AvePoint Inc is considering a second listing in Singapore, people with knowledge of the matter said, in a deal that would bring the US infrastructure software firm a step closer to some of its backers in Southeast Asia.

AvePoint, which counts Singapore’s 65 Equity Partners among its investors, is working with advisers on a possible listing, the people said, asking not to be identified as the matter is private. The potential capital markets transaction could take place as early as in the next 12 months, the people said.

Details such as size and timing are under consideration and plans could change, the people said.

A representative for AvePoint didn’t respond to requests for comment.

Singapore has been trying to breathe some life into its stock market, including setting up a taskforce to address low liquidity and a lack of new listings. The city-state only had one initial public offering (IPO) this year, by Singapore Institute of Advanced Medicine Holdings Pte Ltd, according to data compiled by Bloomberg.

There are 26 companies with a secondary listing in Singapore, including Jardine Matheson Holdings Ltd, electric-vehicle maker Nio Inc and Top Glove Corporation Bhd (KL:TOPGLOV).

AvePoint shares have risen 34% in New York this year, giving the company a market value of over US$2 billion .

The company was founded in 2001 in New Jersey and now has over 21,000 customers in more than 100 countries, according to its website. It listed on the Nasdaq in 2021 and the following year, invested S$100 million (US$76 million) in a new international research and development hub in Singapore. 

AvePoint received an anchor investment from Temasek Holdings Pte Ltd-backed 65 Equity Partners in 2023. Sixth Street is also an investor. 

  - Bloomberg