1 hour ago
1
GLP, the Singapore-headquartered logistics property manager, is preparing to raise up to $3B through an initial public offering in Hong Kong. The company is targeting a fourth-quarter listing that would value it at approximately $20B.
The deal structure and advisers
GLP has tapped a heavyweight roster of financial advisers to steer the offering. Citi, Morgan Stanley, Deutsche Bank, and Jefferies are all working on the deal.
The fundraising target has shifted across various reports. Earlier indications suggested the company could raise at least $1B, while more recent figures point to a ceiling as high as $3B.
The timeline targets execution as early as Q4 2025, though some reports have flagged 2026 as a possibility.
From SGX to privatization to Hong Kong
GLP’s public markets history is a bit of a boomerang. The company first listed on the Singapore Exchange in 2010 in what was, at the time, a record IPO. It built a reputation as a specialist in logistics real estate, assembling a portfolio of high-grade warehouses and distribution centers across Asia.
Then, in 2018, GLP delisted from SGX and went private. Going dark allowed GLP to restructure, expand its investment management business, and broaden its footprint beyond pure logistics into a wider range of real assets and infrastructure.
The choice of Hong Kong over Singapore is itself a signal. Hong Kong has been working aggressively to re-establish itself as the preferred listing venue for international companies, particularly those with deep ties to China and the broader Asian market.
What this means for investors
For institutional investors, the GLP IPO represents a rare opportunity to buy into a scaled logistics platform at the point of re-listing. The risk, as always with large IPOs, is pricing. A $20B valuation is ambitious, and whether the market validates that number will depend on how GLP’s growth trajectory compares to publicly traded peers in logistics and real asset management.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) · 