.

Responsables de la pratique:

Stefanie Yuen Thio


Autres avocats clés:

Leon Lim V-King


Principaux clients

ESR-LOGOS Funds Management (S) Limited


Principaux dossiers


  • Acted for the manager of ESR-LOGOS REIT in relation to the outgoing REIT trustee’s S$750m multicurrency debt issuance programme and the change of the issuer in the debt securities issued pursuant to the same.
  • Acting for Petredec Global Pte. Ltd. in relation to its potential listing on the Euronext Growth Oslo.
  • Acting on two separate de-SPACs including advising on the Singapore elements such as the restructuring and amalgamation to effect the de-SPAC.

Virtus Law LLP

Noted for its expertise in mid-sized capital markets transactions, Virtus Law LLP advises on Singapore Stock Exchange and London Stock Exchange listings, listing rules, takeover code and corporate governance issues, in addition to reverse takeover deals and secondary fundraisings. The team has seen an increase in mandates arising out of the consumer, healthcare and financial services sectors, as well as advising Chinese companies looking to list on the Singapore Stock Exchange. Parikhit Sarma leads the team and acts for private and listed companies, and investment funds on listing, fund raising and delisting mandates in Singapore. Douglas Koh is another key contact in the group.

Responsables de la pratique:

Parikhit Sarma


Autres avocats clés:

Douglas Koh


Principaux clients

UOB Kay Hian Private Limited


Lim Quee Lan and Tan Kim Swee Bernard


Aoxin Q & M Dental Group Limited


Sitra Holdings (International) Limited


LifeBrandz Ltd.


Q & M Dental Group (Singapore) Limited


Swire Pacific


PropNex Limited


Sen Yue Holdings Limited


Pan Asian Holdings Limited


Noble Group Limited (wound up)


VCPlus Limited


Principaux dossiers


  • Advising UOB Kay Hian Private Limited as underwriter for the rights issue of S$26 million convertible bonds and as subscribers of S$17 million convertible bonds.
  • Advising the joint offerors, Lim Quee Lan and Tan Kim Swee Bernard, in the general offer of all the shares in REVEZ Corporation Ltd.
  • Advised Aoxin Q&M Dental Group Limited and Q & M Dental Group (Singapore) Limited on the acquisitions of properties for an aggregate consideration of approximately S$3.8 million as interested person transactions, and the adoption of employee share schemes and share purchase mandate.

Wong Tan & Molly Lim LLC

Praised for its ‘excellent service’, Wong Tan & Molly Lim LLC advises on primary and secondary fundraisings, IPOs, reverse takeovers and regulatory compliance matters, with demonstrable capability in handling secured and syndicated loan transactions and guarantees, as well as structured finance matters. Counting financial institutions, listed companies and multinational corporations among its key roster of clients, Ong Beng Hong jointly leads the capital markets team alongside Tan Swee Gek.

Responsables de la pratique:

Ong Beng Hong; Tan Swee Gek


Les références

‘They provide an excellent service.’

Principaux clients

China Hainan Rubber Industry Group Co Ltd


TTJ Holdings Limited


Virax Biolabs Group


HealthBank Holdings Ltd


Asia Vets Holdings Ltd


Sing Investments & Finance Limited