Grant for Equity Market Singapore (GEMS) Scheme

Grant for Equity Market Singapore (GEMS) Scheme

Supports Singapore listed and licensed financial firms with guidance for listing and investor research.

The Grant for Equity Market Singapore (GEMS) Scheme is administered by MAS under the Financial Sector Development Fund (FSDF), running from 21 July 2025 to 31 December 2028. GEMS has two distinct funding components: a Listing Grant for companies undertaking initial public offerings or secondary listings on the Singapore Exchange (SGX), and a Research Development Grant for licensed financial institutions producing equity research on Singapore-listed or soon-to-list companies. The scheme is designed to reduce the fixed cost burden of going public in Singapore and to increase research coverage of listed companies.

Under the Listing Grant, Mainboard IPOs with concurrent fundraising receive 70% co-funding: SGD 2 million for issuers with a market capitalisation of SGD 1 billion or more, and SGD 1 million for smaller issuers. Secondary listings without concurrent fundraising carry caps ranging from SGD 500,000 to SGD 1.5 million depending on timing. Catalist IPOs receive 20% co-funding capped at SGD 300,000. Newly listed ETFs receive SGD 250,000 (primary-listed) or SGD 180,000 (cross-listed or feeder). Depository Receipts attract SGD 40,000 each. Eligible IPO expenses include underwriting and placement fees, issue manager or sponsor fees, audit, legal, independent valuer, market research, SGX listing fees, and sustainability report costs. Under the Research Development Grant, licensed FIs earn SGD 4,000 to SGD 5,000 per eligible equity research report (with Basic Tier requiring at least 20 reports per year and Enhanced Tier requiring at least 40), plus an additional SGD 1,000 for initiation or IPO-related reports.

For the Listing Grant, applicants email fsdf_ext@mas.gov.sg no later than three months after listing. For the Research Development Grant, applications go to both fsdf_ext@mas.gov.sg and gemsresearch@sgx.com. Research reports must be authored or co-authored by Singapore citizens or permanent residents, with at least 50% of authorship by Singapore citizens. Research on private companies with strong local presence is considered case by case upon submission of a proposal to MAS.