GLP prices largest Singapore IPO since 1993

The GIC spin-off which operates logistics properties in Japan and China attracts 450 institutional investors and is able to price the offering at the top of the range.

Global Logistic Properties GLP has raised S$3.45 billion $2.6 billion from Singapore’s largest initial public offering since 1993 as investors piled in to get a share of its lucrative logistics property business in China and Japan.

The company is a unit of the Government of Singapore Investment Corp GIC, which clearly played a role in the appetite for the stock, but sources say the fact that the company is run by Jeffrey Schwartz may have been an equally important driver especially in the US. Schwartz is deputy chairman for GLP and a co-founder and former CEO of warehouse owner ProLogis from which GIC bought the Chinese...

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