Singapore Exchange Limited (SGX: S68), or SGX, has witnessed a dearth of IPOs over the last two years. SGX has struggled to attract listing aspirants and has witnessed net delistings in the last seven out of nine years. Since 2010, the number of listed companies has fallen from 783 to 723 in 2019. The pandemic isn’t helping, either. In the first half of 2020, a Deloitte and Touche report stated that IPO activity witnessed a 53.2% decline in funds raised. Singapore only saw six listings during this period, and five of those took place in the first quarter before COVID-19 caused valuations to plunge. Out of these five listings, two were REITs that raised S$690.5 million, or around 95% of the total proceeds raised of S$725.04 million. The latest IPO on the local bourse is Singapore Paincare Holdings (SGX: FRQ), which debuted on the Catalist board at S$0.22 without much fanfare....