The Grant for Equity Market Singapore (GEMS) is a Monetary Authority of Singapore (MAS) scheme, funded by the Financial Sector Development Fund, that co-funds the cost of listing on the Singapore Exchange (SGX). Its Listing Grant covers up to 70% of eligible expenses paid to Singapore-based providers for IPOs, secondary listings and reverse takeovers, capped at S$2 million for listings with concurrent fundraising and a market capitalisation of S$1 billion or more, and S$1 million below that. GEMS runs from 21 July 2025 to 31 December 2028, and claims must be made within three months of listing.
Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.
What is GEMS and who runs it?
GEMS is MAS’s main grant for the Singapore equity market. MAS states that the scheme is valid from 21 July 2025 to 31 December 2028, both dates inclusive. It has three parts:
- Listing Grant: co-funds the professional and exchange costs of bringing equity securities to SGX. This is the part most relevant to companies planning an IPO.
- Research Development Grant: pays Singapore-based financial institutions per qualifying equity research report, including reports on pre-IPO and newly listed companies. SGX is the programme manager.
- Market Making Grant: funds appointed market makers that quote SGX-listed stocks at set obligation levels. SGX is the grant administrator.
The Market Making Grant is new. On 29 September 2026 MAS committed S$20 million from the Financial Sector Development Fund to it, running until 31 December 2028. MAS said the initial eligible list covers about 80 small and mid-cap stocks plus newly listed stocks, and that the list will be reviewed regularly. A listing company does not receive this money itself, but better quoting in its shares after listing is part of the policy aim.
Which listings qualify for the Listing Grant?
| Market or product | Qualifying issuances (per MAS) |
|---|---|
| SGX Mainboard | IPOs (including SPACs, REITs and business trusts, with REITs and business trusts subject to a cap), secondary listings and reverse takeovers |
| SGX Catalist | IPOs, secondary listings and reverse takeovers |
| Exchange-traded funds | Newly listed primary-listed, cross-listed and feeder ETFs |
| Depository receipts | Singapore DRs over foreign stocks listed on SGX, and foreign DRs over Singapore stocks listed overseas |
A SPAC can make one claim when it lists, not at the de-SPAC stage. MAS says REITs and business trusts are subject to a cap but does not publish the amount on the scheme page, so a REIT sponsor should ask MAS directly.
Which board you list on is decided by SGX’s admission rules, not by the grant. For example, the Catalist Rules require a listing applicant to appoint a full sponsor. Choose the board on commercial and regulatory grounds first, then check which GEMS tier applies.
How much can a listing company get?
For IPOs, secondary listings and reverse takeovers, MAS publishes these tiers:
| Situation | Co-funding | Grant cap |
|---|---|---|
| Listing with concurrent fundraising, market cap S$1 billion and above | 70% of eligible expenses | S$2,000,000 |
| Listing with concurrent fundraising, market cap below S$1 billion | 70% of eligible expenses | S$1,000,000 |
| All listings with concurrent fundraising, regardless of market cap (separate row in the MAS table) | 20% of eligible expenses | S$300,000 |
| Secondary listing without concurrent fundraising (market cap at least S$1 billion), follow-on fundraising within 6 months | 70% of follow-on fundraising expenses | S$1,500,000 |
| Same, follow-on fundraising between 6 and 12 months | 70% of follow-on fundraising expenses | S$1,000,000 |
| Same, no fundraising or fundraising 12 months or more after listing | 70% of eligible listing expenses | S$500,000 |
The MAS page lists both the 70% tiers and a 20% tier for listings with concurrent fundraising, without explaining on the page which listings fall into which. Before you budget on the 70% figure, ask MAS which tier applies to your listing.
ETFs and DRs receive fixed amounts: S$250,000 per primary-listed ETF, S$180,000 per cross-listed or feeder ETF, and S$40,000 per DR (up to five DRs per jurisdiction for each Singapore DR issuer, and five for each foreign DR issuer). ETFs and DRs must stay listed for at least two years, or MAS may claw back the grant.
Which costs count as eligible expenses?
Eligible expenses are business spending on Singapore-based providers that is directly attributable to the qualifying issuance:
- underwriting and placement fees
- issue manager and sponsor fees
- audit fees
- legal fees
- intangible asset valuation and evaluation (valuation is usually done by an auditor, evaluation usually by an IP service provider)
- independent market research fees
- SGX listing fees
- fees for preparing and issuing a sustainability report for the listing
GST and equivalent taxes are excluded. Ongoing sustainability reporting costs after listing do not qualify, and the listing sustainability report must follow SGX RegCo requirements or later MAS or SGX guidance. Fees paid to overseas advisers, such as a foreign law firm or an offshore auditor, do not fit the Singapore-based provider rule, so the location of each adviser matters when you build the deal team.
How do you apply?
The Listing Grant is a claim made after the event, not a pre-approval. The practical sequence is:
- Plan the tier early. When you appoint advisers, write to MAS at [email protected] to confirm which tier and cap should apply to your listing structure.
- Keep costs separable. Ask each adviser to invoice listing work separately from ongoing work, and to show GST separately.
- List. The grant relates to the issuance or listing date.
- Submit within three months. MAS requires applications no later than three months after the issuance or listing date.
- Answer queries quickly. MAS warns that incomplete applications or applications that do not meet the criteria take longer to process.
Technical secondary listings follow a different clock. The claim must be made within 15 months of listing at most, and if a follow-on fundraising happens within 12 months of listing, within three months of that fundraising or the 15-month limit, whichever is earlier. Each listing allows a single claim.
Documents checklist
- Final offer document or listing circular, and evidence of the listing date
- Market capitalisation at listing and details of any concurrent or follow-on fundraising
- Engagement letters and invoices from each adviser, showing the Singapore entity that billed
- Proof of payment for each invoice
- A schedule mapping each cost to an eligible category, excluding GST
- Board resolution or authorisation for the person signing the claim
- For ETFs: initial offer period details, marketing plans and promotional materials
Example: a mid-sized Mainboard IPO
Example (hypothetical): A Singapore holding company lists on the Mainboard with a market capitalisation of S$600 million and raises new money at the IPO. Its Singapore-based issue manager, underwriter, auditors, lawyers, valuer and SGX listing fees total S$2.4 million before GST. If MAS confirms the 70% tier for listings below S$1 billion, 70% of S$2.4 million is S$1.68 million, so the grant is capped at S$1 million. If MAS instead assesses the listing under the 20% tier, the grant would be 20% of S$2.4 million, which is S$480,000, capped at S$300,000. The difference is why the tier should be confirmed with MAS before the IPO budget is approved.
How is the grant treated in the accounts and for tax?
A GEMS grant reimburses costs that the company has already paid. In the accounts, listing costs are usually split between amounts deducted from equity (for new shares issued) and amounts expensed, and the grant should follow the costs it relates to. The income tax treatment depends on whether the underlying costs were deductible. Our guide to the tax treatment of government grants in Singapore explains the general principles; agree the treatment with your auditor before the first post-IPO financial statements.
Common reasons claims fail or shrink
- Late claims: the three-month window after listing is short, and the IPO team is often stood down by then.
- Offshore providers: costs billed by advisers outside Singapore do not meet the Singapore-based provider requirement.
- Mixed invoices: bills that combine listing work with pre-IPO restructuring, ongoing compliance or post-listing reporting are hard to apportion.
- Wrong tier assumed: budgeting on 70% when MAS applies a lower tier.
- GST included: GST is never an eligible expense.
- Early delisting of ETFs or DRs: the two-year listing condition allows clawback.
Listing also brings ongoing obligations, including sustainability reporting. Our overview of SGX and ISSB sustainability reporting in 2026 explains the timeline, and the Sustainability Reporting Grant may help with a first climate report. For background on the listing process itself, see our note on the initial public offering, and for other support across every sector, our directory of Singapore government grants for companies.
Frequently asked questions
Can a Catalist IPO claim the GEMS Listing Grant?
Yes. MAS lists Catalist IPOs, secondary listings and reverse takeovers as qualifying issuances. Confirm with MAS which funding tier and cap applies to your listing.
When must the claim be submitted?
No later than three months after the issuance or listing date. Technical secondary listings have a longer window of up to 15 months, with an earlier deadline if there is follow-on fundraising within 12 months.
Are fees paid to overseas advisers covered?
No. Eligible expenses must be paid to Singapore-based providers and be directly attributable to the issuance.
Is GST claimable?
No. MAS excludes GST and other equivalent taxes from eligible expenses.
Can a listed company apply for the Market Making Grant?
The Market Making Grant funds market makers that quote eligible stocks, not the listed companies. Enquiries go to SGX, which administers it.
How long is GEMS available?
MAS states that GEMS is valid until 31 December 2028. Check the MAS GEMS scheme page and the MAS release of 29 September 2026 for any changes, and the SGX Catalist Rules for Catalist admission requirements.
Information checked against official sources on 6 November 2026.
Free grant consultation: is GEMS right for your company?
Raffles Corporate Services has in-house certified grant consultants who are experienced with Singapore grant applications and the full grant process, from checking eligibility and preparing the proposal and supporting documents to submitting claims and meeting the conditions after approval. We can arrange a free consultation to review your company and identify which grants, including GEMS, may be applicable.
Email [email protected] or WhatsApp +65 8501 7133 to book a time. MAS decides every application, and no consultant can guarantee approval.
Kevin Yeo, Raffles Corporate Services