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Singapore-based logistics and investment firm GLP is exploring a potential initial public offering in Hong Kong that could value the company at around USD 20 billion, according to people familiar with the matter. The listing may take place later this year or beyond, though the size and timeline of the offering have not yet been finalised. If completed, the move would mark the company's return to public markets nearly a decade after it was taken private from the Singapore exchange. The IPO could also strengthen Hong Kong's equity capital market, which has seen strong activity in recent months.
Singapore-based logistics and investment firm GLP is exploring plans for an initial public offering in Hong Kong that could value the company at around USD 20 billion, according to people familiar with the matter. The potential listing may take place later this year or at a later stage, although discussions are still ongoing and the final structure of the deal has not been determined. Advertisement
People aware of the discussions indicated that the company has been working with advisers including Citigroup and Morgan Stanley to explore the listing. However, the offering size and timeline remain undecided at this stage. Sources familiar with the matter also noted that the details are confidential and may change depending on market conditions.
Under listing rules of the Hong Kong Exchanges and Clearing, large companies typically offer at least 15 percent of their shares in an IPO. If the planned listing goes ahead, it would bring another major international company to Hong Kong's equity capital market, which has recently been gaining momentum again after a slowdown in previous years.
The city's IPO market has shown a strong start this year. Data from the Hong Kong exchange and market analytics firm London Stock Exchange Group indicates that about USD 5.5 billion was raised through IPOs and secondary listings in January alone. The pipeline of new listings remains strong, though most of the companies preparing to list are currently based in China, making GLP's possible offering notable as a global logistics platform.
A Hong Kong listing would represent a return to public markets for GLP. The company was previously listed on the Singapore stock exchange but was taken private in 2017 through a deal valued at around SGD 16 billion, equivalent to about USD 12.6 billion at the time. The buyout was backed by a group of investors led by the company's chief executive Ming Mei.
Investors involved in the privatisation included major investment firms such as Hopu Investment, Hillhouse, the investment arm of Bank of China and Ping An Insurance Group. The transaction was one of the largest private equity buyouts in Asia at the time.
GLP today describes itself as a global investor and business builder focused on sectors such as logistics real estate, digital infrastructure and renewable energy. Through its investment platforms and funds, the company manages more than USD 80 billion in assets across real estate and private equity strategies. Its operations span multiple markets including China, the United States, Japan, Europe, Brazil, India and Vietnam.
Over the past few years, the company has taken several steps to strengthen its capital base and restructure parts of its business. In the past year, a wholly owned subsidiary of the Abu Dhabi Investment Authority agreed to invest up to USD 1.5 billion in GLP to support expansion in logistics infrastructure, digital assets and energy-related businesses.
The group has also reshaped its asset management platform. In 2025, it completed the sale of GCP International to Ares Management in a transaction that included an upfront payment of USD 3.7 billion and the possibility of an additional earn-out of up to USD 1.5 billion. The move formed part of a broader strategy to streamline operations and focus on core investment platforms.
Industry observers believe a potential IPO could help GLP unlock value and raise capital for future expansion while also giving investors access to one of the world's largest logistics infrastructure investment platforms. At the same time, the final decision on the listing will depend on market conditions and investor demand closer to the launch period.
Source Reuters
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