Singapore-based virtual telco Circles.Life is considering a listing on the Singapore Exchange (SGX), while its parent company is also opting for another listing on the Nasdaq in New York.

CEO and co-founder Rameez Ansar said the initial public offerings (IPOs) will depend on market conditions and regulatory approvals in both regions.

No specific timeline was provided, but Ansar mentioned a two-year target to achieve metrics that support robust performance.

Circles X, the software business, has surpassed US$100 million in annual revenue, with a growth rate exceeding 30% and gross margins above 70%.

The software platform, initially developed for Circles.Life, has been adopted by clients in countries such as Japan, Pakistan, and Mexico.

Circles has partnered with American telecommunications company AT&T and is in discussions with other telecoms for potential collaborations.

The company restructured in 2024, separating into three units: Circles software, Circles.Life, and a travel eSIM business called Jetpac.

An SGX listing would enable Circles.Life to expand independently beyond Singapore.

Circles is backed by investors, including private equity firm Warburg Pincus and the investment arm of Singapore’s Economic Development Board, EDBI.

Ansar also said all business lines under Circles have reached breakeven.

The SGX listing aligns with the Singaporean government’s efforts to enhance the local stock exchange, including corporate income tax rebates for new listings.

Circles.Life, launched in 2016, currently operates solely in Singapore but supports digital telco operations for clients abroad.

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🔗 Source: The Straits Times

🧠 Food for thought

1️⃣ Singapore’s equity market revitalization efforts are attracting tech companies back to SGX

Circles.Life’s consideration of an SGX listing directly responds to Singapore’s comprehensive efforts to revitalize its stock exchange.

In February 2025, Singapore launched significant initiatives including a 20% corporate income tax rebate for new primary listings and a S$5 billion Equity Market Development Programme specifically designed to attract companies to list locally1.

These measures address a concerning trend on the Singapore Exchange, which has seen listings decline to just 617 companies by 2024, creating urgency for strategic intervention to maintain Singapore’s position as a financial hub2.

Mr. Ansar specifically cited the “Government’s push to revitalise the local bourse” as a factor influencing their potential SGX listing, demonstrating how policy initiatives can directly impact corporate strategy.

The timing aligns with Singapore’s broader economic strategy of strengthening its capital markets during global uncertainty, with the 2025 budget emphasizing measures to enhance competitiveness amid geopolitical challenges3.

2️⃣ Telecom evolution: From infrastructure providers to software companies

Circles’ business transformation reflects a fundamental shift in telecommunications, where software capabilities now drive more value than physical infrastructure.

The company’s software business (Circles X) has surpassed its telecom operations in size, generating over US$100 million in annual revenue with 30%+ growth rates and gross margins exceeding 70%, demonstrating the higher scalability of software compared to traditional telecom services.

This separation of software from consumer telecom operations contradicts traditional industry structure where, as Mr. Ansar noted, “infrastructure and consumer-facing parts of a telco business had to be integrated to operate efficiently.”

The strategy of pursuing separate listings for the software business (on Nasdaq) and the telecom business (on SGX) highlights how different these business models have become, with software businesses typically commanding higher valuations due to their growth profiles and margins.

This transformation reflects broader industry evolution where telecommunications companies worldwide are increasingly emphasizing digital services, software platforms, and enterprise solutions rather than consumer connectivity alone4.

Recent Circles developments

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