GLP-Backed IndoSpace Weighing $700 Million Singapore IPO

(Bloomberg) -- IndoSpace, a developer and manager of industrial and logistics properties in India, is considering an initial public offering in Singapore that could raise as much as $700 million, according to people with knowledge of the matter.

The developer, which is backed by logistics real estate investor GLP Pte, is working with advisers on the planned first-time share sale, said the people, who asked not to be identified as the process is private. A listing in the city-state could take place as soon as the end of this year, the people said.

Deliberations are still ongoing and details of the offering including timing as well as size could change, said the people. A representative for IndoSpace couldn’t immediately respond to a request for comment.

The Indian developer will be joining Thai Beverage PcL’s beverage brewery unit and Mapletree Investments Pte’s student housing REIT in considering a listing in Singapore. The city-state hosted six IPOs totaling $332 million so far this year, including three special purpose acqusition companies, up from $224 million in the same period in 2021, according to data compiled by Bloomberg.

Founded in 2007, IndoSpace has invested more than $3 billion in 44 industrial and logistics parks in India spreading across 49 million square feet, according to its website. Apart from GLP, the company’s other shareholders include private equity firm Everstone Group and U.S. real estate group Realterm Global LLC.

In 2015, IndoSpace had explored listing an industrial real estate investment trust, Bloomberg News reported at the time. 

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