(Bloomberg) — GLP Pte has filed confidentially for a US initial public offering of its investment business, seeking to raise about $2 billion, according to people with knowledge of the matter.
The Singapore-based company plans to list its fund management operations as early as the first half of this year, the people said, asking not to be identified as the information is not public. One of the people said that the volatility in the markets affected by the Russian invasion of Ukraine could cause delays in the plan.
People said that discussions are on and details like the size of the IPO may change. A GLP representative declined to comment.
Founded in 2009 as a logistics real estate investor, developer and operator, GLP has expanded into areas such as investment management, data centers and renewable energy, according to its website. The company has approximately $120 billion in assets under management.
The planned IPO comes at a challenging time for equity capital markets. First-time share sales were off to an already slow start on the back of record listings in 2021. Now many investors are switching to risk-off mode as accelerating inflation, rising interest rates and Russia’s war in Ukraine fuel volatility. Funding deals in bonds, loans and IPOs abound, highlighting the difficulties in completing an offering.
If GLP manages to close the listing of the investment arm, it will join other asset managers such as US buyout firm TPG Inc. and Stockholm-based EQT Partners. The former raised $1 billion earlier this year, while EQT — the largest private equity firm in the Nordic region — completed a $600 million listing in 2019. Other PEs weighing in on the IPO include Asia-focused PAG and CVC Capital Partners, according to Bloomberg News. has been informed.
GLP was taken private in 2018 after trading for nearly seven years on the Singapore Stock Exchange. It is now owned by a consortium that includes co-founder Ming Mei, private equity firm Hillhouse Capital Management and Hopeu Investment Management.
GLP is also considering listing some of its Chinese logistics assets in a real estate investment trust IPO in Singapore, IFR reported last year.
– With the help of Elffie Chew.
© 2022 Bloomberg LP
