Singapore-based logistics investment giant GLP is considering a Hong Kong initial public offering that could value the company at about $20 billion, according to people familiar with the matter quoted by Reuters.
The move potentially marks one of the most prominent listings in the city’s resurgent equity market this year.
The company has been discussing the potential offering with advisers, including Citigroup and Morgan Stanley, said one of the sources and another person with knowledge of the discussions. Details of the deal, including the size of the share sale and the timing, have not been finalized. The people requested anonymity because the deliberations are private.
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If completed, the listing would represent a major addition to the Hong Kong market, where most companies currently preparing to go public are mainland Chinese firms.
Under the rules of Hong Kong Exchanges and Clearing, large-cap companies typically float at least 15% of their shares in an initial public offering, suggesting a deal of this scale could raise several billion dollars. Such a listing would also highlight the improving momentum in Hong Kong’s capital markets after a prolonged slowdown in global IPO activity.
The city ranked first globally for IPO fundraising last year and entered 2026 with a strong pipeline of deals. In January alone, companies raised about $5.5 billion through IPOs and secondary listings, according to data compiled by HKEX and London Stock Exchange Group.
A successful GLP listing could reinforce Hong Kong’s position as a key venue for large Asian listings at a time when global companies are seeking deeper pools of capital and access to international investors.
Return To Public Markets
The offering would mark GLP’s return to the public markets nearly a decade after it was taken private. The company was delisted from the Singapore Exchange in 2017 in a S$16 billion ($12.6 billion) buyout led by chief executive Ming Mei and a consortium of investors. Those investors included Hopu Investment, Hillhouse, the investment arm of Bank of China, and Ping An Insurance Group.
The deal was one of the largest privatizations in Singapore’s corporate history and allowed GLP to restructure its operations away from the scrutiny of public markets. Since then, the company has evolved from a logistics warehouse developer into a global investment platform focused on real assets and infrastructure.
Today, GLP describes itself as a thematic investor and business builder concentrating on logistics real estate, digital infrastructure, renewable energy, and related technologies. According to the company, it manages more than $80 billion in assets spanning real estate, infrastructure, and private equity strategies.
Logistics, Data Centers, and Infrastructure
GLP’s business has been closely tied to structural shifts in the global economy, particularly the growth of e-commerce, digital services, and supply-chain modernization. Demand for large-scale logistics warehouses has surged in recent years as retailers and manufacturers seek to position inventory closer to consumers and build more resilient supply networks.
At the same time, the rapid expansion of cloud computing and artificial intelligence has increased demand for digital infrastructure such as data centers — another area where GLP has been expanding its investment footprint.
These trends have attracted significant institutional capital into logistics and infrastructure assets, which are often seen as stable, long-term investments capable of generating predictable income.
GLP has also been reshaping its balance sheet and investment platform in preparation for potential capital market activity. In August last year, a wholly owned subsidiary of Abu Dhabi Investment Authority agreed to invest up to $1.5 billion in GLP, strengthening the company’s capital base.
Earlier moves have also streamlined the business.
In March 2025, GLP completed the sale of its fund management unit, GCP International, to Ares Management. The deal included $3.7 billion in upfront consideration and a potential earn-out of up to $1.5 billion depending on future performance.
The transaction helped GLP unlock capital while sharpening its focus on logistics and infrastructure investment platforms.
Timing The IPO Window
The potential listing comes as Asian capital markets show signs of recovery after several years of subdued deal activity. Higher interest rates, geopolitical tensions, and market volatility have slowed IPO activity globally, but improving investor sentiment and strong demand for infrastructure-related assets are reopening the window for large listings.
For Hong Kong, a GLP flotation would also broaden the sector mix of companies tapping the market. The city’s recent IPO pipeline has been dominated by technology and mainland Chinese firms, leaving relatively few large listings from international infrastructure investors.
A $20 billion valuation would place GLP among the more significant companies on the exchange and could draw interest from global institutional investors seeking exposure to logistics, data centers, and other infrastructure assets benefiting from structural economic shifts. While discussions remain preliminary, bankers say the deal could become one of the most closely watched listings in Asia this year if the company proceeds with its plans.