The Singapore Exchange (SGX) operates two distinct equity markets: the Mainboard and Catalist. The SGX Mainboard is the primary market for established, larger companies, while Catalist (formerly SESDAQ) is a sponsor-supervised market designed for fast-growing small- and mid-cap companies. Understanding the difference between SGX Mainboard and Catalist is important for Singapore investors evaluating stock listings and risk profiles. This content is for educational purposes only and does not constitute financial advice.
What Is the SGX Mainboard?
The SGX Mainboard is Singapore’s premier stock exchange for established companies with strong financials and track records. It is home to Singapore’s largest blue-chip companies, REITs, ETFs, and many multinational listings. The Mainboard operates under rigorous MAS-regulated listing requirements set by SGX.
As at Q1 2026, the Mainboard hosts the majority of Singapore’s market capitalisation, including STI component stocks like DBS Group, OCBC, UOB, CapitaLand Integrated Commercial Trust, and Mapletree Logistics Trust.
What Is Catalist?
Catalist is SGX’s secondary board for smaller companies that may not yet meet Mainboard quantitative requirements. Unlike the Mainboard — where SGX itself acts as the regulatory gatekeeper — Catalist operates on a sponsor-supervised model. Each Catalist-listed company must retain an SGX-approved full sponsor for the duration of its listing. The sponsor (typically a bank or financial firm) takes responsibility for guiding the company on compliance and disclosure obligations.
This sponsor model makes Catalist more accessible to growth companies and startups, but it also means investors carry higher information asymmetry risk compared to Mainboard listings.
Key Differences: Listing Requirements
Mainboard requirements include meeting at least one of three quantitative criteria: (1) a minimum pre-tax profit track record of S$30 million over the last three years, OR (2) a market capitalisation of at least S$150 million with revenue of at least S$300 million in the most recent audited year, OR (3) operating revenue of at least S$300 million in the most recent year with at least 300 shareholders holding at least 25% of shares.
Catalist requirements are qualitative rather than quantitative — a company needs an approved sponsor who endorses its listing. There is no minimum profit, revenue, or market cap requirement. This makes Catalist accessible to pre-profit companies, early-stage firms, and regional SMEs seeking capital market access.
Trading Rules and Investor Protections
Both Mainboard and Catalist shares trade on the SGX Securities Market via standard CDP (Central Depository) accounts or nominee accounts through brokers. However, there are key differences in governance:
Shareholder meeting requirements: Mainboard companies must hold AGMs and follow SGX listing rules directly enforced by SGX RegCo (the regulatory arm). Catalist companies’ compliance is primarily supervised by their sponsor.
Continuing disclosure: Both markets require timely disclosure of material information. However, Catalist companies have a sponsor reviewing disclosures before they go out, which can be an additional quality check — but also a potential delay.
Liquidity: Mainboard stocks generally have far higher trading volumes and liquidity than Catalist stocks. Many Catalist-listed companies have thin trading volumes, making it difficult to buy or sell large positions without moving the market price.
Should You Invest in Catalist Stocks?
Catalist stocks can offer high growth potential — some of Singapore’s best-performing small-caps have been Catalist listings. However, they carry elevated risks compared to Mainboard stocks: lower liquidity, less transparent governance, and a higher probability of business failure given many are growth-stage companies.
For retirement-focused or income investors in Singapore, Mainboard stocks — particularly S-REITs and dividend stocks — are generally more appropriate. For investors with higher risk tolerance seeking growth exposure, a small allocation to selected Catalist stocks may be considered, but thorough due diligence is essential.
The Best S-REITs Singapore 2026 guide focuses on Mainboard-listed REITs which offer far greater liquidity and regulatory oversight.
Frequently Asked Questions
What is the main difference between SGX Mainboard and Catalist?
The Mainboard is for established companies meeting quantitative financial criteria (profit, revenue, or market cap thresholds). Catalist is a sponsor-supervised market for smaller or growth-stage companies with no minimum profit or revenue requirements — making it more accessible but also higher risk for investors.
Can REITs list on Catalist in Singapore?
In practice, virtually all Singapore REITs list on the Mainboard due to their size and investor base requirements. MAS regulations for S-REITs are designed around publicly distributed products with broad retail ownership, which aligns with Mainboard standards.
How do I know if a stock is on the Mainboard or Catalist?
You can check on the SGX website (sgx.com) — each company’s listing page specifies its market. Most stock screeners and brokerage platforms also indicate the market board. Catalist stocks are often denoted with a ‘C’ designation in SGX filings.
Is it riskier to invest in Catalist stocks?
Generally yes. Catalist companies are typically smaller, less liquid, and have weaker track records than Mainboard peers. Liquidity risk is a key concern — selling a Catalist stock quickly at a fair price can be difficult. Governance standards also rely more heavily on the sponsor rather than direct SGX oversight.
Can a Catalist company transfer to the Mainboard?
Yes. A Catalist company that meets the Mainboard’s quantitative listing requirements can apply to transfer to the Mainboard. This is viewed as a positive development — a sign that the company has matured and can access a larger investor base and more liquidity.