Data security firm AvePoint Inc.—already listed on the Nasdaq—has set the share price for a secondary listing on the Singapore bourse on Friday, fulfilling a promise by its backer 65 Equity Partners, which is owned by state investor Temasek.
The company will list over 13.3 million common shares—being sold by existing stockholders, including CEO and co-founder Tianyi Jiang—at S$19.50 apiece. The proceeds of the offering will not go to the company but to the owners.
The stock will start trading on the mainboard of the SGX under the ticker symbol ‘AVP’ on Friday (Sept. 19). The company is expecting a valuation of S$4.36 billion ($3.4 billion).
Tianyi Jiang told DealStreetAsia the company chose to list in Singapore to tap into long-term Asian institutional capital, positioning itself as the largest publicly traded SaaS firm in the region amid heightened volatility for small-cap US tech stocks.
“Whenever there’s volatility, you will notice that small-cap or pre-mid-cap companies are hit harder. We’re one of the best performing SaaS stocks on Nasdaq for two years running, until Liberation Day in April,” Jiang said, adding that the performance has been volatile since.
“In the US, we are one of many, whereas in Singapore, we will be the biggest and only. By listing on SGX, we will be the largest SaaS public company in Asia,” he said. He noted that the secondary offering was designed to broaden the investor base with blue-chip funds rather than raise new capital, as the firm is already cash-generative.
Jefferies, Morgan Stanley, OCBC, and UBS are acting as joint global coordinators and joint bookrunners.
AvePoint’s listing has become 65 Equity Partners’ first set of liquidity events, almost four years after Temasek set up the investment firm to develop regional champions and support businesses and regional market leaders ahead of their public fundraising in Singapore’s public equity market.
The fund manager made an anchor investment in AvePoint, buying 16.7 million shares, or roughly 9% of the company, from Sixth Street in 2021.
Next plan
Following the listing, AvePoint, which crossed the $100 million quarterly revenue milestone in the June quarter of 2025, will continue to work towards hitting $1 billion in ARR by 2029.
To achieve that goal, the firm is already providing services to government agencies and enterprises in Singapore, among others, to generate IP to sell its products around the world.
“This year, we’ll be north of $400 million [in revenue]. We’re growing very quickly and most of this is organic as well. We have a strong balance sheet as of the most recent quarter earnings,” Jiang said, adding that the firm has done six small acquisitions and is looking to make bigger moves.
The company reported cash, cash equivalents and short-term investments of $430 million in Q2 2025. Its total revenue rose 31% year-on-year to $102 million in Q2, driven by SaaS revenue of $77.3 million, up 44%.
Similarly, the firm also has a big plan for its office in the city-state.
“We plan to expand our headcount in Singapore to at least 500 in the short term, or in the next few couple years. Singapore is an innovation hub for us, and with SGX listing, we are also becoming a public brand, so we will continue to invest and expand our presence here,” said Jiang.
