Logistics giant GLP has reportedly selected banks for its planned initial public offering (IPO) in Hong Kong, with the listing potentially taking place as early as the first half of 2026. Sources indicate that GLP has chosen Citigroup, Deutsche Bank, Jefferies, and Morgan Stanley as arrangers for the IPO. Discussions are still ongoing, and details such as the offering size and timing remain unconfirmed. The company may ultimately decide against proceeding with the listing. Representatives for GLP and Morgan Stanley declined to comment, while Citigroup, Deutsche Bank, and Jefferies also refrained from responding.
Founded in 2009 and headquartered in Singapore, GLP is an investment and industrial services firm specializing in supply chain, big data, and new energy infrastructure, with approximately $80 billion in assets under management. The company operates around 450 logistics, warehousing, and manufacturing R&D facilities across 70 regional markets in China. Additionally, it manages data centers with IT capacity of about 1,400 megawatts (MW) and has developed over 2 gigawatts (GW) of renewable energy projects.
GLP previously listed on the Singapore Exchange in 2010, raising S$3.9 billion in what was then the world’s largest real estate IPO. Its cornerstone investors included China Investment Corporation, Alibaba, and Chow Tai Fook Group. In 2017, a Chinese consortium—comprising private equity firms Hillhouse Capital, Hopu Investments, and Vanke—acquired GLP for S$16 billion, setting an Asian buyout record. The company delisted in 2018 after completing privatization.
In September, Hopu Investments, a GLP investor, stated that the logistics firm was preparing to list its China operations in 2026. Earlier in 2023, GLP sold its non-China business, GLP Capital Partners Inc., to Ares Management Corp. for $5.2 billion. The company had also explored selling its China operations but failed to reach an agreement with state-backed buyers. In August 2024, GLP secured a $1.5 billion investment from Abu Dhabi Investment Authority.
Market speculation about GLP’s Hong Kong listing emerged last year. Additionally, in 2021, reports suggested GLP was considering a Hong Kong REIT listing to raise $1.6–$2 billion, though the plan did not materialize.