Tuesday, October 12, 2010

Global Logistics Properties IPO

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SINGAPORE - Global Logistic Properties (GLP), a unit of Singapore sovereign wealth fund GIC, on Tuesday confirmed an initial public offering price of S$1.96 a share and said its shares will start trading on Oct 18.

The information was contained in an updated prospectus filed on the Monetary Authority of Singapore's OPERA website.

This could be Singapore's largest IPO launch since SingTel went public in 1993. Of the 1.76 billion shares offered, about 102 million will be for small-time investors.

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Retail investors can purchase the shares at DBS, OCBC and UOB ATMs. The offer, which opened yesterday, will close on Thursday at 10am.

Investors must apply for a minimum of 1,000 shares, and only in denominations of 1,000 shares. A fee of $2 applies at DBS and UOB ATMs, and $1 at OCBC ATMs.

If there is oversubscription, there will be a ballot on Oct 15.

A prospectus on the GLP IPO is available for collection during business hours from branches of DBS Bank (including POSB), OCBC and UOB.

GLP, which has a network of 296 properties in 25 major cities in China and Japan, is set to raise as much as $3.45 billion from the IPO. GIC, through its affiliates, will be the largest single shareholder of GLP after its proposed listing.

Dr Seek Ngee Huat, President of GIC Real Estate, said, "The capital raised from the initial public offering (IPO) by GLP will facilitate GLP's access to capital and allow the company to maximize its growth potential. GLP is looking to position itself for long-term growth through this proposed listing."

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