SINGAPORE — The Singapore government on Friday announced a series of initiatives to boost the domestic stock market, including co-investing in a new fund to support “promising high-growth” companies.

The new fund will be set up with state investment firm Temasek. It will start with 1.5 billion Singapore dollars ($1.1 billion) to help companies raise capital through public listings — whether primary, secondary or dual — in the Southeast Asian city-state.

Here are other initiatives that were announced:

• The investment arm of Singapore’s Economic Development Board intends to establish a new fund to invest in later-stage companies and work toward an eventual listing in the city-state. It will be funded with 500 million Singapore Dollars.
• Monetary Authority of Singapore will provide more grants for companies to cover the costs of listing.
• The exchange operator, Singapore Exchange, will help high-growth companies to raise funds privately prior to a public listing.   

The SGX has announced that it will allow special purpose acquisition companies (SPACs) to be listed on its exchange. The move was seen as a way to revive Singapore’s IPO market.

In an exclusive interview with CNBC, SGX Chief Executive Loh Boon Chye said there’s a “robust pipeline” of potential SPAC listings — and the first could come through in a couple of weeks.

Singapore’s stock market has outperformed many of its regional peers this year, with the benchmark Straits Times Index gaining around 7.8% as of Thursday’s close.

The Singapore Exchange’s initial public offerings have not been as successful. Only three IPOs were filed in Singapore during the first half, raising $200 million, while Hong Kong, a financial hub, had 46 listing that brought in $27.4billion.

— CNBC’s Weizhen Tan contributed to this report.

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