Singapore's biggest IPO: GLP priced at $1.96/share & public offer on 11/10

Priced at the top end, the 1.76 billion GLP shares on sale may raise at least $3.45b. And it's going to be the biggest share offering in 17 years! What other excuses do you need to activate that herd mentality, people?!

(Yeah, the hype has started since well early last month! Do refer more in "IPO: Global Logistic Properties (GLP)").

The public offer opens Oct 11. Take note of the date. We should be able to learn more about this IPO once its prospectus available in SGX.com.

ORDERS from investors are pouring in for Singapore's biggest share offering in 17 years, which has been priced at the top end of expectations.

Shares of Global Logistic Properties (GLP), the logistics unit of the Government of Singapore Investment Corporation (GIC), will go for $1.96 each, according to media reports citing sources.

The indicative range had been $1.78 to $1.96 per share.

With 1.76 billion shares on sale, this means GLP is set to raise at least $3.45 billion from the initial public offering (IPO), which marks the first listing of a company majority-owned by GIC.

But this amount could rise to $3.9 billion if GLP decides to exercise a greenshoe option to sell an additional 234.6 million shares. In its 1993 float, SingTel raised about $4 billion.

Reports said the pricing decision had been brought forward following enthusiastic demand from investors. GLP had originally planned to release the price on Monday.

From Straits Times, "GLP IPO a big draw".

Global Logistic Properties (GLP), a unit of the Government of Singapore Investment Corp (GIC), is looking to bring its Singapore listing forward to the week starting Oct 11 after recent roadshows showed very strong demand for the offer, people familiar with the transaction said yesterday.

GLP is looking to raise as much as US$2.7 billion ($3.54 billion) in an initial public offering. In a prospectus filed with the Monetary Authority of Singapore last week, GLP said an indicative listing for the stock was scheduled for Oct 18.

Two people said the date for the book closure has also been brought forward to Oct 7 from the originally scheduled date of Oct 11. The preliminary prospectus released last week said the public offer opens Oct 11. GIC declined to comment when asked about the revised listing date.

GLP, which owns logistics properties throughout Asia, plans to sell 1.173 billion shares in a price range of $1.78 to $1.96 a share. The company is also offering 588.98 million shares separately to cornerstone investors. If successful, the GLP share sale will be Singapore's biggest IPO since Singapore Telecommunications Ltd listed in 1993, raising $4 billion. It will also dwarf last year's CapitaMalls Asia's US$2.02 billion IPO.

A person familiar with the transaction earlier this week said cornerstone investors have committed to invest about $1.2 billion in the IPO. The person said the nine cornerstone investors are Alibaba, CBRE, Chow Tai Fook, ING Clarion, Lion Global, Nan Fung, NSSF, Owl Creek and Peter Lim.

From Today, "GLP bringing forward IPO".

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