If we are to have a vibrant IPO scene, firms have to perform well after their offerings into the long term
Ben Paul
Published Sun, Oct 18, 2026 · 08:05 PM
[SINGAPORE] Deluge Corporation is an unlikely hero in the story of the Singapore market’s quest for exciting new listings.
For one thing, it operates a seemingly mundane business – it installs and maintains fire detection and protection systems in hospitals, shopping malls and public transportation infrastructure.
More to the point, Deluge has not attempted to price itself like a hot growth stock. Based on the 145 million shares outstanding following its initial public offering at S$0.60 per share, the company has a market cap of only S$87 million – which is 10 times the S$8.7 million in earnings it reported for the financial year to March 2026.