My EP approved recently can I process another EP

Job hoppers are not encouraged in Singapore Nor at MoM. After this job offer (second one), you will get another offer which will be better than the second one, what would be then?

What do you mean by IPA has not issued yet? An existing employee who is working in Singapore, once the EP is approved, IPA issued immediately. Check with your new employer, they can send to your mail. If you don’t join them, they have every rights to complain at MoM.

Lastly, no guarantee that the second employer’s EP application would be successful. So, you can take your own decision after knowing pros and cons of it. 
Good luck

You can only have ONE ongoing EP application.
Thus the first employer would have to cancel the IPA (or you convert it to EP and start work) BEFORE the next employer can apply.
Please note that, as Surya said above, there is no guarantee that the next EP will be approved. So if the IPA is cancelled you may end up with nothing and have to leave Singapore.