GIC links with three banks ahead of GLP IPO
Singaporean SWF GIC has reportedly linked with three banks – UBS, DBS and the China International Capital Corp. (CICC) - to manage the IPO process of its Global Logistic Properties (GLP) unit, said to be worth as much as $3 billion.
According to reports, the listing may be Singapore's largest since Singapore Telecommunications went public in 1993, raising more than S$4 billion ($2.9 billion). The three institutions will reportedly work with Citigroup and JPMorgan on the deal, which were appointed earlier this year as global coordinators.
GLP claims to be Asia's largest industrial and logistics infrastructure provider, maintaining a focus on China with 53 logistics parks in 18 Mainland cities, with additional operations in 26 Asia Pacfic markets and assets under management in the multi-billions. Its public listing comes during an active time for both the Singapore market and regional exchanges. Last year, Singapore's CapitaMalls raised $1.8 billion in its public debut, while finance behemoths AIA and China's AgBank have created news in 2010 with their pre-IPO buzz.
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