A major Singapore-based logistics company is working toward a massive stock market debut in Hong Kong, with industry sources indicating the firm is seeking a $20 billion valuation.
GLP, which manages more than $80 billion in assets globally, is in discussions about the potential public offering with financial advisers Citi and Morgan Stanley, according to three individuals familiar with the plans who requested anonymity due to the confidential nature of the discussions.
The sources indicated that neither the exact size of the offering nor a definitive timeline has been established, though the listing could potentially occur within this year.
Under Hong Kong stock exchange regulations, large companies typically must offer at least 15% of their shares during an initial public offering.
When contacted for comment, GLP, Citi, and Morgan Stanley all declined to provide statements.
Should the offering move forward, it would bring another high-profile company to Hong Kong’s increasingly active equity capital market, which has been dominated primarily by mainland Chinese firms.
Hong Kong claimed the top spot worldwide for IPO fundraising last year and has maintained strong momentum into 2026. The city has generated approximately $5.5 billion through IPOs and secondary listings in January alone, marking its best start since 2021, based on data from HKEX and LSEG.
The Hong Kong listing would represent GLP’s comeback to public trading after a consortium of investors led by company CEO Ming Mei acquired the firm from Singapore’s stock exchange in 2017 for S$16 billion ($12.6 billion).
The investor group that privatized GLP included Hopu Investment, Hillhouse, Bank of China’s investment division, and Ping An Insurance Group.
According to its website, GLP positions itself as a worldwide thematic investor and business developer concentrating on logistics real estate, digital infrastructure, renewable energy, and associated technologies.
The company reports managing over $80 billion in assets spanning real assets and private equity investments.
GLP has undertaken several strategic moves in recent years to bolster its financial foundation and transform its operations. Last August, a subsidiary of the Abu Dhabi Investment Authority committed to investing as much as $1.5 billion in the company.
In March 2025, GLP finalized the divestiture of GCP International to Ares Management through a transaction involving $3.7 billion in immediate proceeds plus potential additional payments of up to $1.5 billion.
