Singapore launches its biggest IPO
Privatisation of state logistics unit could raise $3 billion
The Government of Singapore Investment Corporation (GIC) is to launch an initial public offering (IPO) of its logistics unit, with the hope of raising up to US$3 billion.
The sale of Global Logistic Properties (GLP) will mark the first listing of a majority-owned firm by CIG, the world’s fourth-biggest sovereign fund, in what could be the city-state’s biggest IPO.
GLP owns industrial and logistics properties in China and Japan.
According to insiders, GLP will be among several large listings expected in Asia over the next few weeks.
Yew Kiang Wong, a CLSA research analyst in Singapore, said: “The Asian logistics market is still quite healthy.”
It is understood the offering, which may surpass Singapore Telecoms’ S$4 billion (US$2.9bn) listing in 1993, will be priced on 8 October, and listed a week later.
The IPO proceeds will be used to support growth plans in China and Japan, as well as to pay shareholder loans and preferred equity.
GIC was incorporated in 1981 and GLP is one of the largest providers of modern logistics facilities in Asia, operating in 25 markets. In China alone, GLP manages 51 logistics parks and two light assembly complexes in 18 major cities.
The sale of Global Logistic Properties (GLP) will mark the first listing of a majority-owned firm by CIG, the world’s fourth-biggest sovereign fund, in what could be the city-state’s biggest IPO.
GLP owns industrial and logistics properties in China and Japan.
According to insiders, GLP will be among several large listings expected in Asia over the next few weeks.
Yew Kiang Wong, a CLSA research analyst in Singapore, said: “The Asian logistics market is still quite healthy.”
It is understood the offering, which may surpass Singapore Telecoms’ S$4 billion (US$2.9bn) listing in 1993, will be priced on 8 October, and listed a week later.
The IPO proceeds will be used to support growth plans in China and Japan, as well as to pay shareholder loans and preferred equity.
GIC was incorporated in 1981 and GLP is one of the largest providers of modern logistics facilities in Asia, operating in 25 markets. In China alone, GLP manages 51 logistics parks and two light assembly complexes in 18 major cities.
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