Singapore's NTT DC REIT USD, a data centre real estate investment trust, had a lacklustre market debut on Monday after raising $773 million in the city-state's biggest IPO in four years.

NTT DC REIT shares up 3% to $1.03 in the first 30 minutes of trade on the Singapore Exchange, versus their $1.00 per unit offer price. The benchmark stock index was up 0.4%.

NTT DC REIT, whose primary backer NTT Ltd is part of Japanese telecommunication giant Nippon Telegraph and Telephone Corp, has six data centres in Austria, Singapore and the United States, valued at $1.6 billion.

Its cornerstone investors include Singapore sovereign wealth fund GIC (GIC.UL) with a 9.8% stake - the second-largest investor after NTT Ltd with 25%.

The listing underscores global investors' growing appetite for data centres in the Asia-Pacific region driven by high growth potential and strong demand for artificial intelligence services.

NTT DC REIT's IPO was Singapore's biggest since the $977 million IPO of Digital Core REIT in 2021, LSEG data showed. It was also Southeast Asia's biggest IPO since the $942.9 million IPO of Thai Life Insurance in 2022.