The Best Route To Go Public
Extracted from ISCA website. Finding The Best Route To Go Public BY YAP WEE KEE, LEOW SZE BING and ISCA CORPORATE FINANCE COMMITTEE 4 Nov 2025 TAKEAWAYS An initial public offering (IPO) remains the gold standard to take a company public. Other alternatives include a reverse takeover (RTO), and special purpose acquisition company (SPAC). An RTO, also known as a backdoor listing, is typically quicker and less costly, and provides greater certainty and flexibility than an IPO. Issues of perception about an RTO can affect post-RTO liquidity and trading volumes. Although taking a company public is a major milestone, not all roads to a listing look the same. While the traditional path of the initial public offering (IPO) remains the gold standard, there are useful alternatives, namely, reverse takeovers (RTOs), and a solution that became available in Singapore in recent years – special purpose acquisition companies (SPACs). Each has its advantages and disadvantages and in th...