Singapore’s main sovereign wealth fund is close to giving the go-ahead for an initial public offering of a parcel of Asian industrial property assets that could be the biggest IPO in the city state for nearly two decades.
The Government of Singapore Investment Corporation is discussing valuations of between S$2.7bn and S$4bn ($2bn and $3bn) for its Global Logistics Properties unit, according to people with knowledge of the proposals.
At the top of the range, the IPO would rival Singapore’s biggest IPO, the initial listing of Singapore Telecommunications in 1993, which raised S$4bn. The CapitaMalls retail group raised $2bn last year.
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