NTT has lodged preliminary prospectus to list REIT on Singapore Exchange

Reuters
2025/06/27
UPDATE 2-NTT has lodged preliminary prospectus to list REIT on Singapore Exchange

Sources said in January the IPO could be worth up to $1 billion

IPO portfolio made up of assets valued at $1.6 billion

Cornerstone investors include GIC and other investment firms

Adds NTT response in paragraph 4; identity of banks working on IPO in paragraphs 13-14

By Yantoultra Ngui

SINGAPORE, June 27 (Reuters) - Japan's Nippon Telegraph and Telephone Corp (NTT) 9432.T has lodged a preliminary initial public offering prospectus for its data centre real estate investment trust NTT DC REIT on Singapore's stock exchange, according to information published on the Monetary Authority of Singapore's website on Friday.

Reuters reported on Wednesday that the company was looking to lodge the prospectus with the Singapore regulator as early as this week and list on the Singapore Exchange as early as July, citing two sources with knowledge of the matter.

The prospectus did not disclose the IPO amount but the two sources had said in January it could be worth up to $1 billion in what would be the largest in Singapore in several years. The prospectus also did not say when the IPO would be launched.

In an emailed response to Reuters on Friday, NTT said the IPO amount and timetable will be available in the final version of the prospectus on its registration.

The last listing of similar size was a $977 million IPO for Digital Core REIT DIGT.SI in 2021, LSEG data showed.

The IPO portfolio comprises six data centre assets located in the United States, Austria and Singapore, with a total appraised value of about $1.6 billion, according to the preliminary prospectus.

The sponsor of NTT DC REIT is NTT Ltd 9613.T, which is part of Japanese telecommunication giant NTT.

Cornerstone investors include Singapore sovereign wealth fund GIC GIC.UL and private investment and asset management firms such as AM Squared Ltd and Viridian Asset Management Ltd, the prospectus showed.

Cornerstone investors are large institutional investors that subscribe to an IPO offering before it is open to the public.

There is growing interest from companies seeking to list on the Singapore Exchange SGXL.SI, after the city-state announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings.

Hong Kong-listed China Medical System 0867.HK said on Tuesday it had applied for a secondary listing of its shares on the Singapore Exchange.

IPO proceeds raised on the Singapore Exchange surged more than five-fold to $331.6 million in the first half of this year, from $59.3 million the same period a year ago, LSEG data showed.

Bank of America BAC.N and UBS UBSG.S are the joint issue managers, global coordinators, bookrunners and underwriters of the IPO, the prospectus showed.

Mizuho 8411.T is the joint global coordinator, bookrunner and underwriter, while Citigroup C.N and DBS DBSM.SI are joint bookrunners and underwriters.

(Reporting by Yantoultra Ngui; Editing by Jacqueline Wong, Tom Hogue and Kate Mayberry)

((Yantoultra.Ngui@thomsonreuters.com;))

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