Company Name: Lion Global Investors Limited

Date of Prospectus: 4 March 2026

IPO Launch of LionGlobal Singapore Physical Gold Fund: In-Depth Analysis for Investors

IPO Snapshot: LionGlobal Singapore Physical Gold Fund

Key Details: The LionGlobal Singapore Physical Gold Fund, managed by Lion Global Investors Limited, is launching its IPO with the ETF USD Class (Acc) listed on the Singapore Exchange Securities Trading Limited (SGX-ST). This IPO presents direct exposure to physical gold, backed by allocated gold bars compliant with LBMA standards.

• IPO Symbol: GLU (US\$), GLS (S\$)
• Offer Price: US\$5.0000 per unit (ETF USD Class (Acc) during Initial Offer Period)
• Listing Date: 26 March 2026
• Board Lot Size: 1 Unit
• Application Unit Size: 30,000 Units (or higher in multiples of 1,000 Units; may be less during Initial Offer Period)
• Minimum Subscription: Application Unit size through Participating Dealers
• Dividend Policy: No distributions; accumulation class
• Expense Ratio Cap: 0.39% p.a.; expenses above cap borne by manager
• Managers: Lion Global Investors Limited
• Trustee: Standard Chartered Trust (Singapore) Limited
• Designated Market Maker: Phillip Securities Pte Ltd

Placement and Issuance Breakdown

ETF USD Class (Acc): Units are offered via Participating Dealers, ATM of participating banks, and internet banking during the Initial Offer Period. Public retail investors may purchase units through the SGX-ST post-listing. There is no explicit cornerstone, anchor, or employee allocation disclosed.

• Initial Offer Period: 6 March 2026 (9:00 a.m.) to 20 March 2026 (12:00 p.m.)
• Minimum IPO Value: S\$20 million (or equivalent) for listing to proceed
• Public Allocation: Via SGX-ST after listing
• Private Placement: Not specified
• Employee Allocation: Not specified
• Oversubscription Metrics: Not disclosed

Investor Participation and Book Quality

Participating Dealers: Only Participating Dealers can create and redeem units with the Fund directly. Phillip Securities Pte Ltd is named as a designated market maker, supporting liquidity on SGX-ST. The presence of a market maker and the requirement for a minimum IPO size suggest robust institutional support and book quality.

• Subscription Channels: Participating Dealers, ATM, internet banking (Initial Offer Period); SGX-ST (post-listing)
• Anchor/Institutional Investors: Not explicitly named
• Tranche Allocations: Not disclosed
• Pre-listing Disposals/Sales: Not disclosed
• Book Quality Assessment: Minimum IPO size and market maker indicate strong listing-day performance potential

Deal Parties and Structure

Key Parties:

• Managers: Lion Global Investors Limited
• Trustee: Standard Chartered Trust (Singapore) Limited
• Custodian: Standard Chartered Bank (Singapore) Limited
• Market Maker: Phillip Securities Pte Ltd
• Underwriters/Bookrunners/Sponsors: Not specifically named beyond the above
• Stabilization/Over-allotment (Greenshoe): Not disclosed
• Listing Rules: Compliance with SGX-ST and MAS regulations

Assessment: The involvement of established financial institutions and a designated market maker supports confidence in listing-day performance.

Company Overview: LionGlobal Singapore Physical Gold Fund

Business Model: The Sub-Fund invests directly in physical gold bars (minimum fineness 99.5%), compliant with LBMA Good Delivery Rules. The ETF USD Class (Acc) is structured to track the LBMA Gold Price AM as closely as possible, before fees and expenses.

• Revenue Streams: Returns from physical gold price appreciation and passive gold exposure
• Key Products: ETF USD Class (Acc) and other unlisted accumulation classes
• Monetization: Capital appreciation, no income distribution
• Customer Segments: Retail investors, institutional investors (via Participating Dealers), distributors
• Geographies: Singapore-based, global gold exposure

Industry Sector: Precious Metals Fund / Exchange-Traded Fund (ETF)

Market Position: Offers direct, SGX-listed exposure to physical gold, providing investors with a liquid, regulated avenue for gold investment.

Management Team: Lion Global Investors Limited; trustee services provided by Standard Chartered Trust (Singapore) Limited.

Financial Health

Financial Metrics: (Audited accounts not available as of 4 March 2026; expense ratio and turnover ratio not yet disclosed)

Financial Health Overview: The fund is structured for long-term capital appreciation tracking the LBMA Gold Price AM. Expense ratio capped at 0.39% per annum for ETF USD Class (Acc). No leverage or debt financing disclosed.

Trends, Timing, and Market Environment

Sector Trends: The prospectus highlights gold’s attractiveness as a hedge against economic volatility and inflation. Demand for physical gold is influenced by macroeconomic conditions, interest rates, and market perceptions of gold as a safe haven.

• Historical Demand Drivers: Economic uncertainty, inflation, global liquidity
• Seasonality: Not specifically addressed
• IPO Timing: Initial Offer Period: 6-20 March 2026; Listing Date: 26 March 2026
• Economic Indicators: Macro environment described as supportive for gold investment
• Recent Sector Developments: No other IPOs or sector-specific events mentioned

Market Conditions Favorability: The timing aligns with sustained demand for gold exposure, suggesting a favorable environment for this IPO.

Risk Factors

Key Risks:

• Market Risk: Gold price fluctuations driven by economic conditions, interest rates, and investor sentiment
• Derivatives Risk: FX hedging for non-USD classes; best-efforts basis, not guaranteed
• Liquidity Risk: Market liquidity on SGX-ST not guaranteed; redemption requests may be suspended under certain circumstances
• Currency Risk: USD-denominated classes exposed to forex movements; hedged classes mitigate but do not eliminate risk
• Operational Risk: Reliance on LBMA Gold Price AM; replacement benchmark risk if license terminated
• Regulatory Risk: Compliance with MAS and SGX-ST regulations
• Swing Pricing Risk (Unlisted Classes): Net Asset Value may be adjusted upward/downward to reflect dealing costs; impact on returns
• Fair Value Adjustment (Unlisted Classes): Realisation price may be adjusted if large proportion of units are redeemed
• No Guaranteed Returns: Principal loss possible; value of units and income may fall as well as rise

Growth Strategy

Expansion Plans: The Sub-Fund aims to track the LBMA Gold Price AM, expanding investor access to physical gold via listed and unlisted classes. New classes may be established, and hedged classes offer additional flexibility for investors seeking currency risk mitigation.

• Product Development: Multiple classes (USD, SGD, hedged/unhedged, accumulation) support growth and investor segmentation
• Market Entries: Focus on Singapore, with global gold exposure
• Capex and Pipeline: Not disclosed; the fund invests in physical gold assets

Ownership and Lock-up Structure

Pre- and Post-IPO Shareholding: Not explicitly detailed; ETF structure means units are issued and redeemed by Participating Dealers in large blocks. CDP is legal owner of SGX-listed units; investors are beneficial owners.

• Promoter/Major Shareholder Holdings: Not specified
• Lock-in Periods: Not specified
• Employee Stock Ownership Plans (ESOPs): Not specified

Valuation and Peer Comparison

Valuation Metrics: No peer comparison or financial ratios disclosed for comparable issuers.

Research and Analyst Opinions

Covering Institutions: No analyst opinions or price targets included.

IPO Allotment Result

Final Subscription Outcomes: Not disclosed.

Listing Outlook and Investment Potential

Outlook: Based on strong institutional support, the presence of a designated market maker, and capped expense ratios, the LionGlobal Singapore Physical Gold Fund IPO appears attractive for investors seeking regulated, liquid exposure to physical gold. The minimum IPO size requirement and robust deal structure further support a positive listing day outlook. With no distributions and a focus on capital appreciation, investors should expect price performance to mirror gold price movements.

Estimated First-Day Trading Range: Inferred to be at or above the offer price of US\$5.0000, supported by minimum IPO size and market maker involvement.

Prospectus Access and Application Details

Website to Obtain Prospectus: www.lionglobalinvestors.com

Application Channels: Participating Dealers, ATM of participating banks, internet banking during Initial Offer Period; trading on SGX-ST post-listing.

Application Window: 6 March 2026 (9:00 a.m.) to 20 March 2026 (12:00 p.m.) for Initial Offer Period.

Conclusion

Summary: The LionGlobal Singapore Physical Gold Fund, managed by Lion Global Investors Limited, offers direct, regulated exposure to physical gold with a robust ETF structure, low expense ratio, and strong institutional backing. Investors seeking to diversify portfolios with gold will find this IPO timely and well-positioned against current macroeconomic trends. The listing is poised for strong performance, with favorable conditions and liquidity support.